What's Your Next?

Competition Questions To Ask Other Franchisees During Due Diligence

June 24, 2022 Stacey Riska Episode 11
What's Your Next?
Competition Questions To Ask Other Franchisees During Due Diligence
Show Notes


We are continuing on from our last episode where we're talking about the questions that you should be asking during the due diligence phase of talking to other franchisees while evaluating that franchise.

In our last episode, we talked about history and competency. We're going to go through competitiveness questions today. Competitiveness is a really crucial topic. We'll give you some firsthand insight into competitiveness in our own franchise. So there are a couple of questions that we think are important here to ask. So I'm going to ask Stacey, she's going to answer, and she's going to give you why we believe this is such an important question to ask. That's what we're doing. So here we go, Stacey, what do you believe is the most valuable part of the franchise system in helping you to effectively compete?

Well, in our coffee smoothie business, I think what our franchisor did best was understanding the particular business model that they were in, which was events and fairs and festivals. They really got that. They were the leader in the industry, they had good name recognition and they had a fantastic product. Now, would I turn that around and maybe ask the opposite? What were they not so good at? I think that's really an important question to ask. And we do talk about this in a previous What's Your Next Podcast where we give you the questions to ask of the franchisor. So make sure you go back and, and watch that episode. But I think it's important to know maybe also what they do well, but what they don't do so well because our franchise had some of those on the checklist, things that they didn't do so well that we didn't know going in.

... Continued in Podcast ...

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