In this article published by Entrepreneur, iFranchise Group CEO Mark Siebert discusses how financial performance representations (FPR’s) can be a valuable, but not the only tool, to leverage in the franchise sales process.
In fact, Siebert maintains that while FPR’s provide comfort to a prospective franchisee making a decision to invest in a franchise brand, and are therefore recommended for many franchisors, they are not necessary to sell a franchise.
Siebert begins by defining the the FPR as included in Item 19 of a Franchise Disclosure Document (FDD) and reviewing its history and uses. He also discusses the challenges of developing accurate FPR’s in the wake of the tumultuous year that was 2020. And, more important, he describes the key elements that will ultimately help franchisors sell more franchises.
He concludes by recommending that franchisors not curtail their franchise sales efforts nor sit on the sidelines and wait to develop the perfect FPR, noting that doing so may cause them to miss out on one of the strongest years ever for franchise sales.
In this article in Entrepreneur, the CEO of iFranchise Group, Mark Siebert, notes that while businesses must constantly evolve, the pursuit of absolute perfection can actually be the enemy of progress.
In decades of experience as a consultant in franchising, Siebert has seen many company owners worry that their businesses must be perfect before they consider franchise expansion. He argues, however, that while a systemized approach to business growth requires constant improvements to a business model, growth should not be delayed while waiting for perfection.
Siebert references multiple examples of recognized companies across a range of industries, from retail to foodservice to B2C services, and how they determined the appropriate timing and strategies when launching their franchise expansion programs.
The article also discussed the three core criteria for assessing the franchisability of a business.
In summary, Siebert acknowledges that a business concept does not have to be deemed perfect before franchising. It simply needs to be well-prepared and market-appropriate.
In this article published on Entrepreneur.com, iFranchise Group CEO Mark Siebert notes that after months of forced closures and record-high unemployment, the U.S. is ready for an economic recovery, with the franchise industry uniquely positioned to lead the charge.
Siebert predicts 2021 will be the best year of franchise growth in at least a decade, due to several factors, including:
Relatively higher unemployment rates, with both lower-cost workers and seasoned career professionals seeking opportunities.
Favorable market conditions that provide ready access to capital for investing in franchises.
Available commercial real estate due to business closures in 2020.
Siebert also notes the importance for franchisors to prepare on multiple levels for the expected franchising boom: strategic planning, operations documentation, site selection, marketing and messaging, and franchisee profiling.
As we look to come out on the other side of the pandemic, Siebert recognizes that there will indeed be some challenges; but for companies that are well-prepared, 2021 could represent a once-in-a-lifetime growth opportunity.
In this article first published on FranchiseWire.com, iFranchise Group CEO, Mark Siebert, defines what must be considered when making the decision to franchise a business.
While, at a minimum, franchisors need franchise legal documents (Franchise Disclosure Document and Franchise Agreement) and an operations manual, they need to also consider the following best practices:
Providing Appropriate Quality Control Mechanisms
Building Solid Supplier Relationships
Maintaining the Franchise Brand
Focusing on Continuous Concept and System Improvements
By ensuring quality control, optimizing supplier networks, focusing on customer engagement, and remaining committed to continually improve upon the business model, a smart franchisor is taking the vital steps needed in order to build the best franchise program possible.
In this Franchise Wire Live podcast hosted by Red Boswell, the President of The International Franchise Professionals Group (also known as IFPG), and featuring Mark Siebert, CEO of iFranchise Group, two franchising experts discuss the state of the franchise industry and how well it’s faring in certain industry categories.
New concepts are coming to the market at a record pace, lending is solid, and rollovers are very common, with the strong stock market and leases that are attractive in most markets. Unemployment is fueling entrepreneurship as well. They also discuss top mistakes emerging franchisors should avoid going into 2021.
In this article published by Entrepreneur, iFranchise Group CEO Mark Siebert discusses how the franchising industry will be impacted, in a positive way, by the results of the 2020 elections.
