New York Feature Articles
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Informative articles to support business buyers, franchisees, and franchisors in New York.
This is the last in a three-part series on tackling the challenges posed by growing your organization into a true multi-unit franchise company. So, for those of you who have taken the first steps into replicating your success and going from one unit to two, and then have made the commitment to build a fledgling organization by growing from two units to five...now, my suggestion is, "Why stop there?"
- Mike Pearce
- 3,545 Reads 20 Shares
Long ago, when I was a newly minted junior analyst at a local investment firm, a grizzled veteran noted that it was pointless to be in the investment business if you weren't a long-term optimist. To me, that time-worn piece of advice continues to ring true. Operating from this mantra, I've spent my entire career believing that whatever short-term morass the economy or the market found itself in could be fixed (eventually) by the drive and ingenuity of the American entrepreneurial spirit. I'm hopeful that this time will be no different--although I admittedly find my optimism being severely tested. In nearly 30 years in the business, I've never witnessed such a complex array of issues at play.
- Carol Clark
- 7,821 Reads 35 Shares
As savvy franchise companies continue to flourish in this challenging economy, FUSR will continue to 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.
- Eddy Goldberg
- 10,864 Reads 93 Shares
In my book, Grow to Greatness: How to build a world-class franchise system faster, I present the Six Steps to Selling Success. Step Five is Discovery Day.
- Steve Olson
- 3,914 Reads 45 Shares
BrightStar Healthcare took home first-place honors in this year's STAR Awards for Best Telephone Prospect Follow-Up. Shelly Sun, BrightStar's CEO and co-founder, says that using a pre-qualifier to screen leads has been a critical component of her company's rapid growth.
- Franchise Update
- 5,748 Reads
In the race to boost sales in a tight economy, franchisors are offering many different kinds of financial incentives to attract potential franchisees and to help their existing franchisees survive and expand. Last month, the authors provided an overview of today's economic environment, along with details on what Chick-fil-A, Saladworks, and Friendly's are doing to help franchisees obtain the funding they need. This month, they describe the programs under way at five more franchisors.
- Lane Fisher and F. Joseph Dunn
- 6,253 Reads
Like many successful and charismatic people, Elena Donahue punctuates her speaking with exclamation points. "Dream big! Focus small!" she encourages the staff at OceDon Restaurant Management in Castle Rock, Colo., and to fellow volunteers at the Mile High Chapter of the American Red Cross.
- Debbie Selinsky
- 7,666 Reads 2 Shares
Franchising continues to grow--not only in size, but in complexity--and in recent years, a huge part of that growth is attributable to multi-brand franchising.
- Multi-Unit Franchisee Magazine
- 3,596 Reads 9 Shares
Franchisees are an optimistic lot, expansion-minded, on the grow, always alert to new opportunities. And for them, multi-unit franchising represents one of today's most attractive opportunities. Whether it involves increasing the number of units of their current brand or adding new brands to their holdings, the allure of multi-unit franchising is attracting the best and brightest franchisees in the business with increasing frequency.
- Multi-Unit Franchisee Magazine
- 3,564 Reads 4 Shares
Multi-brand franchising allows multi-unit operators to balance risk and ride out the uncertainties of the marketplace in many ways
- Multi-Unit Franchisee Magazine
- 3,444 Reads 6 Shares
It was only a few years ago that, for the first time, multi-unit franchisees controlled more units than single-unit operators did. That moment marked a shift that had been building for decades as franchising matured into today's world of dominant multi-unit and multi-brand franchisees--along with multi-brand franchisors offering several brands from under one roof. To paraphrase the old car slogan, "This is not your father's franchising." Or perhaps we should say, "not your mom-and-pop's." Franchising has grown up and it looks a lot like multi.
- Kerry Pipes and Eddy Goldberg
- 3,750 Reads 1 Shares
Not surprisingly, winning in professional sports has a lot in common with winning in the franchise business. If there's to be any chance of victory, individuals must work together, follow a strategic plan, and remain devoted to a collective cause. Seen in this light, it makes perfect sense that a number of former professional athletes--most of whom have competed in sports since they were tots--turn to franchising when their time on the field runs out. They understand hard work and dedication, and they know how to follow a system where each individual has a role that benefits the greater good of the team.
- Kerry Pipes
- 12,365 Reads 1 Shares
Even though a purchasing cooperative can produce significant savings for many product-based franchise systems, many franchisors remain skeptical of purchasing cooperatives because of their historical association with strife between a franchisor and its franchisees. But, as is apparent from the recent trend of franchisors participating in and supporting the formation of purchasing cooperatives, a franchisor's input can positively influence a purchasing cooperative and result in greater supply chain efficiency, savings, and quality improvement.
- Suzie Loonam Trigg
- 8,348 Reads 3 Shares
In the previous issue of Franchise Law News, Terrence Dunn and Michael Einbinder authored an article on how to strengthen your franchise agreement. This article expands on that theme, focusing on the role of the franchise agreement in the franchise system.
- Brian Schnell
- 9,018 Reads 10 Shares
Controlling the franchisee's right to transfer a franchise is a common goal of franchisors. Franchisors often want as much control over the transfer process as is possible. To maintain control, franchisors should ensure that the franchise agreement explicitly reserves to them the right to approve or disapprove transfers in their unlimited and sole discretion.
