Top Franchise Brokers: Doug Stout, The Franchise Consulting Company

After being laid off for the second time in his career due to company buyouts and low company funds, Doug Stout made a major career change and found his calling in franchising. Over the next 17 years, he bought not one, not two, but three franchises — with The Entrepreneur’s Source, Always Best Care Senior Services and Pro Martial Arts. With those accomplishments came time away from home, and he soon began searching for work that would allow him to spend more time with his family. That’s when he met Nick Neonakis, CEO of The Franchise Consulting Company, and joined their team of franchise experts.

Stout believes his dedication to listening to his clients’ wants and needs is what has led him to be a successful franchise consultant. “I really try to build a business plan for them,” he said. “I listen to them, try to understand what they want and what they want their business to do. What are their goals and lifestyle aspirations? Is their business going to be a legacy for their kids? You have to like what you do, but it also has to get you someplace, and I help them get there.”

For people who want to become franchise owners, Stout advises they have a listening ear, too. “Keep an open mind, identify where you want to go and what you want the business to do for you and your family,” he said. “Gather facts and don’t make emotional decisions. Don’t skip any of the steps. And at the very end, engage a franchise attorney as your last step. They’re inexpensive, and they really understand the franchise agreement.”

On the other end, franchisors seeking potential franchisees need to be aware of the triad relationship. “It’s a three-legged stool between the client, myself and the franchisor,” Stout said. “Keep communication open between the three, and down the line, let me know what’s going on with your business concept and with clients, especially ones who have been placed and are doing well. It’s always good to hear success stories.”

Stout’s favorite part about being a franchise consultant, however, is watching his clients grow. “I love seeing clients have a successful conclusion to the process, not only in the short term but also in the long term,” he said. “And that could be working with a client who determines franchising isn’t right for them, as well as people who got into business ownership, and I get to see their business grow. That’s fun. It’s fun to watch people grow personally and see them transform their lives.”

If you are a potential franchisee looking to invest or a franchisor looking to attract new candidates, contact The Franchise Consulting Company at https://www.thefranchiseconsultingcompany.com/.