My ponder today is Rebecca Monet and our topic today is psychometric assessments – how profiling your franchisee candidates can help you Determine Compatibility and Predict Performance. That’s a mouthful for sure. But basically it means profiling your franchisee candidates in order to determine if they 1) fit into your franchise system’s corporate culture, and 2) if they will be more likely to be a top performer in your system.
Time Stamps
00:02:33 Segment 1 - Get to know Rebecca
00:21:06 Segment 2 – Psychographic Analysis for Franchisors
00:50:30 Segment 3 – Quick Draw Questions
Segment 1 – Get to know Rebecca
Recorded on at the Franchise Expo West, Denver Colorado
Born in Au, a small town in Switzerland
She is NOT related to Claude Monet
Grew up speaking High German (Swiss German) in the house. Lived on a dairy farm as a child. Parents were Baptist missionaries.
Moved to the United States when she was 14 years old.
Moved to California in 1984 as a single mother to seek her fortune.
Founded her first business in 1994, Noodle Metrics
Co-founded her second business called Proven Match in 2009
Founded Zoracle Profiles in 2013
Segment 2 – Psychometric Assessments for Franchisors
How franchisors can use psychometric assessments to improve franchisee performance.
To a franchisor, granting a franchise is very much like getting married, with very little courting in order to “get to know” their partner.
Personality style questions are not used at Zoracle because there is less than a 3% correlation between personality and performance.
The science of the process is not in the questions themselves, rather how the participant orders certain words into a hierarchy of preference that is weighted on the back end. This gives clues about motivation, drive, and the decision making process of the participant.
The psychographic analysis is not fool-proof but there are mechanisms in place to report out inconsistencies in the answers of the participant.
Startup franchisors with no existing franchisees can still benefit from a psychographic analysis tool.
A psychographic analysis tool will help a franchisor in the following ways:
Segment 3 - Quick Draw
Rebecca’s favorite book – The Autobiography of Benjamin Franklin
PC and iPhone
Doesn’t watch TV – doesn’t own a TV
Working on her master list of movies that her friends helped her create in order to learn more about Americana culture.
IFA – Dentate YES!
Hobbies: golf, painting, cooking
Dog person: Bernese Mountain Dog
She used to be a car collector – 1967 Cougar
In a time machine she would go to 1955 when cars were sexy
She has wanted to be a psychologist her entire life
Rebecca Monet’s Contact Information
Kit Vinson’s Contact Information
Books Mentioned in the Episode:
Timestamp:
0:00:41 Jim Richardson Introduction
0:03:15 Segment 1 - Get to know Jim Richardson
0:16:58 Bonus Segment: Franchising 101
0:40:00 Segment 2 - Franchising is a Partnership (Business/Branding)
1:05:44 Segment 3 - Quick Draw Questions
Show Notes:
Segment 1 – Get to know Jim Richardson
Recorded on location at Jim Richardson’s house in Parker, Texas – just a few miles away from the famous Southfork Ranch (Who shot JR?)
Born in Rockwell, Iowa
Jim’s first real job was as a grocery man
Studied chemistry and finance.
Small town boy makes it big – Ford Motor Company, Pizza Hut, and Panda Express
Bonus Segment – Franchising 101
Franchising allows you to expand your concept by utilizing the resources of others.
Money
The franchisee pays his part of the investment capital that is necessary to expand in exchange for the majority of the revenue.
People
In many cases, people is a more constraining resource than money
The franchisee will source the people that will make them and your brand successful
Time
A franchisee can duplicate you, working on his/her side of the expansion investment as you continue to grow your business form the franchisor side.
Connections
In this conversation the term connections refers to real estate connections. A franchisee will have a closer tie to the local market in order to maximize potential from the real estate selection. This is particularly important with international franchising.
When is a good time in the lifecycle of a business to start franchising? How do I know it’s time?
When you attempt to franchise before you have all of your systems in place then you are asking a prospective franchisee to take bet on you when you have taken only a limited bet on yourself.
Don’t franchise until you have the answer to all of the questions:
Do I have what it takes to be a franchisor?
What is your leadership style?
What is your growth strategy?
Segment 2 – Topic Segment
Franchising as a Partnership
Franchising is an extreme relationship and your franchisees will need your attention
Franchising is a bilateral relationship where each party should be able to learn from each other.
How to find the best franchisees: When you build a solid reputation, the people that you want will come to you.
Just because a prospective franchisee has something that you want (access to prime real estate or lots of money) doesn’t necessarily mean that they will be a good franchisee.
Look deeper into a prospective franchisee before you decide to accept of decline them. It is not just about access to money. It is about character and integrity. You want franchisees with the following characteristics:
The relationship between franchisor and franchisee must me complimentary. If they knew and had everything that you know and have then why would they need you? If you knew and had everything that they know and have, why would you need them?
