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Transitioning corporate executives and other individuals that may be exploring franchising as a career alternative often ask me to help them outline questions to ask franchisees and franchisors as they're doing their due diligence. Here's how I advise them...
  • Paul Segreto
  • 11,405 Reads 1,023 Shares
A look at today's franchise candidates will reveal they are more sophisticated, better educated, and more technologically advanced than ever before. In addition, and even more so because of the economic downturn over the past few years and subsequent slow recovery, they are extremely cautious.
  • Paul Segreto
  • 5,892 Reads 3 Shares
Distinguish your franchise by knowing what creates steadfast customer loyalty to your brand. Franchisees profit from this consumer connection, which drives repeat business. At American Advertising Distributors I capitalized on our point of differentiation by arming our retail clients with marketing intelligence that was superior to any other service at the time, producing more successful campaigns for their businesses. I bragged to prospective franchisees about our powerful corporate research and development, which was instrumental in our 82 percent customer retention rate. Our retail market craved expertise for building their businesses, and our system delivered the goods beyond their expectations. We had raving customers who championed our brand because we provided them what they wanted.
  • Steve Olson
  • 3,358 Reads 1,023 Shares
Ever notice how closely the words intimate and intimidate are in their spelling? Probably not, but that's okay. It dawned on me while writing this, the third article in my series on Socially Engaged Lead Management. It is clear that to succeed brands today must become much more intimate with their customers and prospects.
  • Tom Hochstatter
  • 3,466 Reads 28 Shares
For several years social media has kept up its position as one of the hottest topics in franchising, and in business in general. Today, most business publications include at least one standing column about social media. While its potential marketing impact has been dissected and analyzed, in franchising quite a bit of that debate has focused on whether a brand's social media presence should be controlled by the franchisor, or whether franchisees too should be able to have their own accounts and profiles on Facebook and other social networking sites.
  • Beata Krakus
  • 8,365 Reads 1 Shares
Subodh Patel got his start in franchising during the great Texas downturn of the 1980s. By the late 1980s, the savings-and-loan debacle had spawned the federal Resolution Trust Corporation, which in turn became an overnight bazaar for cut-rate, distressed properties that had to be sold fast.
  • John Carroll
  • 11,706 Reads 2 Shares
Senior care is one of the hottest growth segments in franchising today. The demand for senior care services, both medical and non-medical, has been growing by leaps and bounds, in tandem with the growth of the country's aging population, who are living longer, staying healthier, and remaining more active than any seniors in history.
  • Eddy Goldberg
  • 5,122 Reads
There is no denying the impact technology has had on business. It has allowed companies to market and sell their products and services to customers in every corner of the world, and to do so 24 hours a day, seven days a week.
  • John Tschohl
  • 11,465 Reads 995 Shares
Owning and operating a small business was once the exclusive domain of the risk takers of the business world. The true entrepreneur had a distinct flair for creativity, innovation and vision. He, and I emphasize "he", knew how to operate outside-the-box. He knew how to make things happen. Many times, this individual had little choice as he knew from an early age he would be responsible for shaping his future and for making it on his own. Formal education was usually limited and often just a far-fetched dream. Corporate life was not even an option. Besides, he couldn't be told what to do, how to do it and when to do it. No way. No how.
  • By: Paul Segreto
  • 10,828 Reads
Joshua Burton grew up minutes away from the Cherry Hill Mall in Southern New Jersey. In the late 90s, he used to hang out in the food court, where the first-ever Saladworks location still operates today. Burton identified with the Saladworks concept and brand, and watched the franchise thrive throughout his adolescence. When he decided to go into business for himself, it was an easy choice - Saladworks. Today he has three successful locations to show for it, and he hasn't even turned 30 yet.
  • Multi-Unit Franchisee
  • 6,323 Reads 55 Shares
Greg Cutchall never expected to get into the restaurant business. As a youth growing up in Omaha, Nebraska, he saw how tough the business was on his father.
  • Multi-Unit Franchisee
  • 13,001 Reads 1 Shares
Marco's Pizza®
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Marco's Pizza®
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As many franchise professionals explore new methods of recruiting franchise candidates, there's been a great deal of discussion on how to incorporate social media into the mix. Sure, social media could be used to generate franchise leads, and, quite effectively... that, I have no doubt. But, it's what comes after generating the leads that concerns me more. So, let's take a look ahead, before jumping in with both feet.
  • By: Paul Segreto
  • 4,222 Reads 12 Shares
One evening in 1982, Iris Cohn's husband, Dick, came home and told the family he wanted to open a Taco Bell restaurant in the Chicago area. So the couple took their daughter, Jennifer, to one of the restaurants, where they proceeded to order one of every item on the menu. "We were hooked," she recalls. Putting everything on the line, the Cohns became the first Taco Bell franchisees in the Chicago metro area, growing steadily over the years to become one of the brand's largest franchisees.
  • Debbie Selinsky
  • 10,316 Reads 2 Shares
Almost five years ago, in April 2006, nearly 59,000 employees obtained class certification in a lawsuit claiming that Brinker Restaurant Group violated California labor laws by failing to ensure that its non-exempt employees took meal and rest breaks. In July of 2008, the appeals court vacated the class certification based upon a finding that employers need not ensure that meal and rest breaks are taken. The California Supreme Court then vacated the decision and granted review on October 22, 2008.
