87 minutes | Aug 21st 2018

Episode #18 - Franchise Development 101 (Sales)

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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