Finding the Master Franchisee is a bit lengthy and complex procedure. The process begins with building the profile for an ideal candidate. Then based on certain qualities and relevance the franchise will shortlist for the further procedures. But in general, the must-have quality is the capital to finance the acquisition of the masters right in the first place. Them the working capital develops the first outlets before embarking on finding and recruiting their own sub- Franchisees. But without the investment of money, the procedure won’t begin.
Tips to find the Master Franchisees Let’s now have a look at the tips and ideas which might be different from franchisor to franchisor. But all the listed tips are important for some of the other businesses. Knowledge of business sector: Let us say that in your franchise the food and beverage sector you would prefer to take on an experienced food service operator rather than the business who has no idea about it. Yes here you will have to train them in the operating system but if they have the idea about your recruited staff and ensure that they deliver good service then their business will grow more quickly. Knowledge of franchising: Once the franchisors have run pilot outlets to establish the system which works in their country then the Master Franchisees job is to effectively become a franchisor. It means that recruiting, training, monitoring, and motivating franchisees. If they have to run other franchisees or are operating one or more systems they can build the network more quickly. Knowledge of real estate: It is actually difficult to find the properties for the retailed franchises in some markets. If the candidate has the ability to locate, acquire, and convert the suitable situations in some of the cases even already owning them or the malls in which they are located. This knowledge of the real estate sector will give them a big flying start. An experienced management team: Master Franchisees are found rarely working as individuals even though the principle of the organization may be the person whom you contact the most. The availability of the management team with the track record and experience in the sector, franchising or successfully building the businesses is usually desirable, if not essential.
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AuthorMr. Herman has lectured at the First Annual Franchise Conference held in Shanghai, China in October 1998. He has also lectured on Franchising Issues in San Jose, Costa Rica in September 2001, and with the ABA Forum on Franchising in Orlando, Florida in October 2005. Archives
May 2018
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