  • Grace Y. Horoupian
  • 4,645 Reads 28 Shares
Keith Gerson is currently president and COO of Sopra Brands, a privately held, multi-concept franchise system headquartered in Salt Lake City. The organization is experienced in growing small and large companies in the franchise industry.
  • Franchise Update
  • 3,313 Reads 17 Shares
James Young, president of Spring-Green Lawn Care, describes his approach to marketing as tactical, because it "allows our franchise owners to do what they do well," he says.
  • Franchise Update
  • 3,265 Reads 11 Shares
A guy walks into a bar. The place is teeming with beautiful women and he's looking to make a connection. After he's shown off some of his best moves on the dance floor, one particularly attractive lady approaches him.
  • Denise Lee Yohn
  • 3,464 Reads 5 Shares
When it comes to customer service, do you know the rating for your company, location, or department?
  • John DiJulius
  • 3,334 Reads 99 Shares
The goal of customer experience management is to move customers from satisfied to loyal and, ultimately, to be advocates for the brand.
  • Jack Mackey
  • 7,776 Reads 1,014 Shares
It seems that everywhere you turn there is a discussion or reference to social marketing. With more than 600 million profiles on Facebook alone, the reach is pervasive.
  • Michael Sick
  • 4,377 Reads 1,014 Shares
Franchising is the champion of small business expansion, and Franchising.com is the official home page of the industry, offering 50,000 pages of information for interested consumers. The site is the most comprehensive intelligence and information resource for more than 2,400 franchises worldwide, covering 24 franchise industries, and more than 250 sub-industries.
  • Franchise Update Media
  • 7,973 Reads 25 Shares
Jersey Mike's Subs
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Jersey Mike's Subs
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Jersey Mike's Subs
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Our next financial concept? OPM (other people's money). As a former commercial banker, I've had the opportunity to see both sides of the "debt/leverage" issue. When you go to a bank for a business loan, your banker (whether they tell you or not) will quickly compute your debt-to-equity ratio. As bankers, we viewed debt as an equivalent of risk: the higher your ratio, the more debt you have in proportion to equity. Therefore, the higher your financial risk. Let me explain why this is so. It all goes back to the financial basics: Assets = Liabilities + Net Worth.
  • Steve LeFever
  • 9,356 Reads 1 Shares
There's nothing more American than fast food restaurants - and some of them even serve apple pie! Fast food franchises have been meeting the growing needs of the country's on-the-go car culture and diverse life styles, complete with late-night hours and 24-hour service. For decades, hamburgers, tacos, chicken, pizza, and subs were the mainstay of the fast food sector. In recent years, as customers began seeking healthier options, these standbys have been joined by wraps, smoothies, salads, frozen yogurt, and more. In 2010, one franchisor began offering vending machines containing fresh fruits and vegetables, protein drinks, and other health-oriented snacks.
  • Eddy Goldberg
  • 5,907 Reads 157 Shares
Jason Mann learned early that a career in advertising sales could get you just so far in life. And that wasn't far enough for him. So in 1999, at the age of 30, Mann stepped out of his sales role and joined forces with his father to enter the franchising business.
  • John Carroll
  • 4,111 Reads 11 Shares
The Financial Accounting Standards Board (FASB) and its international affiliate, the International Accounting Standards Board (IASB), are currently reviewing proposed new lease accounting rules that, if approved, will significantly affect the retail and restaurant industries.
  • Dwayne Shackelford
  • 11,245 Reads 1,151 Shares
Ask a group of multi-unit franchisees about the importance of customer service and you're likely to get a unanimous response. Strong customer service leads to positive operating results. However, creating a business environment that puts this customer service-focused strategy into action can be more difficult than it seems. The goal is to create a customer experience that brings loyal customers back again and again. One of the most knowledgeable experts on doing just this will be a featured speaker at this year's Multi-Unit Franchising Conference.
  • Multi-Unit Franchisee
  • 4,589 Reads 40 Shares
Just like in professional sports, a Most Valuable Player award is carefully and selectively bestowed on only a handful of the very best players. These players are unique and possess a drive to perform and win that goes beyond what most of their contemporaries can muster. This is the kind of individual selected annually for the Multi-Unit Franchisee Magazine MVP Awards.
  • Multi-Unit Franchisee
  • 6,105 Reads 57 Shares
Tom Kazbour doesn't believe the secret to success lies in studying the ABCs of business. He believes new franchisees can whiz on past most of the alphabet and focus on the letter "V."
  • Debbie Selinsky
  • 15,035 Reads 1 Shares
Franchisee validation can make or break your franchise sales. Pow! Just like that and a once-supercharged prospect can deflate to nothing in 24 hours, bailing out of your process instantly. Validation is the most influential stage in the selling process. What franchise owners say means far more than what corporate sales execs tell them. Franchise operators are "doing it," and it's their experiences that count foremost to cautious buyers.
  • Steve Olson
  • 5,278 Reads 110 Shares
As savvy franchise companies continue to flourish in a challenging economy, FUSR continues to bring you good news each month, highlighting brands that are adding units, increasing comp store sales, striking deals with investors, and continuing to grow. And, as the U.S. struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities.
  • Eddy Goldberg
  • 9,983 Reads 93 Shares
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