The top eight stories you probably didn’t need to know in franchising this week.
1. Frantastic: Is there Frantastic news on the horizon for small businesses and their owners? That’s what No Limit Agency CEO Nick Powills discussed—along with Buffalo Wings & Rings co-owner Nader Masadeh—on Fox Business last weekend. With the GOP tax reform bill expected to hit the Senate floor for a vote soon, it’s unclear whether or not it will pass as is or if more changes need to be made. Powills suggests that small businesses may be looking for more out of the bill, which means that they could be raising concerns and demanding a more significant change.
2. Franlebrity: We’re lucky enough to be joined by a Franlebrity in the office this week—Scott Thompson. Tutor Doctor’s Vice President of Global Franchise Development is a longtime industry veteran who boasts 16 years of experience in franchising, franchise development and executive management. He’s also been a franchisee and supplier, so he brings a unique perspective to the table when positioning brands for growth on a global scale.
3. Frash Money: Looking to invest in a franchising without spending a ridiculous amount of Frash Money? 1851 has you covered. As a part of our List Issue, we rounded up 25 top business ownership opportunities with an initial investment under $150,000. Brands on this list include Showhomes, Welcomemat Services, H&R Block and Coffee News.
4. Frant of the Week: It’s not uncommon for businesses to offer discounts on their products or services. But according to Nick Powills, it’s better to give things away. In his latest Frant, Powills explains that the value of your product is determined by what people are willing to pay for it. Discounting cheapens a brand’s worth, while giving things away will create motivation to understand that worth instead.
5. Franch Forward: Buffalo Wild Wings is looking to Franch Forward with the help of Arby’s. Arby’s Restaurant Group announced that it is acquiring the casual dining chain for $157 per share in cash, which makes the value of the deal $2.9 billion—including Buffalo Wild Wings’ net debt. The deal is expected to be finalized during the first quarter of 2018, and Buffalo Wild Wings will continue to be operated as an independent brand.
6. Fran Funny: What’s the difference between a well-dressed man on a unicycle and a poorly dressed man on a bike? Attire.
7. Franspiration Misquote: “A journey of a thousand miles begins with a single step, and the journey of a global brand begins with one franchisee.” – Lao-Tzu
8. Franemies vs. Frands: Was Black Friday your Frameny or your Frand this year? Odds are, it was your Frand—American shoppers set a new record for online shopping on the retail holiday. In just 24 hours, consumers spent $5 billion, which is a 16.9 percent increase in dollars spent online compared to Black Friday one year ago. Traditional retailers, on the other hand, saw a small dip in foot traffic in stores.