Leasing Strategies - Boots on the ground
There are challenges multi-unit franchisees face in site selection and leasing no matter what kind of market exists. Lease negotiations is an important constant for franchise growth and longevity. Identifying specific issues early in the process can provide powerful leverage to help establish and sustain success.
Earlier this year we interviewed several multi-unit franchisees and got their advice and best practices for site selection and lease negotiations. Here's what one multi-unit operator told us about getting to know people in the markets where you operate.
Make your presence known
To secure prime spots and smooth lease negotiations, time on the ground locally can carry a lot of weight. To get the jump on a space, multi-unit franchisee Mike Philip makes sure he is a familiar face in every town he operates in--beginning with developing relationships with those in the know. He makes sure his Tropical Smoothie and Einstein Bros. brands are plugged into the local chamber of commerce, charity events, and area churches and schools for brand recognition.
"Find out where your local real estate board is meeting and sponsor breakfast. Talk to the realtors and tell them who you are, what you need in a space, and the broker you work with so they can take new sites to that person first," he says. "We take bagels, coffee, and smoothies to real estate board meetings all the time. They know me, I know them, and I don't want them to forget about me."
Introduce yourself to local realtors and tell them what you need in a space so they will think of you first with new sites.
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