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In this episode, Michelle Rowan and Courtney Stillings discuss the complexities of franchising, focusing on the recent controversies surrounding Dickey's Barbecue. They explore the importance of transparency, the need for thorough research before investing in a franchise, and the critical role of support from franchisors. The conversation highlights the red flags potential franchisees should watch for, including deceptive practices and the significance of franchisee satisfaction. The hosts emphasize the value of data-driven decisions and the necessity of open communication between franchisees and franchisors to foster successful business relationships.

Read the NY Times piece on Dickey's Barbecue Franchise.

Host: Michelle Rowan, President and COO, Franchise Business Review.

Guest: Courtney Stillings, Vice President of Growth, Franchise Business Review

Takeaways

• Franchising requires thorough research and understanding.
• Transparency from franchisors is crucial for franchisee success.
• Franchisee satisfaction is a key indicator of a brand's health.
• Potential franchisees should be wary of red flags in relationships.
• Support from the corporate team is essential for overcoming challenges.
• Discounts should not be the sole reason for choosing a franchise.
• Data-driven decisions can guide franchise investments.
• Understanding the franchise disclosure document is vital.
• Franchisees should communicate openly about their experiences.
• The franchising community is built on relationships and trust.

Resources

• Find out your fundability with this calculator.
• Franchise Cost Breakdown: What you need to know.
• 10 Questions to Ask a Franchisor if you're considering investing.
• How to Evaluate ROI before investing in a franchise
• Understanding the FDD: Podcast Episode 9.

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Host: Michelle Rowan, President and COO of Franchise Business Review

Guest: Tom Spadea, Franchise Attorney of Spadea Lignana LLC

Episode Summary

In this insightful episode, Michelle Rowan and franchise attorney Tom Spadea delve into the intricacies of the Franchise Disclosure Document (FDD). They explore its critical components, such as litigation history, initial fees, and financial performance representations, offering valuable advice for prospective franchisees. Tom shares his journey into franchising, emphasizing the importance of understanding both the franchisor's and franchisee's roles. The conversation highlights the significance of due diligence, financial planning, and the relationship dynamics within franchising, providing listeners with essential guidance for making informed decisions in the franchise world.

Resources

• The Most Important Items in the Franchise Disclosure Document (FDD)
• What's In An FDD and What a Franchise Disclosure Document Won't Tell You
• Do You Need A Franchise Attorney? Here's Why and How To Hire One
• What Is A Franchise Agreement? Everything You Need To Know

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In this insightful episode, Michelle Rowan and Paul Pickett delve into the essential traits that define a successful franchisee. Drawing from decades of experience, Paul shares his expertise on the importance of aligning with a brand's culture, mission, and values. They discuss the critical role of emotional intelligence, team-building, and a growth mindset in achieving long-term success. Tune in to discover how focusing on customer relationships and community engagement can lead to thriving franchise ownership. Whether you're considering franchising or looking to enhance your current business, this episode offers valuable guidance and inspiration.

Resources

• 10 Steps to Franchise Ownership
• From Values to Victory: How Culture Drives Franchise Strength
• 10 Questions to Ask Franchisors
• Veteran Franchise Story: Marine Corps to Wild Birds Unlimited
• Wild Birds Unlimited Franchise Opportunity
• Top Franchises in Culture
• Video: 5 Key Steps to Owning a Franchise

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In this episode, Michelle Rowan and Anneliese Brosch delve into the critical role of franchisee satisfaction in maintaining brand health. They explore how a strong franchisor-franchisee relationship can drive success, emphasizing the importance of trust and open communication. Discover the metrics and insights that help franchise brands thrive, and learn why understanding franchisee satisfaction is key to sustainable growth. Tune in for expert advice and real-world examples that highlight the power of satisfied franchisees in building a resilient brand.

