After researching available franchise concepts, we started preparing for the calls with the Franchisor and I provided my client with a list of quality questions they should ask. I proceeded to set-up phone introductions between my client and 2 of the 4 concepts they decided to investigate further. I scheduled the calls back-to-back so the client could easily compare the concepts.
Before we conducted the calls with the Franchisors, I prepared my client for what to expect and ensured they had reviewed the questions. I had already developed an introductions for the Franchisor that explained my client’s qualifications; this is helpful because it makes the Franchisor more eager to speak with my client. I connected the two parties, did the introduction and let the interview begin. This part of the process is always particularly interesting.
The Franchisor, like any business, has an ebb and flow of staff and processes. I love hearing what questions they ask my client and vice versa. It also feels good to hear my clients asking quality questions. I can’t tell you how many times I have had a Franchisor call me and express how impressed they were that my client was well-versed and educated as a result of providing those questions.
The two franchises that we spoke to on this day were Service Team of Professionals (S.T.O.P.) and Furniture Medic. Brian Clark from S.T.O.P. was animated, passionate and transparent in his conversations with my client. He talked about the process a Franchisee goes through with a S.T.O.P. franchise. He discussed the marketing, training and support and territory availability. My client enjoyed the conversation and was very impressed with S.T.O.P. He asked to proceed to the next steps with them. We received a list of action items that needed to be completed during the due diligence process and a time line of when and how they should be completed.
The next call was with Furniture Medic. My client was also impressed with this concept. He felt good about the stability of the company and the opportunities they provide for cash flow and upfront financing. He felt that Furniture Medic did a good job of explaining the concept and had an interesting model. Ultimately, he favored Service Team of Professionals because he felt it better matched his skill set. We put Furniture Medic on hold as we continued to research S.T.O.P.
This is a fun job because as my client is investigating the franchise, I also get to investigate it. In seeing all of the opportunity available today, it really opens my eyes to a whole new world of possibilities. We live in a great time, where anyone with drive and ambition can become successful. What a wonderful thing!
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