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Feature Story:

Entrepreneurs In Uncertain Times »

Multi-Unit Franchisee

Business expert offers tips for capitalizing on unpredictability

As we pass the five-year anniversary of the start of the economic recession in December 2007, many observers focus on what was lost:

Feature Story:

Generation Gap: A Crash Course In Managing 'Millennials' »

By Jennifer Kushell

Millennials provide a unique challenge for businesses today. Many business operators are struggling to understand this generation and how to get the most out of the employer-employee relationship. Here is a quick guide to those born after 1980 and how you can turn them into some of your biggest fans and assets.

Communicating: They do it differently than you. Let's start there. Veterans like face-to-face meetings, Boomers like phone calls, Generation X prefers email and Millennials do most of their communicating via cell phone, text messages and social media. Interpersonal skills and presentation skills often need work, so be prepared to explain what is important to you and expected in your line of work. But be open to letting them develop relationships through the channels they're most comfortable with...

Feature Story:

Cover Your Assets: Tips For Safeguarding Your Wealth »

Multi-Unit Franchisee

Litigation is America's fastest growing business because plaintiffs have everything to gain and nothing but a few hours to lose, says Hillel Presser, author of Financial Self-Defense (Revised Edition),
"Even if a case seems utterly ridiculous - like the man who struck and killed a teenager with his luxury car and then sued the boy's family for damage to his bumper - defendants are encouraged to settle. It's sometimes the only way to avoid potentially astronomical legal fees," he says.
If you haven't already taken steps to protect your assets, that's one New Year's resolution you'll be glad you made and followed up on, Presser says. And while it helps to have the assistance of a lawyer who specializes in asset protection, there are many things you can do yourself...

Feature Story:

Reinventing Payday: Trim Your Payroll Costs With Electronic Distribution »

By Matt Merriam

Franchisees nationwide are looking for new ways to cut costs and improve efficiency. Payroll is an easy, and yet often overlooked, opportunity for companies to make operational changes that will have a direct, measurable impact on the bottom line. Electronic pay costs only 10 percent of the average cost of processing and distributing paper paychecks. The cost savings of having all employees use electronic pay is significant and provides added productivity as well as increased employee satisfaction. Electronic payroll also helps companies mitigate fraudulent activity that can occur when using paper paychecks. Despite the many benefits of electronic payroll delivery many franchisees approach to payroll has changed little over the years.

Employer Paycard Advantages
Employers will immediately eliminate the reoccurring costs associated with buying traditional paper paycheck stock with security features...

Feature Story:

Sizing Them Up: 10 Tips For Evaluating Franchise Brands »

Multi-Unit Franchisee

Ellen Hui spent years as a multi-brand franchisee in the San Francisco Bay area. Following the sale of her business, she has turned to helping franchisors and franchisees improve their operational efficiencies. And with her background in banking, she's also astute on the financial side. We asked what she looks for when researching brands.
Here are her 10 tips on how to evaluate a new brand.

Feature Story:

Proposed Lease Accounting Changes: What Does This Mean For Multi-Unit Franchisees? »

By Cory Bennett

As many of you already know, there are significant changes to lease accounting on the horizon. The impact will be significant to companies' balance sheets and specifically to the franchise community. Companies that have significant operating leases will see the biggest impact, although everyone will feel the effect in some capacity. The proposed standard is tentatively scheduled to be released in 2013 with a possible effective date in 2016. Private companies may see a one- or two-year deferral which is consistent with new standards being issued and greatly influenced by the recently established Private Company Council (PCC). The PCC is a new body that will work with the Financial Accounting Standards Board (FASB) to determine whether and when to modify U...

Feature Story:

Leadership Traits: 5 Things Great Leaders Do »

Multi-Unit Franchisee

Are you a great leader or an "at risk" failing leader? How do you know? What would your staffers say? What would your own supervisor say?
"While there is a seemingly endless list of things to consider when asking yourself 'how am I doing?,' it's prudent to specifically focus on your attitudes and behaviors," says leadership authority Roxi Hewertson, President and CEO of the Highland Consulting Group. "These are the biggest differentiators between great leaders and failing leaders because they demonstrate the four core emotional intelligence metrics: Self-Awareness, Self-Management, Social Awareness, and Relationship Management. These four factors are directly correlated with attitudes and behaviors that work for you or against those in a leadership role...

