Companies franchise because it's a great way to build an organization, expand markets, and leverage growth beyond their capital limitations. Fast growth can be exciting but, too often, adding to the unit roster becomes a matter of quantity rather than quality. Successful franchisors know that being picky about who is allowed to buy a franchise is vitally important to the ultimate health of the company. It's important to find qualified, competent franchisees who can and will promote the brand, add value to the organization, boost the unit success rate, and increase revenues and market penetration.
Here are our tips for selecting the best franchise candidates for your organization:
1. Conduct credit and background checks; investigate any red flags.
2. Be thorough when checking references.
3. Require a business or marketing plan to gauge the level of knowledge and expertise.
4. Reject candidates who don't fit the personality profile and list of qualifications you're looking for.
5. Have diverse staff members interview candidates, not just the franchise sales personnel.
6. Field staff should meet and interview candidates before completing the process.
7. Never rush to close a sale.
8. Don't grant more territory or other considerations to close a sale.
9. Choose candidates who are active and able to network in their communities.
10. Look at current affiliations with professional and community service organizations.
10 Tips for Selecting the Best Franchisees - To learn more about this author, visit Mary Tomzack's Website.
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Mary Tomzack
(Visit Mary's Website)
MARY E. TOMZACK is the President and
Founder of FranchiseHelp, Inc. She is a
noted franchise expert and the author of
Tips & Traps When Buying a Franchise
(First publication,1994,McGraw-Hill; new
and completely updated, revised edition,
1999,Source Book Publications). Ms.
Tomzack is often interviewed for franchise
articles in publications such as The New
York Times, "Franchise World" and
"Entrepreneur Magazine."
Reach her at (914) 347-6735 or at m
tomzack@franchisehelp.com or co
mpany@franchisehelp.com
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