How to Get Awarded a Franchise
"Be All In Until You Are All Out"
I recently had a candidate who was previously awarded a franchise lose it.
The candidate, a sharp, successful attorney felt like he was communicating enough with the franchisor. Once he made his final decision he contacted the franchisor to tell him the good news. The franchisor just felt like he took too much time to make the decision after having enough information to make it. So the franchisor said no! Even though the franchisor had originally offered him a franchise, he took the offer back. Wow! What a huge disappointment.
One of the most common statements we hear in working with franchise candidates (potential franchisees), is “I want to buy a franchise”.
That is the way most people think about the franchise purchasing process. “I’m going to buy a franchise. “The reality is you only get awarded a franchise. It’s an award process. The franchisor has to first offer you the franchise.
Ideal Franchise Candidate - What Does That Mean?
A common misconception is “Well if I have the money, solid experience and there’s territory available, why wouldn’t they sell me a franchise.” The truth is a great franchisor will be looking for the best matches for their system.
It means that they’re going to take in a variety of factors while making their decision. I always tell my candidates “BE ALL IN, UNTIL YOU ARE ALL OUT”. That means being prepared, being on time, having your questions prepared, asking great questions, understanding the process, showing respect, being kind, connecting, doing your homework, responding quickly and professionally to emails, texts and voicemails.
It’s possessing the understanding that you are, in a real sense, selling yourself. That is the reality. Every seasoned professional that helps folks find franchises has had candidates turned down because of one or more of the factors that I point out here. It could be more of a slippery slope then one would think. It’s not just about money and having solid experience. It’s about connection, attitude, being the right fit for the culture of the franchise.
So when it’s time to listen, listen. When it’s time to talk, when it’s time to ask questions , ask questions. When it’s time to be there, it can be very costly and very disappointing not to pay attention to these factors.
Buying a Franchise - Making The Final Decision
Another very important point is being able to make a decision. There comes a point in the process when you have received the information, talked to the franchisees, met the franchisor face to face , asked all your questions, ran the numbers, settled on your area, and the next step is to make a decision. As scary as the decision can be as big of a deal, as life changing as it is. When it’s time to make a decision you need to be able to make a decision. There’s no hard and fast rule on what’s too long. Be open and honest always communicating clearly to the franchisor. Clarify where you’re at with your decision and what your concerns and fears are. Discussing what else still needs to be done or thought through before you will make a final decision can be key to not losing your deal.
The bottom line is don’t take it for granted just because you think you’re qualified and have the money. It is simply not all up to you.
Discovering amazing franchise concepts at our franchise trade shows and making a connection is only one step in the longer process.
