Franchise Specialists have 3 Key Questions for Potential Franchisors
I met with Wayne Maillet, one of the preeminent franchise specialists in Western Canada on Tuesday. Wayne’s company, Franchise Specialists, works with high volume well established franchises such as The Keg Steakhouse and Overwaitea, as well as with new franchises starting up. Their services cover three key areas:
- Operational Manual Writing
- Strategic Planning
- Franchise Recruitment
Wayne is also the Western Canadian representative for Davier Consultants and has partnerships with franchise experts across Canada so he can effectively help cross-country franchises deal with regional regulations and differences.
Key Questions
I asked Wayne what the most important questions are for someone considering franchising, and he explained that he always starts with three key questions:
- Why do you want to franchise?
He says that someone who wants to franchise to make easy money might want to reconsider – franchising is an expensive, time-consuming process that builds value over the long haul, but it’s not a quick and easy cash machine.
- Are you sufficiently capitalized?
Wayne says that franchising can easily cost 100 to 150 K and upwards. Doing it right from the beginning with sufficient investment gives a much stronger likelihood of long term success.
- Do you have the time and energy available?
You have probably put your heart and soul into building your business. Are you ready to put in a manager, step back from the business you have built and put your time and energy into developing the franchise?
If you are considering franchising as an option, a conversation with Wayne will be very useful in helping you get a sense of the big picture, the potential pitfalls and how to do it right. Contact him at wmaillet@franchisespecialists.com or check out the Franchise Specialists website.
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