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Franchise Candidates Trust Franchisors to Say the Right Thing
Posted by Ed Teixeira
Each year, for the past several years, I've spoken to prospective franchisees at the International Franchise Expo in Washington, D.C. The subject matter has dealt with franchise candidates attending Discovery Day and meeting the franchisor's ownership and staff. The session has always generated a good number of questions. The one common element I've observed at all of these sessions is that a number of prospective franchisees place a certain amount of trust in the franchisor. This conclusion is based upon the kinds of questions I've been asked and the comments made by the attendees. In fact,despite the large amount of information that is available on the Internet and from other sources, many franchise candidates rely upon the franchisor to provide the right information. Having been in the franchise industry for 35 years its obvious that despite the information explosion some things haven't changed very much. Since the majority of prospective franchisees are purchasing a business for the first time they are not battle tested and sophisticated. Moreover, the concept that franchises are a proven business model can imply that in-depth due diligence is not necessary. Because of these factors, franchisors and others who sell franchises must be aware of the reliance placed upon them by those seeking to purchase a franchise.
Posted on October 21, 2010 at 5:14 PM
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