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Dustin Winkle was a victim of the dot-com crash a few years back. While pondering his next career move, he visited with family members who operated some dry cleaning stores. He liked what he heard and purchased his first Martinizing Dry Cleaners stores six hours away in Yakima, Wash. It was a long commute from his home in Boise, Idaho, but he loved the business. Three years later his family was ready to sell its dry cleaning stores and Winkle was more than happy to buy some units closer to home. Today he operates 10 Martinizing Dry Cleaning stores (and one non-Martinizing unit) in the Boise area.
  • Multi-Unit Franchisee
  • 7,448 Reads
Twenty years ago, franchising meant buying the rights to and opening a single unit or business. But a changing trend has taken hold during the last two decades. Today, it's not uncommon for a single franchise operator to have 5, 6, or even dozens of units. FRANdata research notes the number of multi-unit operators now tops 34,000, and those operators control more than 155,000 franchised units in the U.S. It's a growth strategy that has proven effective but it should be approached with caution. Multi-unit operators are generally wired differently then their single-unit counterparts. Successful multi-unit operators are typically experienced, skilled, professional business executives who have chosen franchising as their business model. They possess the skills, training, capital, infrastructure, and vision to operate numerous units and have the ability to continue adding units to their portfolio--without stressing their organization or their stomach.
  • Kerry Pipes
  • 22,578 Reads 1 Shares
Franchising provides benefits for both seller and buyer. For franchisors, the primary benefit is the ability to use other people's money to expand the brand more rapidly than they could either on their own or through investors or lenders. The initial franchise fee and ongoing royalties they collect allow franchisors to build their brand without sacrificing control to outsiders or the pressure of repaying lenders.
  • Franchising.com
  • 9,233 Reads 2 Shares
The most fundamental business strategy calls for black numbers on the bottom line. In simplest terms, it's proof the business is generating more cash than it is spending. All too often, though, entrepreneurs get involved in businesses without employing a proper system to help them keep a watchful eye on what they're earning and what they're spending. Managing day-to-day operations can be so time-consuming that it leaves little room for financial analysis. Or perhaps key individuals lack a basic understanding of how to read and interpret financial statements. Combine these factors with the down economy, and you'll likely wind up with a troubled business.
  • Kerry Pipes
  • 8,249 Reads 518 Shares
Access to capital is the number-one issue facing franchising in 2010. This isn't just an issue for new unit development--it is every bit as much of an issue for transfers. In both situations, franchisors have a large vested interest in ensuring that capital is there when a franchisee needs it.
  • Darrell Johnson
  • 3,746 Reads 1 Shares
In the few minutes it takes you to read this article, 40 businesses across the nation will fail--and that statistic was [i]before[/i] the economic downturn of the last 24 months. Tragic? Yes. Remarkable? Not at all. The road to business success is littered with the skeletons of companies whose owners--mostly brilliant and skilled individuals--failed to "take care of business" in the financial management of their enterprise.
  • Steve LeFever
  • 4,518 Reads 1 Shares
Social media is more than a trend--it's a way of life. Take, for example, Facebook. According to statistics, there currently are 350 million active Facebook users. If Facebook were a country, it would be the third largest in the world. YouTube boasts more than 5 billion video views each month--and is the world's third largest search engine. And we can't forget Twitter, which just happened to be the most used word in the English language in 2009. One thing is very clear: social is here to stay.
  • Lisa Wehr
  • 3,280 Reads 16 Shares
The south-of-the-border spirit of great Mexican food and authentic art could soon spread throughout New England and beyond, thanks to a new franchising and area development agreement rolled out by Margaritas Mexican Restaurant.
  • Kerry Pipes
  • 4,816 Reads 8 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. struggles through its "jobless recovery," growth-oriented franchisors continue to look overseas for expansion opportunities.
