What to Expect from Daymond John at IFA 2018

Between February 10 and 13, members of the franchising community are set to gather in Phoenix, Arizona for the International Franchise Association’s annual convention. As the industry’s premier annual event, there are always a lot of exciting speakers, events and panels for attendees and exhibitors to look forward to. And this year is no exception, especially given the A-list star power that’s going to be in attendance. Daymond John, the founder and CEO behind FUBU, CEO of The Shark Group and star of ABC’s hit show “Shark Tank,” will be leading a panel of judges for the final round of the NextGen Global Competition.

The NextGen in Franchising Global Competition is an event that’s back at IFA 2018 by popular demand. The worldwide program engages millennial entrepreneurs who are looking to grow their businesses through the franchising business model. It’s a program that has existed since 2015, and this year, hundreds of young entrepreneurs from across the globe submitted their franchise business plans for a chance to be one of the top 20 winners to present their ideas at the upcoming convention. The final round of the competition that John is judging will be held on February 13 and will include the top three finalists.

Given John’s extensive experience as a successful entrepreneur, it’s no surprise that he’s making at an appearance at IFA 2018. He’s also a strong supporter of the industry, which is something that he made clear last year when explaining what makes a successful franchise. In an interview with Inc. Magazine, John said, “The ones who are successful at franchises are the ones who’ve failed in the past. They’re the hustlers at 5 a.m. They’ve seen what not to do, and so they’ve found something that fits their life.” He then continued, saying, “I have people tell me, ‘Running your own business is tough, and I didn’t know what I was doing.’ So these franchisees don’t have a problem paying the 5­–10 percent to have a lot of the details figured out already.”

John says that he prefers the franchising business model over a traditional corporate one because of the relationship that exists between franchisors and their local owners. He was able to experience that relationship first hand through one of his “Shark Tank” deals—John met with a number of Hardee’s and Carl’s Jr. franchisees when their parent group, CKE Restaurants Holdings, announced a deal with a concept he invested in, Bubba’s-Q.

“It opened my eyes. I was fascinated by how entrepreneurial both the owners and staff are and how much they impact the local community,” John told Inc. He continued, saying that the franchising business model is a “top-down culture with lots of people and lots of rules. Franchising is a more symbiotic relationship where you give an opportunity to other entrepreneurs and they run with it fueled by their own passion.”

It’s clear that John is looking forward to taking his “Shark Tank” skills and applying them more directly to the franchising industry. In a release, John said, "It's always been a passion of mine to help aspiring entrepreneurs reach their business goals. There's immense entrepreneurial potential within the millennial generation, so I'm looking forward to sharing my experience building and advising businesses, and can't wait to see what these young entrepreneurs bring to the table during the final round of the Global Competition."

However, judging the 2018 NextGen in Franchising Global Competition isn’t the only thing that attendees and exhibitors should expect of John at this year’s IFA convention. He also hinted that he’s going to launch a franchise of his own. But for now, the details on that potential new business aren’t known. He told Inc., “It’s too early to give out details. We’re working on a name right now.”

No matter what segment of the franchising industry John breaks into, there’s no doubt that he’ll establish a strong franchisor-franchisee relationship right off the bat. That’s because his definition of success is one that aligns with the industry’s business model—he told CNN Money, “Success is doing the thing that you want to do every single day and being around the people that you want to be around. It’s also knowing that you define who you are.”