- Terrence Dunn and Julianne Lusthaus
- 4,538 Reads 1,014 Shares
Like it or not, litigation comes to virtually all franchise systems. Take a moment to see how savvy you are on franchise litigation issues based on real-world cases
- Jonathan Solish
- 7,628 Reads 317 Shares
Gina Puente learned about hard work, tenacity, and the power of cash at the knees of her father, "working" in his office equipment business from the age of eight... when she wasn't busy with commercials and pageants.
- Debbie Selinsky
- 5,803 Reads 1 Shares
Spread across the following pages of our annual Dominators issue are the rough-hewn tales of seven multi-unit franchisees who have worked smart and played hardball to create large, successful franchise organizations. These operators are not afraid to take risks if the payoff means a bigger slice of the market pie. We interviewed these seven savvy operators and asked them to share their strategies, philosophies, and personal approaches to running their organizations.
- Kerry Pipes and Eddy Goldberg
- 7,587 Reads 1 Shares
Often when I speak at franchise shows and conventions a tenant will ask me, "What is the best lease length?" The term, or length, of your commercial lease is an important part of your franchise business plan and ensuing lease negotiations. However, most franchise tenants do not take enough time to consider that one day they will eventually want to sell the franchise. Alternatively, they may want to expand/downsize, relocate, or close and so do not give the term of the lease the attention and consideration it truly deserves.
- Dale Willerton
- 12,184 Reads 717 Shares
In the previous issue of the Franchise Update Sales Report, we defined concepts such as culture and mood, and discussed the importance of a strong corporate culture and its relationship to franchise development. In this issue, we'll show you how to create a great culture - and how that will help you sell franchises.
- Evan Hackel
- 3,226 Reads 32 Shares
Top-performing employees exhibit a number of key characteristics critical to Dave Melton's franchise operations strategy. For example, as he has previously explained, they are not only happy and productive, but they also make fabulous team recruiters. But it doesn't stop there. He believes his top team members should even be involved in the interviewing process for new hires.
- Kerry Pipes
- 3,147 Reads 1,023 Shares
All franchisors are considering how to maintain or increase market share in the new normal. Nobody can deny that the Great Recession has created more and better real estate opportunities for those who can afford to exploit them, as well as a surplus of qualified operators, composed increasingly of women and minorities, without assets to operate. The number of opportunities appears to grossly overshadow any one franchisor's resources in terms of cash, personnel, and credit.
- Lane Fisher and F. Joseph Dunn
- 7,270 Reads 134 Shares
Innovative franchisors seeking to expand their offerings and attract a new pool of franchisees are breaking with tradition and instituting new ideas. Here are a few ideas that have proven effective for the systems that have used them to achieve specific goals as they developed
- Steve Olson
- 3,682 Reads 9 Shares
I am a big fan of sales processes. However, I am a bigger fan of buying processes. And when a company's sales process is inconsistent with their customer's buying process, breakdowns occur. Many of the tactics and techniques franchisors counted on in the past appear to be producing diminishing returns in the present.
- Joe Matthews
- 4,964 Reads 1,023 Shares
First impressions are lasting. Front-line hourly employees are not. Before they've been on the job just six months, more than 50 percent are gone. Some were probably not a good fit for the job in the first place, but some productive, dependable, hard-to-replace employees bolt, too.
- Mel Kleiman
- 6,534 Reads 17 Shares
Shortly after the economic downturn descended upon us in 2008, we started seeing a few franchise brands begin to offer incentives to get units open. At the time, they were generally viewed as outliers. After all, the economy was at single-digit unemployment levels, and most business people were in denial of a long or deep recession.
- Darrell Johnson
- 4,936 Reads 139 Shares
For many businesses, growth often means a physical expansion of an existing store or the opening of additional stores. Is it worth the cost? There are two parts to the answer: finance and marketing. The financial analysis answers the question, "What do we need?" The marketing analysis answers the question, "What will we get?" To get our arms around the analysis requires an extension of my "break-even" discussion in the previous issue.
- Steve LeFever
- 29,532 Reads 2 Shares
Have you ever been gripped by buyer hesitation, fears, or remorse? Certainly for franchise candidates, the American Dream of owning a franchise is a huge commitment, especially in today's uncertain economy. We all witness this when Discovery Day transforms to "D-Day" for some very qualified candidates, who freeze realizing the ticking timer to sign contracts is just around the corner. Their check and signature will rearrange the lives of their spouse, kids, pets--not to mention their daily routines and social activities.
- Steve Olson
- 3,489 Reads 3 Shares
Franchising has flourished over the past two decades, adding tens of thousands of units and rising on a compound basis faster than most of the industries it operates in. Much of this growth was achieved by franchisee operators who began when they were in their thirties and forties. Today many of them are in their fifties and sixties and looking toward retirement.
- Darrell Johnson
- 4,381 Reads 4 Shares
Two people have figured prominently in Jerry Heath's career. The first is his father, who helped bankroll him when he started out in franchising. The second is Steve Jackson, the president of Hungry Howie's Pizza, who began mentoring Heath at an impressionable age (12).
- John Carroll
- 8,775 Reads 2 Shares
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