  • Franchise Update
  • 6,769 Reads 93 Shares
This last installment of a three-part series provides quick tips for greater success at the show, and the final ingredient for making the most of your trade show spend: what to do after you get back to the office to increase your franchise sales.
  • Steve Olson
  • 3,683 Reads 1 Shares
There are three essential areas of focus in a successful business: operations, sales, and financials. For the purpose of this discussion, let's assume you have a well-run operation and are doing as good a job as possible to maintain or increase sales. For most businesses, the easiest and most fun parts of the business are running it and having lots of happy and repeat customers.
  • Jeff Newcorn
  • 5,297 Reads 33 Shares
American Family Care
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Franchising is a business model that combines the best aspects of sole proprietorship and Corporate America.
  • 7,026 Reads
The difficult consumer business environment has made the economics of new unit expansion more challenging. This makes "getting to yes" with bankers more difficult because the economics do not have as healthy a margin for error as they did in more robust times. As a consequence, capital access will continue to be the most constraining factor as we look at the next few years. Financing new units is relatively more challenging in general, and in this economy that is particularly true.
  • Darrell Johnson
  • 3,795 Reads 3 Shares
What is the definition of success? When it comes to franchise development, most of us would say that accomplishing our goals is success--especially after a very tough 2009. For 2010, setting realistic development and growth goals is key. Your sales goals (and associated budget) will be determined by several factors. Some of the important questions we should be asking ourselves and our executive team this year include: [ol] [li] How does our concept work in the current economy
  • Marc Kiekenapp
  • 2,718 Reads
As we examined last time, home-based franchising can be a great business model, but it's not for everyone. Working from home takes an organized self-starter who can get the job done despite what's going on around them. But for those who are self-motivated, can multi-task, and can balance working and living in their home, the benefits of a home-based franchise can add up to big success. The choices for home-based franchising are varied and wide - and seemingly growing more by the week. These days there are all kinds of home-based franchise opportunities. Just a few examples include home decorating, home repair, home cleaning, healthcare, as well as a number of pet services. Most of these home-based franchises typically require a lower investment and often offer a more specialized service than their retail and commercial kin.
  • Kerry Pipes
  • 14,142 Reads 2 Shares
Kevin Archer has spent 18 years as a multi-unit franchisee with Bojangles' Restaurants in North Carolina. The Charlotte native knows how much Southerners love their chicken and biscuits. So does he: his favorite menu item is the Cajun fillet biscuit. Archer also believes "You are what you eat and drink." As a proponent of a healthy diet and lots of exercise, he sees no conflict between his philosophy and his business. Even in today's increasingly health-conscious culture, he still sees Bojangles' as relevant and popular.
  • Debbie Selinsky
  • 14,833 Reads 5 Shares
"The one with the most money wins the battle in recruiting new franchisees" is an axiom that means more now than ever. Emerging franchise companies have a difficult time getting the attention of serious franchise candidates in today's challenging economic environment. This is because new advertising and marketing channels are emerging, and more franchisors are chasing a limited number of qualified franchisee candidates.
  • Marvin Storm
  • 3,324 Reads 16 Shares
2009 continued to be a year in which courts found that by providing earnings information in an Item 19 franchisors were able to prevail in cases in which the franchisee asserted claims for fraud surrounding alleged misleading earnings claims. Due to the length of time it takes a case to arise and percolate through the court system, each of these cases involves franchisees who received disclosure under the prior UFOC Guidelines. However, as the cases all relate to a franchisee's ability to rely on the earnings information there is no reason to believe the result would differ under the FDD format.
  • By: Lane Fisher and Joseph Dunn
  • 7,879 Reads 1,023 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
  • 7,590 Reads
Multi-Unit Franchisee Magazine today announced the call for entries for the first annual Multi-Unit Franchisee MVP (Most Valuable Player) Awards to recognize exceptional multi-unit franchisees. The deadline for entry is Feb. 26th . Winners will be announced on March 25th at the Multi-Unit Franchising Conference in Las Vegas. Franchise Update Media Group (FUMG), the leading industry resource for franchise development, is the publisher of the magazine and the conference organizer.