If all you are looking for in franchisees are carbon copies, then don’t franchise. You probably already have that in your corporate staff.
After you have brought in franchisees that are unlike you, then don’t forget that they are unlike you.
Examples of how franchisees with complimentary management styles can benefit the organization:
Success in franchising takes more preparation than success in your own business.
Segment 3: Quick Draw
Jim’s favorite book – The Hobbit
Jim would love to travel back in time to see Leif Ericson – he is fascinated with archeology
Whataburger versus In & Out – WHATABURGER WINS!!!!!! Take that Mike!
Favorite movies: The Matrix and The Jason Bourne series.
iPhone all the way – Yahoo Sports is his most used app
If Jim had $1 billion, he would give it to his wife. Go figure.
Jim Richardson Contact Information
Kit Vinson’s Contact Information
e-mail: kit.vinson@franman.net
Phone: 214-736-3939 x1
Website: www.franman.net
Listener Highlight
Angela Cote
Angela Cote Consulting Inc.
Business growth and franchise specialist
Victoria, British Columbia, Canada
Books Mentioned in the Episode:
Timestamp:
0:00:48 Yendy Khayat Introduction
0:02:58 Segment 1 - Get to know Yendy Khayat
0:20:02 Segment 2 - How to expand a franchise system into the Middle East region
0:51:40 Segment 3 - Quick Draw Questions
In this episode of The Franchise Manual Podcast we speak with franchise consultant Yendy Khayat on the topic of how to expand a franchise system into the Middle East region. It is a complicated topic that would probably require 10 episodes in order to cover thoroughly. In this episode we attack the topic from 65,000 feet.
Segment 1: Get to know Yendy
In segment one of this episode we spend a little time getting to know the person Yendy Khayat. We learn a little about what it was like growing up in Beirut, Lebanon, her multinational educational path leading to an MBA with an educational emphasis in hospitality, and how she has successfully leveraged her impressive education and work experience into a successful franchise consulting career. By the way, she is fluent in three languages.
Segment 2: Expanding a franchise into the Middle East region.
In segment 2 Yendy and I try to logically attack the very complex topic of expanding a franchise system into the Middle East region. There are a lot of moving parts to this endeavor that would certainly be considered a “black diamond” run in franchising. However, we learn that with the proper prior planning and a good helping hand it can be a very fruitful expansion project for certain franchise concepts. The topics of discussion are:
Why the Middle East region is worth considering
How to move forward with expansion in the region
Challenges that can hinder or halt expansion progress
Segment 3: Quick Draw Questions
Segment 3 is a fun way to wind down the episode with quick, fun questions such as favorite movie, favorite book, etc. We find out what Yendy would do if she had enough money to never have to work again.
This is a FANTASTIC episode and a MUST LISTEN if you have ever considered expanding your franchise system into the Middle East region. We don’t provide all of the answers but we cover enough to get you on your way if Middle East expansion is part of your plans to grow your system.
Yendy Khayat
The Franchizery
Al Wahda City Tower,
Hazza’ Bin Zayed the 1st Street,
P.O. Box 96115, Abu Dhabi,
United Arab Emirates.
+971 2 8186736, +971 2 8186737
yendy@thefranchizery.com
Kit Vinson
FranMan Inc.
214-736-3939 x1
kit.vinson@franman.net
Timestamp:
0:00:50 Joseph Adler Introduction
0:03:50 Segment 1 - Get to know Joseph Adler
0:33:25 Segment 2 - How to expand a franchise system into Canada
1:11:07 Segment 3 - Quick Draw Questions
In this episode of The Franchise Manual Podcast we speak with Canadian attorney Joseph Adler on the topic of how to expand a franchise system into Canada while avoiding the common pitfalls that hinder many franchisors.
Segment 1: Get to know Joseph Adler
In segment one of this episode we spend a little time getting to know the person Joseph Adler. We learn a little about his childhood growing up on Hamilton, Ontario, his first job, and his pathway to law school.
Segment 2: Expanding a franchise into Canada
In segment 2 Joseph Adler outlines some of the common pitfalls that many non-Canadian franchisors experience when they attempt to expand their franchise system into Canada. The topics of discussion are:
Segment 3: Quick Draw Questions
Segment 3 is a fun way to wind down the episode with quick, fun questions such as favorite movie, favorite book, etc. We find out what Joseph would do if he had $1 billion to make the world a better place. We also find out if this Toronto attorney is a closet spaghetti western fan.