Feature Story:

Performance Review: Using Assignments To Assess Employee Growth And Development »

By Timothy Bednarz

Effective leaders manage by keeping their fingers on the pulse of their employees' key activities. When tasks and assignments are delegated, leaders must take the time to review each employee's progress against goals to determine what, if any, additional training and coaching is needed to successfully complete the assignment or to enhance their skills.
There is a two-fold purpose of an assignment performance review. Leaders are receiving a progress report on the delegated task or assignment. They are allowing the employee to provide details and input on what has happened to date, and the results. The employee is also providing feedback on any problems, issues, and concerns that may have surfaced. This allows the leader to provide insights and to suggest possible courses of action, if needed...

Feature Story:

Cheer Up: 5 Questions That Can Help Ensure Happy Customers »

By Dr. Nido Qubein

Having a flock of happy customers is like having your own advertising agency.
A major study by a commission of business experts found that the typical happy customer will tell three friends or business associates about you. Word-of-mouth advertising through satisfied customers influences people to buy a product or service more often than all other forms of advertising put together.
Don't relax too much. The study also found that people who are unhappy with you will tell, on average, nine or ten friends. Negative comments are even more effective in destroying business than positive comments are in building it. It takes nine or ten positive comments to overcome one negative comment.
How can you keep customers satisfied enough to say nice things about you and keep doing business with you without losing money and working yourself to death? Building your business around repeat customers is the best way...

Feature Story:

Local Store Marketing 101: College Hunks Hauling Junk Case Study »

Multi-Unit Franchisee

Nick Frantz, 24, may be young but he's also a marketing whiz. According to Chris Jackson, director of marketing and branding at College Hunks Hauling Junk, "He lives College Hunks. If he is in the grocery store, it's a marketing opportunity."
Frantz worked at the brand's Washington, D.C., flagship franchise for 3 years, followed by a summer with the brand's Tennessee franchisees before becoming a franchisee in Northern Virginia in late 2010. So far he has just one territory, Loudon County and a few neighboring areas in Fairfax County, where he's exercising his marketing talents.
"You can spend a lot of money on advertising. It adds up fast," he says. "Everything we do is free or a team cost."
One example: an online video of a day in the life of a College Hunk--100 percent employee created and edited...

Feature Story:

'Brand' New Pick: Adding New Brands Takes Careful Consideration »

By Eddy Goldberg

Aziz Hashim, who was an engineer before deciding he liked restaurants and franchising better, has a detailed, systematic process for evaluating potential new brands. With 50 units (23 Domino's, 13 Popeyes, and 14 Rally's), first and foremost he's looking for brands in the restaurant sector. Three of his top considerations are:

Feature Story:

The New And Improved Normal »

By Darrell Johnson

New Tools Boost Franchise Lending Prospects
Previously, I described one of the few positives from the recent financial crisis: In the world of small-business lending, franchising has gained a competitive edge in the battle for access to capital.
We're now in phase two of a small-business credit recovery that started in late 2011 and will last a few more years. This phase is defined by the banking community's gradual return to small-business lending, the result of banks beginning to feel earnings pressure they didn't have following the 2008 financial crisis. Investor expectations for banks are gradually changing from capital preservation to earnings--and banks make money by lending.
The early part of phase two starts with banks searching only for lower-risk lending opportunities (e...

Feature Story:

Local Store Marketing 101: Molly Maid Case Study »

Multi-Unit Franchisee

Twenty-year-old Michael Silva-Nash's family bought the Greater Little Rock Molly Maid franchise in 2005. "If you were part of the family, you had to come to work at Molly Maid, folding rags, filing, weekends," he says. Soon he was making customer phone calls and beginning to take on marketing-related activities. Now he's appearing on a local television station sharing cleaning tips on the air.
About a year ago, they revamped their marketing. "We started doing radio with a local personality we enjoy listening to and who spoke to our clients, the women we were trying to reach. She's almost a personal endorsement, like a friend," he says.
For someone so young, he seems to have his fingers on all the right marketing buttons. "You have to adapt your marketing to the local area and tie all your marketing together," he says...

Feature Story:

Olympic Opportunity!: How To Provide World-Class Customer Service »

By Jack Mackey

The Summer Olympics reinforced my respect for world-class athletes of all nationalities.
At a recent gathering of international franchisees, I had a similar sense of admiration, this time for remarkable customer experiences being created around the world by companies outside the U.S. The occasion was the annual convention of Crestcom International. While many franchise organizations today have global reach, Crestcom was founded 25 years ago by Hal Krause with the explicit mission to bring state-of-art management training to the world.
Crestcom's video-based management skills workshops are conducted by franchisees in more than 50 countries and 25 languages. Their recent information-sharing regarding customer service around the world was full of nuggets I want to share with you...

