- 03 Jul
Six simple steps that will grant your franchise a successful sale - Step 4
STEP 4: VALIDATING YOUR FRANCHISEES
Mission objective: Give your candidate understanding and insight of business opportunity from franchisor
1. Review previous conversation your candidate made
”How was the conversation? Did it go well? Can you tell me about your interlocutor? Is there any lesson you learn from him/her? What benefits they ask from you? Did they give an opinion about your franchise unit? How the conversation helps you in achieving your goal?”
2. Learn to give response both with conviction and assurance when your prospect reflects on individual franchisee who is currently experiencing problems, financial expectation ‘shortage’, and unhappy situation
Remind your candidates that there is nothing they can expect from your franchise instead of both bad and good things. When there is a star performer, everyone will also see struggling. It is the nature of franchise business, as well as other business types. The critical question is not about whom you should blame, but what effort you have to encounter a problem and your partner to perform the effort. Teach your candidates that they are the only one who can bring success to their life, not you as a franchisor, the market, or clients.
Note: In any case you found that your system is experiencing some technical issues that directly affect the performance of the whole system, tell the truth to your franchisee and let them know the real situation. It is necessary to do this action before they tell anyone else, especially the client. At the same time, you should also convince them that there is nothing they should worry because you have already had a solution at your hand.
3. During this step, do not forget to perform the verification step over your prospective candidates’ status with potential lenders. So, you can collect enough information about whether they have received financial approval from the lenders specifically at this step.
Any information you get at this step will allow you to know your prospective candidates better than before, especially in their motivation. Simple information will let you know whether they still have a plan to become a serious buyer of your franchise unit or not. Even a small purpose in their heart will force them to think and act as real franchisees who always think about how to move forward rather than stay at their current position. You can start giving them a bait question by asking, “At this current position; you have already known that the next step you should pass is our Discovery Day. Now, let’s make a plan for each of you in order to make sure you have enough preparation until the big day comes.”
Their reply will let you know whether they are available for the Discovery they or not and how you can create coordination between their schedule and your schedule for the big day.
Also Please remember that at this stage, you should start preparing your prospective candidates for franchise close stage. However, there are some cases when your candidates may feel hesitate about this step. If that is your soon-to-be franchisees' case, simply ask them to address the issue and find out their reason. Listen to each reason they have and make appropriate decision regarding their reason, unless they have no intention at all in joining your system. The responsibility in preparing these candidates entirely lies at your hand. So, as a franchisor, you should make sure that you have done your best for this cause.