The right franchisees will make you; THE wrong franchise they will sink you. Perhaps one of the most daunting aspects of becoming a franchisor is choosing which franchisees to choose grow your brand. The right people do the right thing – they choose the right places, hire and motivate the right teams, maintain the highest standards and always invest in growth. of wrong people do the wrong thing – they choose the wrong location, hire the wrong people, motivate their teams in the wrong way, cut corners, ignore standards, etc.

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Multi-unit franchise

The point of owning a franchise is to get rich, and you do that by owning multiple units. The most successful franchisors are large, multi-unit franchises that make you richer because they do it right. They pay you more in fees, refer you to other franchisees, and even have ideas that can improve everyone BUsINEss.

It takes a unique mindset to succeed in franchising – just because someone was successful in a previous life doesn't mean they will be successful franchise. A franchise is a “one-of-a-kind” venture—the owners are investing in and taking on the risks of starting a new business, but that business is following someone else's playbook. They have to believe and want to continue to invest in that playbook.

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The playbook

This playbook is what is making the franchisee rich – you only succeed if Franchises success. Franchisors pay you upfront to enter your system, then continue to pay you to stay and test your brands in multiple and different markets. As they grow, economies of scale they give you more purchasing power for more profit. The result is a high company value that you can one day sell for life-changing cash.

In addition to the obvious – honesty, stability, strong finances, etc. – here's what to look for when you're interviewing ideal exclusivity:

• Curiosity. Does the interviewee ask you questions about your brand? If they are, it shows a passion for your business that will translate into success.
• Ambition. Your top performing franchisees will want this grow their business to develop generational wealth itself. They want to succeed and use that success to open more units, which pays you more royalties and makes your business more attractive.
• Independence (type). ideal franchise follows the playbook – it's there for a reason and consistency is vital to the brand. But even then you don't want to spend all your time micromanaging. Find people who will pick up the ball, run with it, and call you once or twice a year (one of which might be your birthday).
• Collaborative and collaborative. You want a team player who can share their ideas and experiences with you, their staff, and their colleagues in your other units. Do you know why Five Guys sells milkshakes? A franchise suggested it. of Big Mac was invented by a franchise. Thousands of people got rich.
• Positivity. You will have bad days, weeks, even months. People who stay positive about their business and brand are critical to their success and your sanity.
• Accepts and provides feedback. As a franchisor, it is your job to ensure that all of your franchisees are excellent representatives of your brand. You've provided the services and materials for them to succeed, but you should be available for advice and to check on how the business is going, especially in the early days.
• Helps under pressure. You need people who will support each other and come up with ideas during the inevitable rough patch. When Covid hit, Firehouse Subs suspended royalties to help their franchisees. Franchisees worked with their landlords to defer rent. You must be the person that others want to work with.

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What you don't want

Just as important as finding those exceptional candidates who are committed to following the playbook, being a team playerand respecting brand standards is avoiding other types of potential franchises:

• A one-unit operator. The purpose of franchising is not to buy a job. Someone who is just interested in buying a job should stay in the corporate world. The point of a franchise is to open another and another until you collect the wealth of generations.
• A tight herd. The adage “Save a penny, lose a dollar,” really applies here. A cheaper location may save on rent, but will require much more marketing expenses. Skimp on paying your employees and high turnover and lost productivity will cost you more in the long run. It can even destroy your brand. An extreme but true example: I once interviewed a potential franchisee Halal guys who asked if he really should be serving halal chicken instead of more affordable generic poultry. (Seriously? It's in the name.) Guess who didn't get the franchise?
• Someone who doesn't listen. You have developed the system that creates a successful business. People who will not accept your comments not only save your time and resources, but also the energy and value of your brand. The only answer is to interrupt when you can.
• A knife in the back. As I mentioned above, you will go through a difficult problem. But positive people come together to help each other. In another true story, a franchisor client caught wind of a private chat channel between several franchisees that were hostile to corporations, individuals and more. At the franchise's next meeting, he called them out publicly — and then bought them out. in everyone should pull in the same direction, otherwise we go nowhere.

It takes time and research to find the right people, but it's key to building a business that will succeed not only for you, but also for franchisees and the people they serve.