Resources:

• What Does Franchise Business Review Do?
• Researching Franchises? How to Use FBR's Data
• S1E1: Who is Franchise Business Review with its founder and CEO Eric Stites
• What's In An FDD and What a Franchise Disclosure Document Won't Tell You
• The Most Important Items in a Franchise Disclosure Document (FDD)
• Top 200 Franchises based on franchisee satisfaction
• Top Franchises for Women
• Culture100
• Top Food and Beverage Franchises
• Top Franchises for Veterans
• Most Innovative Franchises
• Most Profitable Franchises
• Top Recession-Resistant Franchises
• Top Low-Cost Franchises

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Host: Michelle Rowan, President & COO of Franchise Business Review

Guest: Ali Kraus, CMO Benetrends Financial

Episode Summary:

In this insightful episode, Michelle Rowan and Ali Kraus delve into the diverse world of franchise funding options. From traditional bank loans to innovative rollover strategies, they explore how aspiring franchisees can navigate financial challenges with confidence. Ali shares her expertise from Benetrends, highlighting the importance of understanding your financial landscape and the benefits of working with a funding partner. Whether you're considering using retirement savings or exploring unsecured loans, this episode offers valuable guidance to help you make informed decisions on your franchising journey.

Resources:

• Funding Calculator from Benetrends
• Franchise Funding Resource Center
• Guide to Franchise Funding
• How Much Money Do You Really Need to Buy A Franchise?
• Franchise Cost Breakdown
• Trends in Franchise Financing

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If you're considering buying a franchise, knowing the benefits and drawbacks is important.

Danielle Chaisson, owner of a Mr. Handyman franchise in Dover, NH (called My Handyman), gives her perspective on the pros and cons of franchise ownership. Danielle gives her perspective as a franchisee but also owns her own consulting business, which offers tax preparation, accounting, and financial services.

Mr. Handyman is part of the Neighborly Brands family.

Host: Michelle Rowan, President and COO of Franchise Business Review

Guest: Danielle Chaisson, Owner of My Handyman in Dover, NH, and Dee Business Consultant

Takeaways

• Franchising offers a structured support system for new business owners.
• Initial training and established playbooks are significant advantages of franchising.
• Community among franchisees provides valuable networking opportunities.
• Operational constraints can limit creativity but ensure brand consistency.
• Understanding the financial commitments is crucial before investing in a franchise.
• Royalties can be viewed as operational support rather than a burden.
• Franchisees should actively engage with their franchisor for better support.
• Building relationships with other franchisees can lead to shared resources and knowledge.
• Cultural fit is essential when choosing a franchise to invest in.
• Long-term commitments require careful consideration and planning.

Resources

• Comparing the Key Benefits and Potential Drawbacks of Buying a Franchise
• Franchise vs. License: Which Model is Right for You?
• Video: 5 Key Steps to Owning a Franchise
• Best Practices: Franchise Research Checklist

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Host: Michelle Rowan, President & COO Franchise Business Review

Guest: Marissa Frois, CEO The Entrepreneur's Source

Episode Summary:

In this episode, we dive into the world of franchise business models with Marissa Frois, a seasoned expert from the Entrepreneur Source Organization. Discover the intricacies of franchising, from the partnership dynamics between franchisors and franchisees to the diverse opportunities beyond fast food chains. Learn how franchises empower individuals to achieve self-sufficiency and explore the unique and fun franchise concepts that are reshaping industries. Whether you're considering a franchise or simply curious about the model, this episode offers valuable insights and advice for anyone exploring the franchise landscape.

Resources:

• Understanding the Different Franchise Business Models
• Validating Your Franchise Options: 10 Questions to Ask the Franchisor
• Franchise Vs. License: Which Business Model Is Right For You?

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In this enlightening episode, we dive into the world of franchising with Katie Ingalls, a client success manager at Franchise Business Review. Together, we unravel common myths surrounding franchising, exploring whether it's truly an industry or a business model. Discover the economic impact of franchising, the misconceptions about passive income, and the importance of local ownership. Join us as we debunk myths and shed light on the franchise experience, making it less mysterious and more accessible to all. Tune in for an engaging conversation that challenges perceptions and offers fresh insights into the franchise community.

Guest: Katie Ingalls, Client Success Manager at Franchise Business Review

Host: Michelle Rowan, President and COO of Franchise Business Review

Resources for S1E3: Debunking Franchise Myths:

• Pros and Cons of Buying a Franchise
• What to Know Before Buying a Franchise

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