In this article published by Entrepreneur, iFranchise Group CEO Mark Siebert discusses how franchisors should approach potential franchise buyers in today’s marketplace.
Siebert notes that while there are dynamics that have impacted the economy across all industry sectors as a result of the COVID-19 pandemic that have created a comparatively large pool of prospective franchise buyers, this does not mean that franchise sales are significantly easier as a result.
To properly navigate the franchise sales process today, franchisors must keep in mind that the post-pandemic franchise buyer will have unique motivations and concerns that need to be properly addressed. And, franchisors must also be able to present their own programs and opportunities in the best and most factual light — including any operational and financial changes, even challenges, that may have occurred since the pandemic began.
Done correctly, franchisors should be able to effectively thrive in the current franchise sales marketplace, which not only provides ample opportunity for growth, but also opportunity for honest assessment and adjustment for those organizations who want to remain competitive now and in the years to come.