5 Tips from Kitchen Solvers for Performing Diligence

If you’re thinking about investing in a franchise, you can find advice in many different ways. You can ask friends or acquaintances in the industry or talk to consultant for example, but no one knows more about the brand you’re considering then the brand’s own leadership. Sometimes the most valuable advice comes directly from the source.

We spoke with Kitchen Solvers president Gerry Henley about his top five tips for franchise prospects performing due diligence on a Kitchen Solvers franchise opportunity, and here’s what he had to say.

Review the business plan. Not many people wake up one morning with a goal of going into kitchen remodeling; but a little research on the business model could peak your interest. “We are a home-based service business with low overhead and low employee numbers and cash flow is very easy in this business -- for any job franchisees are receiving 50 percent cash up front for materials, 40 percent upon delivery and 10 percent upon job completion,” says Henley. On top of the branding and mechanical operations being laid out by the franchisor, Kitchen Solvers has developed this business model ahead of time for franchisees.

Franchise Vision Plan; it’s not so much about what we require, but what success looks like to you. Come to the table prepared with your definition of success, and Kitchen Solvers corporate team will be able to tell you upfront if that vision is mutually agreeable. Determine your definition of success when it comes to territory ownership, financial profitability and work-life balance.

Validate with several existing franchisees. Don’t just talk with one or two people, talk with 10 or 20 or 30. Then evaluate the positive and negative; of course any situation where you’re surveying for opinions, you’ll end up with some negative. But does the positive outweigh the negative? And does the feedback from satisfied franchisees align with your personal vision plan?

Evaluate your personal qualities. You don’t necessarily need remodeling experience or any related kitchen industry experience. Do you have project management skills? Do you have sales experience and wherewithal? A common thread among successful Kitchen Solvers franchisees is that the majority have had previous upper level management experience and superb talent for building relationships with people. As a Kitchen Solvers franchisee you’ll need to be able to manage several projects at once and maintain positive, strong relationships not only with customers, but with multiple contractors and vendors. Henley says “a critical evaluation of your own skill set can be one of the best indicators of whether or not this is a good business opportunity for you.”

Is this going to be a win-win? Have a candid conversation with Kitchen Solvers executive team. Do you feel the business model will lead to the lifestyle you want? And does the Kitchen Solvers team believe your vision plan matches an appropriate model to create a superior customer experience in your territory, leading to consistent upward momentum and year over year sales growth? Put any reservations out on the table up front. At the end of the day, it’s about finding a good fit for both parties.