How to make the most of your relationship with business "matchmakers," according to Famous Toastery CEO Robert Maynard.
Have you ever wondered how brands find the perfect franchisees? When you think about it, franchisors are investing everything they have worked for in entrepreneurs hoping to make their brand the next Cinderella story.
So where does the search begin? Post an ad in the paper? Swarm networking events? While establishing a brand, franchisors may need a helping hand to find the ideal candidate to become their newest franchisee. As there are a plethora of options out there, many franchisors turn to using a franchise broker, but why?
The answer is simple: Franchise brokers are hired to help expand and sell franchises. They match individuals who are looking to become franchisees with opportunities in which they would excel in; essentially, they are business “matchmakers.”
Robert Maynard, CEO and co-founder of Famous Toastery, mentioned working with a franchise broker has really sped up the process in growing the Charlotte based restaurant over the past 10 years and abides by a few of the following guidelines.
Make sure they understand your brand and who you are. “You want to work with someone who has the same vision as you (the franchisor) do for your brand,” Maynard said. “Always discuss the future of the brand to decipher how passionate he/she is about your brand.”
Ensure they have your best interest at heart. “We have been very lucky when working with Brett Larrabee,” Maynard said. “He truly cares about what he is selling and genuinely cares about the franchisee’s future as well as Famous Toastery. He wants to see the best for everyone and cares about the future of the brand.”
Ensure you both see eye to eye on what type of zee you want for the brand. "For our system, we look for entrepreneur who is prepared to run all aspects of a restaurant,” Maynard said. “Thus, they should be savvy in business management as well as knowing they many hats a franchisee wears; Brett serves as that filter to ensure we see success.”
Ensuring they know how to read an entrepreneur. A good consultant will not waste your time. Understanding a potential franchisee’s financial state is vital, you could find someone who can run the restaurant but may not have the financial backing. You don’t want without the other.
Always keep open communication between franchisors, broker and potential franchisees. Communicate with everyone whether it is being copied on the emails, everyone should be in contact. “When you are aware of all conversations, you develop a sense of everyone’s character and you can address your all of your concerns, even if it means toning the excitement down to ensure they understand all of the idiosyncrasies of opening a restaurant,” said Maynard.