Home | Buying a Franchise | Finance | Operations | Marketing | Legal Corner | Free Newsletter
 
 

Franchise Discovery Day is More Than a Dog and Pony Show

by

Franchise Discovery Day needs to be more than a series of franchisor sales presentation. Here's why.

In certain franchise systems, Discovery Day has evolved into a day replete with franchise presentations that have the objective of closing the franchise transaction. This doesnít mean that franchisors donít try to qualify a candidate or provide important information but rather certain franchisors devote most of the day to "selling" the candidate on the merits of the franchise opportunity. Since the agenda is usually constructed and administered by franchise sales, itís not unusual for the Discovery Day presentations to have a sales flavor.

By the time a qualified franchise candidate is invited to attend the franchisorís Discovery Day, they should have acquired a good knowledge of the franchise program and had their most important questions answered. Franchisors should design the agenda and objectives of their Discovery Day to make useful presentations and learn as much as possible about the candidate. In terms of timing, some franchise consultants suggest that a franchise candidate make the Discovery Day visit early in the franchise process while other suggests that the visit be made toward the end. My advice to franchise candidates and franchisors is to schedule the Discover Day near the end of the process after the candidate has thoroughly evaluated the franchise opportunity.

Too often the franchisorís approach is to structure an agenda whereby franchisor representatives do a type of "show and tell" with little time left for questions and answers by the candidate. The presentation should be designed in such a way that a franchise candidate can be evaluated by the presenter. A one-way presentation does little to qualify the candidate. Since Discovery Day is usually the first face to face meeting between the franchise candidate and franchisor management, itís an opportunity for them to get to know the candidate and evaluate their potential as a franchisee.

Two people I always included in our Discovery Day agenda were our Human Resource manager who has the interviewing skills that can help in the candidate evaluation process, as well as the regional operations person from the candidateís proposed territory. If the regional is beyond driving distance to corporate, then they could meet with the candidate one on one.

Franchisors should take a balanced approach to Discovery Day with the following objectives:

 

  1. Provide useful information to the candidate and answer questions
  2. Evaluate and qualify the franchise candidate by obtaining objective feedback from various members of franchisor staff
  3. Resolve any open issues or concerns on the part of both parties

If these objectives are fulfilled then both parties will benefit from Discovery Day.

 

© 2013 FranchiseKnowHow, LLC

Ed Teixeira is the President of FranchiseKnowHow, LLC. He can be reached at franchiseknowhow@gmail.com

 

Follow Franchise Know-How on Twitter


 
 

2015 home care franchise industry report

 

Privacy | Disclaimer

FranchiseKnowHow
PO Box 714
Stony Brook, NY 11790
631-246-5782
franchiseknowhow@gmail.com