Feature Story:

Take Aim: Or Be Destined To Hit Anything »

By Dr. Tony Alessandra

There's an old saying: "Most people aim at nothing in life... and hit it with amazing accuracy." It's a sad commentary about people, but it's true. It is the striving for and the attainment of goals that makes life meaningful.
People who have no goals feel emotionally, socially, spiritually, physically, and professionally unbalanced. This can only cause anxiety. People who have goals are respected by their peers; they are taken seriously. Making decisions that affect the direction of your life positively is a sign of strength. Goals create drive and positively affect your personality.

The 3-Percent Solution
Time magazine reported on a national survey several years ago that only 3 percent of those surveyed had written personal goals; 97 percent of the people had no goals at all or had only thought about them...

Feature Story:

Collaborative Tension: Independent Franchisee Associations Are In For The Long Haul »

By Debbie Selinsky

It's like most relationships. Sometimes things seem stable and positive between franchisees and franchisors. Other times, during ownership, leadership, system, or product changes, for example, things can get downright contentious.
Even when things are going well between franchisees and franchisors, a certain amount of underlying tension is inevitable, since relationships can--and do--change quickly, says Patrick Kaufmann, professor of marketing and chair of the School of Management Marketing Department at Boston University
Kaufmann, who has been studying franchising for 25 years, is also a board member of the Dunkin' Donuts Independent Franchise Owners. Working with Cornell University's Ben Lawrence, he conducted a study on franchisee associations that was published last year in the Journal of Retailing...

Feature Story:

A 'High Beam' Leader: Needs IQ, EQ, And Now VQ-Vision Intelligence »

By Scott Klososky

Leaders by their very nature are under pressure to have advanced intellectual and emotional intelligence. In today's economy, they better add one more - VQ, The Vision Quotient.
The pace of change is speeding up. Each and everyday, the competition grows a bit smarter, and more of them from all over the world, extend into your territory. New technologies come on the market and mutate the foundational ways that organizations connect with prospects and complete transactions. Governments tax, regulate, dictate interest rates, and prosecute, and each time they do, the playing field changes. The more accurately you can see into this future, the more prepared you can be when we get there. This is just logical, however...
Sadly, we have bred a generation of leaders who are very execution focused and for whom the term "future" simply means the next quarter...

Feature Story:

Guerrilla Marketing In The Real World »

By Eddy Goldberg

Innovative, creative, low-cost marketing tips you can use

Many consider a mailer not delivered by mail--placed on the hood of a car or on a doorknob of a house--to be guerrilla marketing. This is like comparing a paint-by-number portrait to the Mona Lisa.
True guerrilla marketing is much more bold, creative, and, most important, surprising. In fact, all successful examples of this type of marketing feature unexpected placement, timing, or messaging.
Apples on trees in the middle of winter, a carton of undamaged eggs on a baggage claim carousel, a crushed car in the middle of a valet parking lot--you must understand what is expected in a situation and then do the opposite.
It's not a marketing medium for those who prefer to play it safe...

Feature Story:

Veteran Experience: 2012 Military Friendly Franchises List Is Out »

Multi-Unit Franchisee

The total number of veteran-owned franchise businesses among the most military-friendly franchise companies jumped nearly 35 percent to a record 11,469 in the last year, with the average percentage of veteran-owned franchise businesses in military-friendly franchise systems climbing to 28 percent, a spike from 17 percent just a year ago.
As a result, veteran-owned franchises generate more than $41 billion annually and employ 1.5 million people. You can see which brands made it onto G.I. Jobs' 2012 Military Friendly Franchises list here (
The list satisfies veterans' need to know which franchises they should consider, which ones give them the best financial incentives and training, and which have the highest number of veteran franchisees...

Feature Story:

Girl Power: Statistics Show Just How Powerful The Female Consumer Market Is »

Multi-Unit Franchisee

In case you haven’t noticed, women possess a lot of buying power. Surveys have long told us that women are gatekeepers who make many, if not most, of the financial decisions in the home. Statistics reveal that over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates say that amount could range from $12 to $40 trillion. Many Boomer women will experience a double inheritance windfall, from both parents and spouse.
Once the college bills are out of the way and children launch their own households, the discretionary spending power of 50-plus women soars. Research shows they spend 2.5 times what the average person spends...

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