Evaluating a Franchise Opportunity: Do the Execs Walk the Walk?
This is the fourth in a series of posts about the 10 signs you should look for when thinking about buying a franchise.
The fourth vital sign of a great franchise opportunity (according to the writer of the AllBusiness.com article) is good management. Here’s what the article says:
Good management. Find out about the people behind the company and their experience in franchising. It’s one thing to run a successful pizza restaurant, but another thing entirely to grow a pizza franchise. How long has the company been franchising? Meet the management team and the support staff to get a feel for what it will be like working with them day-to-day.
If you’re thinking about buying a franchise business, there are many ways to evaluate the management of that business. One of the most important is whether or not the senior leadership team is visible and accessible. When you attend events sponsored by the franchisor, you should take note of whether or not the executives are there. Are they forthright about sharing information with you? Are they leaders in their industry?
We recently held one of our regular new-franchisee orientation sessions in Minneapolis. We call it “Building Your Legacy” because these meetings are the first major step for a Great Clips franchisee to do just that—build their business into a lasting legacy.
The executives and managers at Great Clips take these meetings very seriously and make every effort to attend. At last month’s Building Your Legacy meeting, the CEO, President, CFO, multiple vice presidents, and directors were not just in attendance, but made presentations and then stayed to interact with the new franchisees.
This is all about sharing our culture. Being a walk-in hair salon business, our success depends on how we treat our customers and each other. Having executives who walk the walk and live those values is imperative, and finding franchisees who fit those values is critical to everyone’s success.
This was the topic of an article in the April edition of Franchising World by Great Clips CEO, Rhoda Olsen: Qualifying Candidates—Matching Your Brand’s Culture and the Best Prospect. She shares some great insights about how important it is for the prospective franchisee to consider the culture of a franchisor and vice versa.
Whatever business you’re considering, what kind of culture do you want to be a part of, and then share through your own business? And how do you figure out if company management is walking the walk?
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