Mike gave away most of the company secrets during this interview! I was blown away and you will be too.
In this episode, Mike Drumm of Drumm Law in Denver, Colorado tells us why your company’s FDD might suck. He points out issues in an FDD’s content and style that could make or break an FDD’s ability to help you sell your concept to prospective franchisees.
00:00:40 Podner Introduction
00:02:24 Segment 1: Get to know Mike Drumm
00:26:34 Segment 2: Why Your FDD Sucks
00:55:06 Segment 3: Quick Draw
Mike Drumm Show Notes
Why your FDD might suck:
- It’s not written in plain English
- You have “over disclosed”
- You let your attorney or accountant write the first sentence that describes the concept
- You didn’t brand the document
- The FDD is not visually attractive and easy to read (pictures, charts, etc)
- Item 19 doesn’t tell your story well
- It doesn’t use a data sheet
- Too many exhibits
- Item 7 doesn’t include an average
- It includes outdated technology references
During my visit with Mike, we go off topic and discuss some really important topics that every franchisor needs to know.
- How to make the delivery of an FDD a memorable experience.
- What is an FDD
- Why is an FDD
- What is the FTC Franchise Rule
- Franchise Compliance Guide
- Why do you need a franchise attorney
Books mentioned in the episode:
A Confederacy of Dunces
The E-Myth Revisited
217-736-3939 x 1