How to Choose a Franchisor Consultant
As the founder of an exciting and popular business concept, you have reached a level of success where you may be ready to franchise your brand on a regional or national level. Most likely, you have conceived your idea, operated at a very profitable level, and see the lucrative potential of franchising your business. You may even be receiving franchise inquiries on a regular basis and are now serious about learning how to franchise your business. You have found us because you are curious to know the steps of the franchising process.
Development of a franchise system begins with an honest appraisal of your present situation, establishing the goal of where you want to be, and finding out what you need to do to get there. Certainly, determining the proper steps to franchise your business is a high priority. However, there are many other important decisions to make as you answer that question. These initial steps are critical, since 85% of your long-term success will be determined in the first 15% of your decision making process.
Selecting Your Trusted Advisor
Before doing anything else, you need to find a trusted advisor who can mentor you through each stage of forming and operating your franchise system. Trusted advisors will add greatly to your own knowledge and experience, and will keep you directed on a clear path toward your objectives.
The involvement of an experienced franchise attorney is an important element of this process. Each step involves compliance with federal and state regulations and requires the supervision of a sophisticated practitioner specializing in franchising and contract law. This specialist regularly attends legal conferences and seminars and subscribes to the latest law journals to remain current on federal and state franchise laws and compliance requirements.
The most valuable consultant you can have is one that can help you decide whether or not you should franchise your business. If the answer is “yes,” they can work closely with you in achieving this goal. Ideally, this consultant must have a deep understanding of your core values, passion and the entrepreneurial mindset that has brought you to this point. In our view, those who have personally been through the exhilarating (and sometimes frustrating) experience can be of true assistance to you in organizing, developing, managing and marketing your franchise system. A former founder/CEO can truly identify with what you are experiencing at any given stage and can understand and explain the detailed information you will need to know to be successful in the franchising industry.
Our President and the members of FGP have decades of actual hands-on experience at the level of owning and operating a franchise system, from the inception stage to a final acquisition. FGP can objectively provide the kind of counseling that you will need to properly develop the accounting methods, management and operating procedures, marketing materials, and franchise sales training that are required to achieve your desired growth and profit.
When partnering with FGP, you will receive high level leadership, management, capital structuring, and continuous improvement strategies, including computerized tools for systems communication and management.
A Marriage of Intelligence
FGP proposes a marriage of the “two necessities” that will provide the legal protection you should have, and the operational experience that you must have! We work closely with experienced franchise attorneys, who provide the legal framework of a Franchise Disclosure Document (FDD). Together, we will insert the carefully considered operational aspects of your franchise system, which drive the revenue and profits of you as a franchisor and your franchisees. Upon completion, we will include this attorney’s suggestions and final legal review. We consider this the perfect blend of a consultant and attorney partnership in drafting your FDD and franchise agreement. Should you decide to retain your own personal attorney, you are free to do so, and we will offer the same degree of assistance to you and your counsel. (For full details please see Franchising is More Than a Franchise Disclosure Document.)