10 Ways To Close Deals Faster

Try a few of these selling tips to sharpen your process and accelerate your inquiry-to-close cycle. These techniques are speeding deals for franchisors. See what makes sense for your development approach, and you can enjoy more closes in less time.

  1. Develop an engaging, powerful website to replace your franchise recruitment package and offer electronic delivery of your FDD. This streamlines your sales process by several days.
  2. Provide a response time frame for your initial prospect inquiries in your packet cover letter or email, e.g., "Please return the application within five days or we'll assume you are no longer interested in our opportunity."
  3. Break your full application into two forms. This can prompt faster--and additional--responses from qualified candidates.
  4. Establish a "Decision Day" time frame with your prospect after you receive and discuss their application with them.
  5. Provide the steps of your franchise approval process to coordinate with the agreed-upon Decision Day. Set up all future conversations by telephone appointment.
  6. Get preliminary financing pre-approval from a third-party lender by setting up a phone call between the lender and the prospect.
  7. Review disclosure documents prior to the Discovery Day visit. Let your prospect know that material changes to the franchise agreement are non-negotiable, and that it is written to protect the good franchisees and the quality standards of your system. If they are using a general attorney, emphasize the benefits and cost savings of using an experienced franchise attorney. Provide the prospect with suggestions on how to speed their review, e.g., book a two-hour appointment with their attorney to go over the documents together at their office. Unfortunately, many attorneys do not give FDD reviews top priority, which can delay and drag out the sale. Keep on top so your deal doesn't hit a wall!
  8. During scheduled calls, review your program with focused conversations about your core areas of training, marketing, field support, products and services, and territory and site selection assistance. This can be more expedient and productive for candidates learning about your concept than having general discussions that move aimlessly about in various directions.
  9. Date your franchise agreement with a deadline for returning the documents with an accompanying check for the total franchise fee. Because you are removing their desired territory from the buyer market, let the candidate know they need to close the deal within one week after executive committee approval. You can always extend the offer beyond this, depending on the circumstances.
  10. If you aren't closing a franchise in person, schedule a telephone close to guide the candidate through the document signing, and use overnight delivery for the contract and the money. This frequently reduces the transaction time.

This is an excerpt from my Amazon.com best-selling book, "Grow to Greatness: How to build a world-class franchise system faster." To order copies, click here.

Published: October 5th, 2011

Share this Feature

Comments:

comments powered by Disqus
ADVERTISE
SPONSORED CONTENT

Franchisor Topics »

Premium Services

AXIS Integrated Business Opportunity

AXIS Integrated
With over 25 years of experience in the franchise industry, AXIS...

Proven Match Business Opportunity

Proven Match
Proven Match provides science-based insights and screening tools to...

FranchiseGrade.com Business Opportunity

FranchiseGrade.com
Franchise Grade is The Authority on Franchising. Our proprietary Franchise...

Management 2000 Business Opportunity

Management 2000
Management 2000 serving Franchisors since 1981. Our expertise: Granting...

Franchise Consumer Marketing Conference Business Opportunity

Franchise Consumer Marketing Conference
June 19-20, 2018. Intercontinental Hotel, Atlanta (Buckhead), GA. An...

Silvercrest Advertising Business Opportunity

Silvercrest Advertising
Silvercrest Advertising has created a one-stop shop solution for all of...

919 Marketing Business Opportunity

919 Marketing
919 Marketing Co. is a national content marketing, PR and social media...

IMN Business Opportunity

IMN
IMN creates engaging and relevant lifestyle, entertainment, and industry...


Franchise Update Magazine

A targeted, quarterly magazine that takes CEO's, VPs and Sales Executives to the cutting edge of franchise development.

Subscribe to Franchise Update Sales Report

A Franchise Update Media Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2017. All Rights Reserved.

In Loving Memory Of Timothy Gardner (1987-2014)