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The Franchise Manual Podcast

The Franchise Manual Podcast

Di: Kit Vinson
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A proposito di questo titolo

 The Franchise Manual Podcast is about all things "Franchise" and the people that make it look easy. Economia
Episodi
  • Episode #37 - Financial Performance Representation (Item 19)

    Episode #37 - Financial Performance Representation (Item 19)
    Jun 14 2024

    My Podner in this episode is Cheryl Mullin and she's going to talk with us today about Financial Performance Representation! Man, if that doesn't make you salivate then you are no franchisor in my books. This can be a very dense topic but I am confident that Ms. Cheryl help us demystify this topic and maybe even help us pull our heads out from underneath the covers every time it is mentioned. But who knows, she may even have us running for the hills even faster.

    Time Stamps

    Cheryl Mullin Intro

    00:00:30

    Segment 1

    00:02:49

    Get to know Cheryl Mullin

    Segment 2

    00:20:31

    Topic Segment – Financial Performance Representation

    Segment 3

    01:57:46

    Quickdraw Questions

    Topics covered in this episode:

    • History of the FDD
    • What is a financial performance representation?
    • Is it absolutely necessary for a franchisor include a financial performance representation in their FDD?
    • Are there legitimate reasons that a franchisor wouldn't make an FPR?
    • If a franchisor wants to include financial information in its FDD, is there certain information that it must provide or a required presentation format?
    • Why is it important to include financial information in an FDD?
    • Does the Federal Trade Commission allow for any exceptions this disclosure of financial representations?
    • Are there any rules or limits that apply to financial performance representations?
    • Where do you see most franchisors get in trouble?
    • What advice would you give to a franchisor?

    Cheryl Mullin

    Mullin Law PC

    cheryl.mullin@mullinlawpc.com

    www.mullinlawpc.com

    972-852-1703

    Kit Vinson

    FranMan Inc.

    www.franman.net

    kit.vinson@franman.net

    214-736-3939 x 101
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    1 ora e 2 min
  • Episode #36 - Branding Your Franchise

    Episode #36 - Branding Your Franchise
    Jan 26 2024

    My Podner in this episode is Jordis Small and she's going to talk with us today about branding. Branding is a word that is used in many contexts and sometimes misused and misunderstood. Jordis promises to clear all of that up for us today. This will be a fun ride

    Note: Ms. Jordis is recovering from a nasty cold and she lost her voice. The voice is scratchy but the content is GOLDEN.

    Time Stamps

    Jordis Small Intro

    00:00:32

    Segment 1

    00:02:42

    Get to know Jordis Small

    Segment 2

    00:18:00

    Topic Segment – Branding Your Franchise

    Segment 3

    01:14:12

    Quickdraw Questions

    Topics Discussed in this Episode

    • What is your brand?

      Most folks think it's logo, fonts, colors... It's much more

    • Why do you need to know your brand better than your spouse?

      Are you prepared to articulate your brand to potential franchisees?

    • How to audit your own brand...

      Test your logo to see if it's good, is everything in alignment with the vision of the company, will people understand it with you telling them?

    • What makes a GOOD logo?

      Is your logo scalable, timeless, and appropriate for growth?

    • Why do you need a robust brand guide before franchising?

      What is worth including, like color usage ect…

    • How to set up your franchise for success through creating an asset library. Basically pre making various marketing materials for them so they don't DIY.

    • Why does this brand work now? Prepare for growth and longevity.

    Jordis Small

    Stellen Design

    www.stellendesign.com

    jordis@stellendesign.com

    310-418-6287

    Kit Vinson

    www.franman.net

    kit.vinson@franman.net

    214-736-3939 x 101
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    1 ora e 25 min
  • Episode #35 - The Challenges of Scaling to Over 50 Units

    Episode #35 - The Challenges of Scaling to Over 50 Units
    Apr 14 2023
    My Podner in this episode is Tom Wells and he's going to talk with us today about the challenges of scaling a brand over 50 units. It's a moving target and things change, and he's going to share some REALLY COOL stuff with us today. Time Stamps Tom Wells Intro 00:00:31 Segment 1 00:02:13 Get to know Tom Wells Segment 2 00:27:05 Topic Segment – Challenges of Scaling to Over 50 Units Segment 3 01:06:27 Quickdraw Questions Topics Discussed in this Episode Key areas franchisors miss in their first year: This ultimately comes down to People, Process, and Prioritization. Many entrepreneurs didn't become entrepreneurs to focus on process and structure – the most successful ones hire around this need. People: You ave to get the best team and figure out where to hire over time. Requires culture of accountability which sounds easy but is difficult to implement. Additionally, the founder(s) need to manage their people, but also give them authority to execute. Process: What works at 10 units or 20 units, doesn't work at 50+ units. A leader or team can run around putting fires out at 10 units, but you can't do this at 50+ units. Many organizations never think about what process is needed to make better decisions over time. Additionally, need to want to get and understand the right data which is hard with limited resources.Prioritization: Everyone has a day job; can only take on a few big strategic initiatives at a time. Most founders have a list of 20 major initiatives they want their team to do at any time. Some get done, some don't – all of them are not done at the highest level. We spend a lot of time focusing each year on what are the main ones to provide the biggest benefit to the business (this is very hard) and then helping the teams focus on these items. Do this repeatedly and the business constantly evolves nicely. Being Ready to Grow: To grow from the concept stage, you need the below but I always start with "If it's a great investment for the franchisee, the brand will generally do very well": Great unit economics: This is almost impossible to fix along the way. If the concept doesn't work from the start, it's unlikely to have better unit economics along the way. Our view is 3 year or better payback is top 25%. Anything better is best in class. We also look at store level margin as it provides insight into cushion for franchisee performance (ie: very low margin has limited room for error).Differentiation: It's important to have something that sets a brand apart from its competitors. This applies to all concepts regardless of industry. Tons of competition in restaurants, how are we getting a competitor to pick us vs their 100 other options (product, service, experience, technology). In services, there are tons of local companies that can do plumbing, why pick a franchise (marketing, service, answer phones, clean looking techs, technology, etc.)Structure / Process : This is different from the process above. This is being able to sign franchise agreements knowing that you are growing a repeatable concept (ops manuals and guides, trade design, product, branding). You don't want different menus at different locations, different store designs, etc. Key to have something where there is benefit of scale and franchising. How brands scale: Most grow without a lot of thought of who the franchisee is and where they are growing. Need to be thoughtful here. Who the franchisee is: Over the first 10 or 20 locations, you really figure out who is the best operator for a brand. Additionally, you learn who is not a fit. These need to be addressed thoughtfully otherwise a brand will struggle with bad franchisees as it gets larger.Where you grow: It's easy to sign franchise agreements with interested franchisees that are far away. This depends on complexity of the concept. For example, restaurants require distributions centers and are hard for corporate to help with when far away. Generally easier to go concentrically with restaurants, especially with brand loyalty.How you develop: Growth is great, but ultimately the franchisee needs to succeed. It's better to make sure you have the right operator and right site, rather than compromising just to grow. We see so many brands that are great, but have struggling units where they compromised early – this doesn't show up for a few years. Books Mentioned The Hard Thing About Hard Things by Ben Horowitz Unbroken By Laura Hillenbrand Tom Wells www.10pointcapital.com twells@10pointcapital.com 404-444-3110 Kit Vinson www.franman.net kit.vinson@franman.net 214-736-3939 x 101
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    1 ora e 22 min
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