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The Franchise Manual Podcast

The Franchise Manual Podcast is about all things "Franchise" and the people that make it look easy.
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Aug 22, 2018

My Podner on today’s show is Mike Pollock and he’s going to give us tips on how to build a franchise development system for your franchise. But it was more than just that because we also talked about how to take a warm lead through the process to close the deal.

 

Time Stamp

Mike Pollock Intro                              00:00:40

Segment 1                                           00:03:15

Get to know Get to know Mike

Segment 2                                           00:22:10

Topic Segment – Franchise Development 101 (Sales)

Segment 3                                           01:18:40

Quickdraw Questions

 

Topics discussed in this episode:

How to set up an efficient process for franchise development

·         Brand Overview Presentation (45 minutes to 1 hour long)

·         Develop a solid franchise prospect application that focuses on:

o   Background

o   Financial situation

·         Have the Unit Economics Call

o   FDD introduction call (15 minutes)

o   Unit Economics (45 minutes)

o   Receive signed Item 23 (Proof of receipt of FDD)

o   Password

o   Validation instructions

·         Validation Debriefing Call

·         Discovery Day

o   Brand Overview Review

o   Meet the Team

o   Lunch and dinner are the best opportunity to visit with prospects

o   Field Visits

·         Voting Process

It is best to have multiple prospects attend a discovery day (between 4 and 5)

If you are going to hire a company such as FranLift to manage the franchise development process, then it is best to get them involved earlier rather than later.

Have a marketing budget set aside in advance. It typically costs between 8K and 15K to bring 1 franchisee in the door.

 

Mike Pollock

FranLift Franchise Experts

mikep@franlift.com

214-551-0261

 

Kit Vinson

FranMan Inc. (Franchise Manuals)

Kit.vinson@franman.net

214-736-3939 x1

 

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