Real Estate
Finding the best real estate for your franchise is challenging and competitive, whether building anew or remodelling an existing location. Site selection is complicated and “A” locations are both hard to come by and expensive. Using a real estate broker to help find the optimal sites and negotiate the best contract is common practice. Seek legal advice to ensure you’re receiving the optimum tenant improvements and landlord benefits.
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Did you do your homework? In my last article, I discussed taking a broader look at the concept of "performance measurement." Rather than allowing a simple percentage change (or even a percentage change relative to a broader index) drive how satisfied you feel with your portfolio's performance, I suggested thinking longer and harder about defining success on your own terms. After all, what good is a "good" performance number if it doesn't leave you with a portfolio that can help you achieve your goals?
- Carol Clark
- 3,150 Reads 7 Shares
After graduating from the University of Maine, Michael Kern landed jobs at top advertising agencies including Young & Rubicam and McCann Erickson. He later held top marketing jobs for KFC and Long John Silver's, at one point serving as worldwide chief marketing officer for Long John Silver's.
- Debbie Selinsky
- 3,540 Reads 10 Shares
Stephen Reitz was in his late 30s when he entered the world of franchising. He'd already learned quite a bit about the world of business in the years preceding his career switch. "I had a number of positions before I got into franchising," says Reitz, who spent 20 years at Ford Motor Company in sales and marketing. One highlight at Ford was a week he spent with W. Edwards Deming, the legendary management and quality guru who helped the Japanese create some of the world's leading manufacturers--and who spurred Reitz to become passionate about process improvement.
- John Carroll
- 4,334 Reads 35 Shares
Sean Falk's "secret weapon" for achieving success in business may lie in his Ironman triathlon creds. This three-time triathlon winner (a race that combines a 2.4-mile swim, a 112-mile bike ride, and a 26.2-mile run) harnesses his drive and energy to ride herd on 10 retail units (four brands) and one restaurant in three states. Or maybe it's experience in the U.S. Marine Corps., where he attained the rank of captain.
- Debbie Selinsky
- 6,759 Reads 249 Shares
Keeping up on the rapidly evolving social media scene, and how platforms such as Facebook, Twitter, LinkedIn, and others can be used to help achieve your business goals is like trying to catch Jamaican sprinter Usain Bolt in the 100-yard dash.
- Eddy Goldberg
- 71,337 Reads 5 Shares
Tony Lutfi came to California when he was 16, a Palestinian-Jordanian immigrant looking for a better life. He dreamed of growing up, getting an education, and becoming a doctor. To earn some money, he took a job working the graveyard shift at a Jack in the Box. Then fate stepped in. "The manager had a heart attack, and they promoted me. I helped the management team in the summer after I graduated from high school," says Lutfi. "It became my passion. I never went back to school, and I was promoted at Jack in the Box."
- John Carroll
- 6,967 Reads 675 Shares
Craig Horn is such a perfectionist that he'll probably never give himself a grade of "A" for performance as president and CFO of Fresno, Calif.-based JEM Management Corp. After almost a year-and-a-half at the helm of JEM, which owns 22 Wendy's and 15 KFCs, he gives himself a "B."
- Debbie Selinsky
- 4,927 Reads 1 Shares
Thomas "Tab" Broome got an early start in the franchise business, going to work for a restaurant group in Raleigh, N.C., about 30 years ago. At the time, the company ran a string of Darryl's restaurants (which looked a lot like Applebee's, only with a little more variety and flair), a group of 11 Pizza Inns, and The Angus Barn steakhouses. 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.
- John Carroll
- 3,612 Reads 43 Shares
In the late 1990s, Jeff Reetz was a head coach at Pizza Hut, helping to inspire a group of regional coaches to winning records at dozens of restaurants in eight Southwestern markets. "I helped them make their operations as successful as possible," recalls Reetz. However, like many working in a corporate environment, he dreamed of the day when he could manage his own business.
- John Carroll
- 5,524 Reads 67 Shares
Life has not been easy--personally or professionally--for Chris Haque (pronounced Hawk), who was born in Dinajpur, Bangladesh. He was only 15 when his sister came to the U.S. for medical treatment for leukemia. Thanks to his gift of his bone marrow donation, she lived three more years before the disease took her.