This is a FANTASTIC episode and a MUST LISTEN if you have ever considered expanding your franchise system into Canada, or if you just want to get to know Joseph Adler a little more than you already do.
Joseph Adler
Hoffer Adler LLP
425 University Ave., Suite 300
Toronto, Ontario M561T6 Canada
416-977-3444
Kit Vinson
FranMan Inc.
214-736-3939 x 1
Podcast Segment Timestamps:
00:02:00 Get to know Doc Cohen
00:36:00 How to be the Best Franchisor
00:52:00 The Fun Questions
Doc Cohen was an absolutely fantastic guest on The Franchise Manual Podcast. If you miss this podcast you will be missing one of the best ones yet.
If you already know Mr. Cohen then I’ll bet that you will still learn something about him that you didn’t know in the “Get to know Doc Cohen” segment. If you didn’t already know Doc Cohen then you will definitely learn a lot about one of the finest men in the world of franchising. Find out why they call him “Doc”. Find out what Mr. Cohen has in common with Ray Kroc and Dave Thomas.
In “The Fun Questions” segment you will learn what Mr. Cohen’s favorite movies and TV shows are. You will be surprised when you find out. I surely was. (Did he say that he wants to be a zombie?)
Most importantly, in the topic segment, “Being the Best Franchisor from the Perspective of the Best Franchisee”, find out what advice Mr. Cohen gives to all franchisors in order to help their franchisees flourish and reach their success potential.
Special thanks to Jerry Darnell for introducing me to Mr. Doc Cohen.
www.franman.net
Timestamp:
00:00:48 Anthony Owen Introduction
00:02:19 Segment 1 - Getting to Know Anthony
00:20:43 Segment 2 - Social Media for Franchisors
00:51:00 Segment 3 - Quick Draw Questions
Anthony Owen, president of Manalto Inc. talks with me about how franchisors, both big and small, can better manage the daunting task of social media. Obviously the topic of social media is much too vast to cover thoroughly in such a short period of time but you will find some really good takeaways in this episode.
Websites Mentioned in the Podcast:
Anthony Owen Contact Info:
310-266-8874
Kit Vinson Contact Info.
214-736-3939 x 1
Podcast Segment Timestamps:
03:13 Segment 1 - Get to know Nick
28:20 Segment 2 - How to select a franchise broker
53:00 Segment 3 - The Speed Round
This is a fantastic interview with Nick Gugliuzza of Empire Business Brokers. Nick has been in and around franchising for 35 years. He shares with us his knowledge and experience as he teaches franchisors what to look for in a franchise brokers, what to expect from a broker, and how a franchise broker can help any franchisor efficiently achieve their growth goals.
Did you know that Niagara Falls dried up once, and Nick was there to witness it? Did you know that Nick was drafted by a major league baseball team? Did you know that Nick was almost alligator food once? All of that is in this episode as well.
Companies and websites mentioned in this episode:
The Franchise Manual Podcast - www.franman.net
Empire Business Brokers - www.empirebb.com
La Bella Sicilia’s Restaurant - http://www.labellasicilia.com
This episode of The Franchise Manual includes an interview of the host, Kit Vinson, by Henry Lopez of Levante Business Group. In the interview several topics are covered such as how Kit co-founded FranMan Inc. with his brother, what Kit believes to be the keys to his success, and much more.
Company websites mentioned in the podcast:
This podcast was inspired by a document written by Bob Gappa titled, "Understanding Franchising". In this document, Mr Gappa defines the nature of the relationship between the franchisor and the franchisee. In this podcast Bob really shines as he is deep within his element touching on topics such as the history of franchising, the purpose of a Brand, and of course, Peter Drucker.
If you are a start-up franchisor then this podcast is a MUST - no question about it. If you work for an existing franchise organization then the contents of this podcast could really help you see where your comapny may have made a wrong turn in managing the relationship with franchisees - more importantly, how to correct those problems.
You can get a copy of this document directly from Management 2000 simply by sending an e-mail to m2000@mgmt2000.com . Or, you can call 800-847-5763 and ask for a copy.
Podacast Content Timestamp
0:00:51 Bob Gappa Introduction
0:03:04 Get to know Bob Gappa questions
0:27:29 Understanding Franchising discussion
1:24:22 “Quick Draw” questions and answers
"How to Pick a Franchise Consultant" is the subject of this podcast. Kit Vinson talks to Jerry Darnell, CEO of Jerry Darnell and Associates, and he asks the questions that every start-up franchisor has, "Do I need a franchise consultant, and if so, how do I pick one?"
We also spend a little time learning all about the man behind the company. Jerry Darnell is a pretty interesting guy and it was a pleasure getting to know him better.
This podcast is sponsored by FranMan Inc, FranMan, www.franman.net