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Will local marketers continue to spend money on "traditional media" (print, radio, TV) in 2010, or turn increasingly to online channels including social media? Will "old-fashioned" direct mail make a comeback, or will local marketers turn to mobile advertising using smart phone technology?
  • Franchise Update
  • 3,086 Reads 5 Shares
Franchise shows have experienced an exciting rebirth during the past few years. The annual International Franchise Expo in Washington, D.C., as well as regional shows in the U.S. and international expos, have provided a valuable recruiting venue for generating qualified buyers. But not everybody is jumping aboard. Some franchisors confess they aren't interested in trying this successful, revitalized lead source.
  • Steve Olson
  • 4,856 Reads 1 Shares
Tracking unit economic performance effectively can take some doing. Generally, it involves 1) defining what constitutes comparable data across individual units, and 2) finding the right technology for recording and reporting it. Making it work requires not only strategizing and goal-setting at corporate, but also involvement and buy-in from franchisees - all in the name of improving system-wide profitability, one unit at a time.
  • Franchise Update
  • 6,785 Reads 1 Shares
As savvy franchise companies continue to flourish in this challenging economy, FUSR will bring you Good News each month, highlighting brands that are adding units, increasing comp store sales, striking deals with investors, and continuing to grow despite the economy - maybe even because of it. And as the U.S. economy struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities.
  • Franchise Update
  • 6,093 Reads 93 Shares
Bret Hooppaw, Luihn Food Systems' director of operations, had an "Aha!" moment when his 19-year-old daughter said she'd applied online for a summer job. When he asked, "Why don't you just go over there and apply in person?" her response was, "Nobody does it that way anymore, Dad." That's when Hooppaw, who helps oversee 90 KFC and Taco Bell locations, realized instant communication technologies are second nature to the Millennial generation--those who make up most of today's frontline employees--who will be his managers 5 years from now and who will be the organization's leaders in the next 5 to 10 years. "I knew I had to find a way to meet them on their ground," he said.
  • Mel Kleiman
  • 4,108 Reads 8 Shares
The importance of the "Mission Possible" theme was not lost on attendees at the 2009 Franchise Update Leadership & Development Conference this past September 23-25 at the Drake Hotel in Chicago. Many had been at this same location, just one year before, when the simmering financial crisis came to a head and the federal government rushed in with billions in bailout funds.
  • Kerry Pipes and Eddy Goldberg
  • 6,606 Reads
Glen Helton's lifelong career in franchising began as a teen with his first job at a Burger King in Fayetteville, N.C. Today the Texas native is president and COO of Strategic Restaurants Acquisition Corp. (SRAC), which operates 271 Burger Kings and 17 T.G.I. Friday's across 9 states. Helton, along with SRAC's CEO, Jerry Comstock (former Bennigan's CEO), have become known for turning underperforming restaurants into profit generators. They did it for the 226 Burger Kings they acquired out of bankruptcy 5 years ago, and they also have added 45 new ones. Today they're applying their turnaround skills to the 16 T.G.I. Friday's in New York and Florida that they bought out of bankruptcy in August 2008.
  • Debbie Selinsky
  • 10,749 Reads 1,189 Shares
Take two dozen franchise CEOs and presidents, add one expert facilitator, stir for a full day, and what do you get? The second annual CEO Summit, held in Chicago this past September as part of Franchise Update's Leadership & Development Conference. Behind closed doors and the promise of confidentiality, these franchise leaders rolled up their sleeves and spoke candidly with their peers about their common problems and concerns. We can, however, share some general observations, as well as highlights from the first-ever CEO Confidence Survey.
  • Eddy Goldberg
  • 4,819 Reads 32 Shares
It's not difficult to see the opportunities offered by co-branding. Teaming related concepts together in one central location can certainly offer benefits in many situations. But even if you don't co-brand in the same location, there's a related twist some franchisees have used effectively by turning to complementary brands. Portland, Oregon multi-unit operator Steve Foltz knows all about the technique. Foltz got into the franchising business almost by accident following college in the mid-1980s. He was working as an assistant manager at a restaurant while job searching when he realized the restaurant business might offer a future of its own. A friend of his was in franchising and looking for a partner. Within a year the new partners had opened three Cinnabon's in the Portland area.
