We are continuing on with questions to ask franchisees in our previous few episodes, we've covered many categories of questions you should be asking when doing due diligence during your franchise questioning phase. When you're talking to the franchisees of that franchise to do your due diligence … today our category is leadership validation.
So we’ve got three questions today. This is such an important question to ask. What do you feel about the leadership of the franchise?
So if you're asking me as a prospect franchisee, I would say my franchise has been through its own roller coaster ride through the years. And the leadership team grew very quickly because the franchise was growing very quickly in its early years and that has its own pros and cons? Because people were coming, people were going and nobody really understood the model because so many changes were happening. So there are pros and cons to an emerging brand, which is what we ended up buying into. So on the other side of this, why is this an important question? A lot of times when you're calling prospect franchisees, you're likely going to be thinking about only asking questions about them and their business. And you're just going to want to dive into the numbers. How much money did you make and did you make a profit? That's usually what people want to ask.
That's why you want to work with someone like us to get clarity on the questions you should be asking. And most people never really think about asking questions about the leadership of the franchise itself. Look, guys, if you're going to be signing a 10-year agreement with a franchise, don't you want to know who's steering the bus. Don't you want to know what direction they're taking that organization? Don't you want to know how they might have overcome challenges in the past? I think if we had gotten a better understanding of this in our franchise we may NOT have made a different decision, but it's so much better knowing that going in with eyes open.
We got three questions today ...
... Continued in Podcast ...
Contact Us For The Full List of Questions: