Understanding the Passionate Franchise Founder
by Ed Teixeira
When visiting franchisor’s corporate headquarters, franchise candidates look
forward to the opportunity of meeting the person who founded the franchise.
However, it’s important that these candidates keep the enthusiasm often
demonstrated by the founder in proper perspective. The founder of a franchise may be the most important single individual to
meet during a Discovery Day visit but prospective franchisees need to avoid
being overly swayed by the passion these entrepreneurs can exhibit.
When a franchise candidate visits a franchisor’s corporate headquarters,
particularly a small or medium franchisor, there are many reasons to meet with
the franchise founder(s):
- A new or medium size franchise doesn’t have the
accomplishments or track record of a mature franchisor. As a
result the individual who started the franchise can provide
credibility.
- The founder typically built the business from the
ground up and has experience in operating and growing the
business.
- Franchise candidates recognize the founder as a true
entrepreneur compared to franchisor staff.
- They want to meet the key decision maker in the
organization.
Although, these are valid reasons and have some merit, there is the potential
for the franchise candidate to be overly influenced in his or her
decision-making after meeting the person who started the franchise.
An individual who starts a franchise based upon their initial business operation
has a great deal of pride in their franchise. This pride on the part of the
founder can manifest itself in a high level of confidence in the franchise
opportunity. They may unwittingly impress a candidate and thus impact their
decision about purchasing the franchise. The prospective franchisee needs to be
careful about letting this enthusiasm overly influence their decision.
When meeting with a franchise founder here are some items that a candidate
should keep in mind:
- A successful business and a subsequent franchise
operation is usually the result of hard work, risk and
significant sacrifice by the founder. Many people are unwilling
to pay the price for such success.
- The enthusiasm and self confidence of the founder can
be contagious. The franchise candidate should maintain a
realistic attitude regarding their own strengths and weaknesses.
- Since the franchise founder has achieved success
operating the business they may portray operating the franchise
as being easier than it really is.
- Promises of unwavering franchisor support by the
founder, although well intentioned, needs to be validated by
existing franchisees.
Individuals who convert a business into a franchise are understandably proud
of their accomplishment. Most franchise founders are driven to build their
franchise company into a highly successful organization. Prospective franchisees
need to keep certain factors in mind when meeting with these individuals.
2010 FranchiseKnowHow, LLC
Ed Teixeira is the President of FranchiseKnowHow, LLC. He
can be reached at
franchiseknowhow@gmail.com
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