  • Kerry Pipes
  • 23,878 Reads 2 Shares
Jason Shifflett learned early in life that Domino's Pizza could offer him the keys to a successful life--and that he plans you make in your youth don't always come to pass. "I started with Domino's at age 14 and worked my way up in high school," says Shifflett. In college, he was a biology student and planned to attend medical school. He continued to work at Domino's as a general manager--and learned a few things there too.
  • John Carroll
  • 4,164 Reads 71 Shares
Many of us in the franchise sales business have watched franchise brokerage companies (aka consultant groups, referral networks, etc.) grow in both presence and stature and become a commonly used source of franchise leads and sales. Although there are no reports that can tell us exactly how many deals are being produced through these groups, we can do some deductive reasoning to understand how and where these organizations fit into franchising today.
  • Marc Kiekenapp
  • 4,412 Reads 15 Shares
Vocelli Pizza
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David Timlin of Yakety Yak discusses the changes of technology and it's effects on the franchise industry.
  • Inside Franchising Podcast
  • 6,534 Reads 5 Shares
One of the most helpful services franchisors can provide to their franchisees is accounting direction and services. I am often astonished at how little guidance so many franchisors provide in this area. How will franchisees know if they are truly making money and operating effectively if they don't keep good books and receive information to help them run their businesses more effectively?
  • Rupert M. Barkoff
  • 27,060 Reads 4 Shares
Ricky Warman already knew a lot about finance when he left his job as an investment manager for Prudential Securities in Miami to start a life in franchising in the early 1990s. Warman was a friend of Jenny Craig and started in franchising with nine Jenny Craig weight loss centers. He would go on to try other franchise brands, including Schlotzsky's. Today he's wholly committed to the Papa John's brand, operating 42 pizza locations. (He had 53, but recently sold 11.)
  • John Carroll
  • 9,424 Reads
Today's struggle for more qualified franchise candidates has ignited greater emphasis for companies to produce franchise leads within their systems. Last year, 38 percent of franchisors surveyed "incentivated" franchisees who referred prospects that bought their franchise. This year a whopping 65 percent do, according to the latest Annual Franchise Development Report (AFDR). The study also reveals that referral sales continue to produce the highest closing ratios and continue as the number-two sales producer after Internet portals. These powerful stats are cause for more aggressive referral selling.
  • Steve Olson
  • 4,297 Reads 19 Shares
Ben presented us with a situation common to many business owners who find out too late they are not in a position to exit on their terms. Ben had founded and built a very successful business supply business. He had customers across the country and was consistently earning solid profits under his management. He had decided he was ready to retire in the near term.
  • Nicholas K. Niemann and Andrew Horowitz
  • 5,644 Reads
Looking to open a new franchise location? You might want to consider using Facebook. That's what multi-unit franchisees like Adam Saxton are doing - and they're getting results. When the Saxton Pierce Restaurant Corp. was looking to open a new McAlister's Deli location in Texas last spring, the company called on Facebook.
  • Multi-Unit Franchisee
  • 6,340 Reads 279 Shares
Thomas "Tab" Broome has spent most of his professional life in the restaurant and franchise business. He's seen it all - learned a lot - and is one franchisee who knows how to manage a chain of restaurants. His professional story begins with a restaurant group in Raleigh, N.C. At the time, the company ran a string of Darryl's restaurants - a place that looked a lot like Applebee's, only with a little more variety and flair - a group of 11 Pizza Inns, and the Angus Barn. General Mills swooped in and bought the pizza places and family restaurant business and Broome got a chance to work for a large restaurant corporation.
  • Multi-Unit Franchisee
  • 3,903 Reads 32 Shares
Gaining access to and securing capital is more important for franchisees today than ever. Every week we talk with multi-unit franchisees about how they are growing and the kind of financing it takes for them to achieve their goals and objectives. It's an important topic and sometimes we get some very candid responses.