  • PRESS RELEASE
  • 3,413 Reads 1 Shares
After graduating from the University of Pennsylvania and Loyola Law School in Los Angeles, Danny Sonenshine quickly found himself working as a litigator and transactional attorney at major firms in Orange County.
  • Multi-Unit Franchisee
  • 8,038 Reads
Angry Crab Shack
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Social media has reached a fevered pitch in most places, but as a marketing tool it has many unique functional features and almost endless possibilities.
  • Multi-Unit Franchisee
  • 5,957 Reads 1 Shares
Working from home. It sounds like a great idea to many people. A home-based business removes the need for a long and often frustrating commute through daily rush hour traffic. It can offer flexibility in your schedule like never before. No corporate red tape or office politics to bother with. You can exercise and workout from your home because the "office" is just in the next room. The list of positive attributes could go on. What's more, today there are literally dozens of home-based franchising opportunities for you to explore - depending on your interests, skills, and abilities. As if all of that were not enough, the initial investment for a home-based franchise is usually significantly lower than, say, a retail franchise that requires leasing space and purchasing expensive equipment and supplies.
  • Kerry Pipes
  • 15,403 Reads 1 Shares
Consumers have an infinite number of ways and places to talk about your brand. Social media platforms such as Facebook, LinkedIn, Twitter, online blogs, podcasts and YouTube are fundamentally changing the way we work and interact with each other, with an increasing blurring of business, commercial, social and personal communications. As a result, these social media platforms can provide beneficial (and inexpensive) ways for franchisors and franchisees to market and promote their products and services.
  • By: Danell Olson Caron
  • 6,838 Reads 151 Shares
While some franchisees receive real estate assistance from their franchisors on their new locations, very few franchisees receive help from their franchisors on their lease renewals. Since 1993, I have been coaching franchise tenants and speaking at franchise shows regarding commercial leases and lease renewals.
  • Dale Willerton
  • 7,838 Reads 1,023 Shares
Non-traditional retail business locations such as airports, hospitals, and universities have become popular (and successful) business opportunities for some franchise brands that are actively on the grow. These types of locations usually offer plenty of customers and often only a few choices for food, beverage, and beyond. It's a perfect combination. Now add Bruegger's Bagels, Fazoli's Restaurants, Friendly's Ice Cream, Smokey Bones Bar & Fire Grill, and Timothy's Coffees of the World Inc., to that list of progressive franchise operators looking for new opportunities.</p>
  • Multi-Unit Franchisee
  • 3,856 Reads 7 Shares
2009 was a difficult year for most franchisors, but 2010 is a new year and many franchisors are again looking to grow their businesses. Developing and implementing a "non-traditional" franchise program is one of several key growth vehicles that we will explore in our three part series.
  • Robert A. Lauer, Haynes and Boone, LLP
  • 5,540 Reads 1,014 Shares
"In light of the current job market, how do you attract and retain top talent in your corporate office/sales development department?" As the leader of a franchise company, attracting, retaining, and motivating our team are among my very top priorities. After all, franchisors are service organizations and service organizations are only as good as their people.
  • Kerry Pipes
  • 6,524 Reads
Just as you were getting comfortable with web analytics, here comes Social Media!, presenting a new set of opportunities and a new set of confusion. The overriding goal still is to integrate Facebook, Twitter, YouTube, and any other social media tools into your marketing mix. However, following last year's overwhelm of social media as the latest and greatest, companies are now taking a more sober look at its ROI. That means finding ways to measure it, a new search for meaningful metrics.
  • Franchise Update
  • 4,195 Reads 4 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 - and this month, we report on an overseas franchisor set to open its first U.S. location, as well as several new entrants to franchising.
  • Franchise Update
  • 7,221 Reads 93 Shares
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