- Debbie Selinsky
- 6,244 Reads 1 Shares
John Hotchkiss was born in Pontiac, Mich., and grew up in San Antonio, Texas. But he likes to say he "was born" into franchising.
"I started working in our stores when I was 9 years old and really enjoyed it. I learned in high school that it was a good business to own when I came home exhausted from a crazy, busy night at one of our stores and my dad was relaxing and reading a book on the back porch," he recalls. "He had 700-plus employees working hard that night making him money.
- Debbie Selinsky
- 9,642 Reads 1,022 Shares
Gurvinder Singh is, in many ways, a "normal" 24-year-old guy. A former wrestler, he's into martial arts and spends an inordinate amount of time training in the gym. Despite his high energy level, he can go "couch potato" with the best of them, and he loves TV (his favorite show is "Lost"). He also loves cars, and jokes that the health of his business can be measured by the impressiveness of his ride.
- Debbie Selinsky
- 2,705 Reads 13 Shares
It all began with a single Golden Corral restaurant in 1997. In just over a dozen years, Guillermo Perales has grown to operate 142 franchise locations, spread across 5 brands throughout Texas and Florida. It's quite an accomplishment for this native of Mexico, and he's not even close to finished. "I'd like to double the size of my business over the next decade," says Perales. Based on his track record, it's a good bet he'll succeed. He just inked a deal with T-Mobile for some new units, and he's negotiating with a yogurt and seafood franchisor--and that doesn't even include his planned hotel project in Dallas.
- Kerry Pipes
- 9,492 Reads 1,015 Shares
Dennis Hitzeman has had some legendary mentors in his life. First there was McDonald's founder Ray Kroc, who hired the 16-year-old Hitzeman as a crew member for his third location. Later, as a West Point Cadet, he played football for assistant coach Bill Parcells and studied under Gen. Norman Schwarzkopf, Jr.
- John Carroll
- 5,990 Reads 4 Shares
After years of building his company by acquiring distressed franchise units and real estate, John Metz bought a distressed franchisor. That's right, a franchisor. On December 17, 2008, Metz took over Hurricane Grill & Wings. And he's from Buffalo.
- Eddy Goldberg
- 4,820 Reads 21 Shares
Retail franchising is the kind of business operation that most people are familiar with today. After all, everybody knows McDonald's and Taco Bell, but there's much more to know about retail franchising.
Like its counterpart, service franchising, retail franchising offers its own set of pros and cons. There are advantages and disadvantages that make it unique. In the right circumstances, retail franchising can make a very good career choice and provide a healthy income for many people. But you'll want to do your homework and make careful considerations.
- Kerry Pipes
- 30,528 Reads 3 Shares
Anyone seriously considering the purchase of a franchise will ultimately have to decide if a "service" franchise or a "retail" franchise is a better fit. It's an important distinction in terms of both entry requirements and operational realities, and it's a decision that can determine your ultimate effectiveness as a franchise operator.
First, a basic summary of some typical service franchise opportunities available today, here are just a few: trade and handyman (electricians, plumbers), lawn maintenance, landscape services, childcare, tutoring, education, business coaches accounting, bookkeeping real estate agents, travel agents, commercial, domestic cleaning, automotive-related services, computer-related services, and interior design/decorating.
- Kerry Pipes
- 35,548 Reads 8 Shares
With 324 Subways in Oklahoma and Kansas, Don Rottinghaus knows his brand and his market. Must be time for something new. "I work those areas constantly," he says. He has to. Over the past 20 years, the multi-unit franchisee has built a huge chain of Subway locations in the region. And now he's taking on a new challenge, bringing a taste of Southern California sunshine to the Midwest. Over the next 5 years, Rottinghaus will develop 12 new LA Sunset Tan locations in Oklahoma and 25 in Kansas.
- John Carroll
- 7,477 Reads
As a student at Florida State University, the entrepreneurial spirit in Sam Osborne led him to own and operate a small personal training business. One of his clients was David Walker, who was soon to be a co-founder of Tropical Smoothie Café. Things have "worked out" well for both.
- Kerry Pipes
- 5,590 Reads 212 Shares
Franchising can offer a great business opportunity, but there are many different kinds of franchising models and business structures, and so many different brands and concepts. How do you know what's right for you?