  • Multi-Unit Franchisee
  • 6,400 Reads
Buying assets out of bankruptcy court is time-consuming but usually easy. But if your target is a franchisee and you get choosy - meaning, for example, that you want to buy only 10 outlets in a bankrupt 20-outlet franchise restaurant chain - things get dicey. Why? Because it's hard to determine a fair value for such assets, and if you fail to do so, you could find yourself back in court fighting angry creditors who think you've cheated them.
  • Barry Kurtz and Nevin Sanli
  • 4,521 Reads 57 Shares
Franchise Update Media Group (FUMG), the leading industry resource for franchise development, today announced the 2010 Annual Franchise Development Report (AFDR), the only sales and lead generation benchmark report available in the industry. One of the key findings from the in-depth report that features results from more than 140 franchise organizations that are successfully expanding their systems, is that over half of them have reduced start-up costs in the past 12 months.
  • Press Release
  • 3,059 Reads 2 Shares
Subway
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This month I complete the discussion of Selling Skill #3. These three skills, essential for making new franchise sales, are part of my book, "Grow to Greatness: How to build a world-class franchise system faster" - and are appropriate for both new and emerging franchisors, as well as experienced sales pros seeking to brush up on their skills and/or improve the performance of their sales staff.
  • Steve Olson
  • 3,904 Reads 49 Shares
We asked two franchisors if they're seeing signs of economic recovery - and how what they see is affecting their plans for recruiting new franchisees in 2010. One is in the rapidly growing healthcare services field, the other in the highly competitive pizza sector. See if any of their perceptions or programs can help your plans for growth in the coming year!
  • Franchise Update
  • 3,619 Reads 3 Shares
As savvy franchise companies continue to flourish in this challenging economy, FUSR will bring you Good News each month, highlighting brands that are adding units, increasing comp store sales, striking deals with investors, and continuing to grow - despite the economy… maybe even because of it. And as the U.S. economy struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities through master franchise deals.
  • Franchise Update
  • 6,653 Reads 93 Shares
I love Tivo. At least, I used to. But then I had to interact with live people. Now this is not the beginning of a rant about bad service. It's the beginning of a rant about bad service design. Because when employees are directed to follow processes that drive customers crazy, that failure of service design is management's responsibility.
  • Jack Mackey
  • 5,150 Reads 340 Shares
Each year, as part of the Leadership & Development Conference, Franchise Update offers franchisor attendees the opportunity to have their sales operation mystery shopped. Our mystery shoppers pose as qualified prospects, phoning in to the franchise sales department, and submitting applications online. The results are presented at the conference in September, and made available in the Annual Franchise Development Report. Here's what we found.
  • Eddy Goldberg
  • 7,110 Reads
Since mid-2008, the economy, consumers, and the restaurant industry have been in the vice grip of the country's deepest and longest recession since the Great Depression. Finally, a light at the end of the tunnel is beginning to emerge. Most economists are now saying we have reached or passed the bottom. While the going is certainly still rough, business conditions are beginning to improve, unemployment is stabilizing, and consumers are dipping their toes back in the spending pool. Capital flow is increasing, with equity investors coming off the sidelines and lenders beginning to seriously pursue new debt facilities for borrowers.
  • Dean Zuccarello
  • 6,002 Reads 361 Shares
One of the highlights each year at Franchise Update's Leadership & Development Conference is the presentation of the new Annual Franchise Development Report (AFDR). The 2010 AFDR gathered responses from 116 of the franchisors who attended this year's conference. Participants represented 38,800 units (28,300 franchised, 4,600 company-owned, and 5,900 international), and they plan to add 5,360 more franchised units this year through 3,400 franchisees.
  • Eddy Goldberg
  • 5,921 Reads 1 Shares
If there were a tool that could help you land more qualified leads and close more deals, wouldn't you want to know about it--and use it--yesterday? There is. And if you're not using Google Analytics, you should be, says Boris Bugarski CEO and president of mUrgent, a company that specializes in franchise websites.
  • Kerry Pipes
  • 5,061 Reads 43 Shares
Franchise Update Media Group (FUMG), the leading industry resource for franchise development, today announced that submissions for the 2010 Multi-Unit Franchisee "Top 99" lists are being accepted through Friday, Nov. 20, 2009.
  • Press Release
  • 3,494 Reads 16 Shares
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