Franchise companies and those looking to franchise can be optimistic, according to Siebert.
Why? Because, quite simply, as we continue to grapple with the COVID-19 pandemic, any President must and will make aid to small businesses like franchises a priority, whether through extensions of earlier PPP benefits and other measures, or via new small business relief grants, employee hiring and retention programs focused on safety, or tax credits for small and minority-owned businesses.
In addition, any significant changes to the approach to the joint employment issue in franchising are likely to not be seen at least through the end of 2021, as the current NLRB will remain in place until then. Yet even if the joint employer issue is revisited under a new administration, franchisors are better prepared with documentation and protections in place. In the end, it is clear that the economy needs franchised businesses to provide employment, so there is little motivation for an administration to put up additional hurdles.
Access to funding at low interest rates, bolstered retirement savings, and a growing pool of displaced executives could potentially make great franchise owners — which should mean increased sales opportunities for franchise systems.
All these factors, along with hopeful signs of vaccines and treatments for COVID-19, will provide the foundation and the stability needed for 2021 to be a banner year for franchising.
For restaurant founders looking to expand their businesses, the COVID-19 pandemic presents some never before seen challenges. But for those who are prepared, the opportunities may be better than ever for expansion through restaurant franchising.
In this article published in Entrepreneur, iFranchise Group CEO, Mark Siebert, discusses three areas for restaurants to focus on right now to be prepared for the future: financial stewardship, dependable yet flexible revenue streams and trust rankings.
The payoff for restaurant franchisors who take the time to focus on these important aspects of financial planning, revenue generation, and trust-building? Not only will they be able to continue to cultivate a loyal customer base, they will see increased demand from potential franchisees who want to become part of a restaurant franchise concept that is well-prepared for the months and year(s) ahead.
What Will Franchising Look Like After the Recession?
In franchising, most savvy companies know how to deal with seasonality, employee turnover, even market and economic fluctuations. But few if any franchise systems have had to face the breadth and depth of the economic impacts nor the uncertainty that the COVID-19 pandemic created.
However, it’s not all bad news for the franchise community.
In an article in Entrepreneur magazine, Mark Siebert discusses what the future of franchising will be as shutdown orders are lifted and businesses re-open. He predicts a resurgence in franchise sales, and ties that resurgence to three key factors: people, capital and resources.
Siebert explores what’s on the horizon for franchise sales in the coming months, and provides advice for franchisors as they adjust to a “new normal,” where increased demand from franchise buyers will require companies to be strategically and operationally prepared for what lies ahead.
In a recent The Franchise Freedom podcast, organizers sat down with Mark Siebert, CEO of iFranchise Group. iFranchise Group is an organization dedicated to developing long-term relationships with successful franchises and other clientele. Mark is also the author of Franchise Your Business: The Guide Of Employing The Greatest Growth Strategy Ever.
“I found that franchising was a way to work with a lot of small businesses that were on the cusp of really explosive growth,” says Mark when asked about how he got to where he is.
They chatted with Mark about how he got started, the best ways to convert your business into a franchise, and…
Growing your business through franchising
What to think about prior to franchising
The top tips for franchising, and,
What metrics to look at to find out if your business is franchisable
In the world of business, the relationship between a franchisor and a franchisee is indisputably unique.
Some may equate it to a partnership, but in fact, it is not. In this article from Entrepreneur, author Mark Siebert suggests the closest analogy is that of a parent-child relationship, where a franchisee is initially dependent on the franchisor for everything, then gradually becomes more independent, yet is ultimately still required to follow the rules set by the franchisor.
Siebert also discusses the importance of good franchisee relations and their direct impact on the success of the franchise system. Good franchisee relations can be managed and maintained through clear and consistent communications, through trust and transparency, and by supporting and training all franchisees, not just the underperformers.
In summary, building a strong franchisor-franchisee relationship is the key first step toward shared success.