Begin your research by conducting a thorough and honest internal audit of yourself. Look at how you like to operate. Analyze your strengths and weaknesses. Review the things that make you tick, and the things that tick you off. Do you like to be in charge and calling the shots, or do you like to delegate? Do you like to be behind a counter or desk all day, or do you prefer being out in the field working one on one with customers and potential customers? This is just the tip of the iceberg for the kinds of questions you should be asking yourself. Give this some serious thought. The worst thing you can do is prematurely choose a franchise concept you will be unhappy working in day after day.
- Kerry Pipes
- 22,034 Reads 1 Shares
First, let's set the record straight on what's going on. This isn't just a credit crunch crisis. It may have been triggered by credit issues, but it is much bigger than that now and won't be solved by governments throwing money at it, although that is a necessary first step. This crisis will get solved when consumer income and debt levels can support a stable level of demand, not just in the U.S., but worldwide.
- Darrell Johnson
- 2,569 Reads 3 Shares
Franchise Update Media Group (FUMG), the leading industry resource for franchise development, is sponsoring the premier event in multi-unit franchising, the 8th Annual Multi-Unit Franchising Conference, April 15-17, 2009 at the Bellagio Hotel in Las Vegas. This is the only conference in the country with an exclusive focus on multi-unit franchising, the fastest-growing sector in the industry, where franchisors can meet and network with successful multi-unit franchisees looking for new opportunities.
- Press Release
- 2,672 Reads 6 Shares
Greg Hamer, Sr. grew up working in his father's Louisiana oilfield service business. But in 1982, he began to put time and money into growing a franchise business that has since grown to 50 locations.
- John Carroll
- 5,167 Reads 3 Shares
For over a year, the headlines have been rife with dire warnings that seem to indicate the demise of the world as we know it.
For example, we learned that in June we experienced the worst percentage decline in the broad market averages since the Great Depression. We also discovered that home prices are declining faster than at any time in recorded history, and that debt levels (personal and governmental) have never been so high--nor have gas prices, even factoring in inflation. Gold is going through the roof and the dollar is falling through the floor. Corn, copper, steel, soybeans, etc. are shattering more records than Michael Phelps. And woe is us: flu season is right around the corner. Could this be the year of the "Great Pandemic"? It's no wonder that consumer confidence has dropped to multi-decade lows, and that stock markets around the world are misbehaving. But what could actually go right as a result of this upheaval?
- Carol Clark
- 3,292 Reads 73 Shares
Technology tools have become a mainstay for every multi-unit franchisee, used for planning, budgeting, forecasting, and many other daily activities. Today franchisees are embracing technology for demographic research and site selection.
- Kerry Pipes
- 5,427 Reads 259 Shares
It was like a gut punch for Charlie Marshall. In less than a year's time, the Spring-Green Lawn Care multi-unit franchisee went from paying $12 per bag for lawn fertilizer to more than $25 per bag. "That will make you look for ways to streamline and cut costs," says Marshall. To add insult to injury, gasoline prices were skyrocketing, making it even more expensive to fire up his seven trucks and dispatch crews to care for his customers' lawns each day.
- Kerry Pipes
- 3,960 Reads 57 Shares
About 20 years ago, Greg Cutchall learned a crucial lesson. An investor group he worked with forced him out of a chain of KFC restaurants in Omaha, units he had operated and helped to build. That fired him up to make things happen for himself.
- John Carroll
- 4,488 Reads 18 Shares
As a potential seller seeking a liquidity event, will the current credit markets prevent me from finding a buyer/investor at an acceptable valuation multiple? Are potential buyers/investors unwilling to pursue transactions in the present financing and economic environment?
- Dean Zuccarello
- 3,405 Reads 8 Shares
"Franchising works by combining the drive and energy of the entrepreneur with the experience and expertise of the franchisor." This wonderfully concise description of franchising comes courtesy of a franchisor from Down Under: Jesters Franchising, purveyor of Jesters Jaffle Pies (all-natural meat, vegetable, and fruit pies) with 50 units in New Zealand and Australia.
- Eddy Goldberg
- 62,083 Reads 31 Shares
Salt Lake City businessman Paul Hitzelberger was one of the owners of Del Taco for about 16 years. He'd also been a senior officer with General Mills and other large companies before retiring from Del Taco corporate in 2001.
- Debbie Selinsky
- 6,464 Reads 204 Shares
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