Advice Abounds for Would-Be Owners in Zor Awards Package
Franchise Times Zor Awards, identifying the best franchises to buy in each of 10 categories, will debut in the March issue.
How do top-performing operators select the franchise brands that are right for them? We’re getting an earful on the topic, from multiple franchisees we’re featuring in our upcoming Franchise Times Zor Awards package, which will identify the best franchises to buy in each of 10 categories, to be published in March.
Joe Stein, a Blaze Pizza operator in Southern California, recommends prospects keep their eyes open on discovery days, when franchisors invite prospects to company headquarters to meet the staff.
He pays attention to the quantity of executives in place—is there a director of operations, of real estate, of construction, of training, etc., which would indicate the brand is investing in infrastructure ahead of its growth. Quality, too, is important: Do those people have deep and broad experience so they can support franchisees?
Amber Sutton Donohoo, a Dogtopia operator in Virginia, recommends creating a detailed pro forma, also known as a forecast of revenue and expenses, before committing to a brand. Information can be culled from the brand’s franchise disclosure documents, of course, but she advises augmenting those stats by talking with franchisees and corporate store managers. Then plan on at least 18 months before taking any money out of the store—which means, be sure to build up plenty of savings before taking the plunge.
There’s much more advice to come, so stay tuned.