1851

Franchise executive Scott Thompson&rsquo;s career has evolved at the same breakneck speed the industry itself has. Thompson has been a multi-unit franchisee, master franchisee, franchise supplier, broker and has served on the executive team and board of multiple franchisors. His role as Chief Development Officer at <a href="http://www.lfivecapital.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-development-leader-level-5-capitals-scott-thompson-2708008" target="_blank" rel="nofollow" style="text-decoration-line:none" target="_blank">L-5 Capital</a> challenges him to draw on all of his previous roles to ignite growth for the brands under L-5 Capital&rsquo;s umbrella. <a href="https://1851franchise.com/" style="text-decoration-line:none" target="_blank">1851</a> got the chance to consult Thompson&rsquo;s well-versed opinion on all things franchise development. 

How did you first get involved with the franchising industry?

Eighteen years ago, I fell into this company called fitness forever, a one-on-one private training franchise based out of Denver. I began working for them and eventually took part in their leadership program, where I learned how to run a franchise as a&nbsp;manager, continuing on into ownership from there. 

What do you love about the industry?

My favorite part of franchising is helping people build legacies and wealth for their families. Franchising is a great vehicle for people who have gained skills in different areas over the years working for someone else. The franchise model allows these peoples to apply those skills as their own boss, creating something sustainable and successful to pass down.

What do you wish you could change in franchising?

Lots of franchisors that come onto the scene that are all about the sale and not enough about unit profitability. If I could take those companies and put them through some sort of certification process and make sure that they have a substantial management team in place that has been trained in the franchise model, knows how to build a sustainable system and is focused on unit economics, it would be a better environment overall.

What&#39;s the biggest change you&#39;ve seen in the industry since you started out in franchise development?

I think more and more decisions are being made by leveraging data. As a franchisor, if you&#39;re not tech-focused and using it wherever you can to innovate, you&rsquo;re going to be left behind in the acquisition of new franchisees and the success of your existing ones. Artificial Intelligence and data analysis leads to more comprehensive learning, which leads to more intelligent decision-making from a management perspective

What makes a great franchisee?

Someone with drive and passion. Someone who understands the &lsquo;why&rsquo; behind being in business for themselves. Someone who can follow and add value to a system. Lots of franchisees want to recreate the wheel when coming to a brand, but those that understand that the current model has been tested and proven are the ones poised to succeed. When a franchisee achieves sustainability and success, they should then seek areas in which to add and innovate.

What&rsquo;s the number one thing that sells franchises?

People! You have to have a great leadership team, values and culture in place to grow. You have to tell a great story about how you&rsquo;ve helped people from all walks of life find financial success and achieve independence as their own boss. Identify what those touch points are and recognize who not to bring in. It&rsquo;s the people behind the brand that ultimately attract the right franchisees.

Franchise Development Leader: Level 5 Capital's Scott Thompson

1851 Franchise

L-5 Capital Chief Development Officer Scott Thompson has spent nearly two decades in the franchise industry in almost every role imaginable

franchise-development-leader-level-5-capitals-scott-thompson

Woodhouse Spas

Photo of exterior of Woodhouse Spa location

What Should I Expect When Opening My Woodhouse Spa Franchise?

opening-woodhouse-spa-franchise-support

Fresh Coat

Photo of two Fresh Coat vans parked outside a building

Scaling With Fresh Coat Painters: Insights and Tips From the Field

fresh-coat-painters-franchise-scaling-tips

Pigtails & Crewcuts

A Business That Fills Your Heart: Why Pigtails & Crewcuts Franchisees Say It’s More Than a Career

a-business-that-fills-your-heart-why-pigtails-crewcuts-franchisees-say-its-more-than-a-career

Caring Transitions

Why Consider a Corporate Career Change? Find Meaningful Work Helping Others With Caring Transitions

why-consider-a-corporate-career-change-find-meaningful-work-helping-others-with-caring-transitions

Comfort Keepers

How This Financial Strategist Built a Flourishing Purpose-Driven Business With Comfort Keepers®

how-this-financial-strategist-built-a-flourishing-purpose-driven-business-with-comfort-keepers

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

U.S. Budget Deficit Rises as Tariff Revenues Increase — Potential Considerations for Franchising

us-budget-deficit-rises-as-tariff-revenues-increase-potential-considerations-for-franchising

Dickey's Franchisee Backlash - Lawsuits - Disputes - 1851 Franchise

Texas-Based Dickey’s Barbecue Pit Grapples with Franchisee Backlash

dickeys-barbecue-pit-franchisee-lawsuits

Design with person in blazer, with laptop, holding sign that reads "LOOKING FOR A JOB"

Uptick in Jobless Claims Points to Continued Instability in Labor Market

jobless-claims-franchise-growth

Extraordinary Brands Acquires CycleBar and Rumble, Shaking Up Boutique Fitness Franchising

extraordinary-brands-cyclebar-rumble-boxing-acquisition

NJCAR v. Ford - New Jersey Supreme Court Limits Standing Under Franchise Practices Act

New Jersey Supreme Court Limits Standing Under Franchise Practices Act

new-jersey-franchise-practices-act-njcar-v-ford

Top 25 Franchise Marketing Leaders: Cathy Chavenet — Chief Marketing Officer, Paris Baguette

top-25-franchise-marketing-leaders-cathy-chavenet-chief-marketing-officer-paris-baguette

Mike Revak - Chief Business Officer - Sky Zone - Franchise Marketing Leaders - 1851 Franchise

Top 25 Franchise Marketing Leaders: Mike Revak — President and Chief Business Officer, Sky Zone

top-25-franchise-marketing-leaders-mike-revak-chief-business-officer-sky-zone

1851 Coffee & Analytics image with photo of Nick Powills

A Look Inside Candidate Behavior & What Changes You Should Make

a-look-inside-candidate-behavior-what-changes-you-should-make

Top 25 Franchise Marketing Leaders: Lynlea Rudell — Director of Marketing, Pool Scouts

top-25-franchise-marketing-leaders-lynlea-rudell-director-of-marketing-pool-scouts

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

1851 Keyword - The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

part-time-franchises-picking-the-right-model

"Come in, We're OPEN" sign against abstract background

Small Business Optimism Dips, Raising Concerns for Franchise Owners

small-business-optimism-dips-raising-concerns-for-franchise-owners

Wendy's CEO Kirk Tanner Steps Down - Breaking News - 1851 Franchise

Wendy’s CEO Kirk Tanner Steps Down Amid Challenges, Leaving Franchisees Facing Uncertainty

wendys-ceo-transition-kirk-tanner-franchisee-uncertainty

Navy Veteran and Professional Artist Couple Open Caring Transitions in Texas

Franchise Development Leader: Level 5 Capital's Scott Thompson

MORE STORIES LIKE THIS