In this episode, host Scott "Scotty" Milas is joined by Jeff Johnson, founder and CEO of Franchise Research Institute and FranSurvey. Jeff founded FranSurvey in 2002 after his Schlotzsky's franchise went bankrupt, aiming to provide unbiased data on franchisor performance and franchisee satisfaction. He shares with Scotty his insights on the importance of analytics and surveys in the franchise industry, which he has gained from his decades of experience as a former franchisee and area developer.
Jeff and Scotty discuss franchise evaluation. Jeff says, “The two pillars for evaluating a franchise opportunity are: 1) The potential for profitability, and 2) What current franchisees say about the franchisor's support and partnership.” Jeff also talks about the importance of working with a franchise consultant. Jeff explains, “If you can identify a great consultant that works with you, I think it’s extraordinarily helpful.”
Key Takeaways from Jeff:
- Top-performing franchises focus on customer satisfaction and understanding the franchise business model, partnering with franchisees for mutual success.
Emerging brands looking to franchise should assess whether their systems can be replicated profitably by franchisees and whether the leadership has a servant mentality toward franchisees.
For prospective franchisees, it's essential to find a good fit based on background and investment capability and then validate the franchisor's commitment to partnering with them long-term.
Scotty Milas can be reached at scott@scottmilasfranchisecoach.com and at (860)751-9126.
Jeff can be reached at https://www.linkedin.com/in/jeffjohnsonfranchise.
#allthingsconsideredfranchising #scottmilas #businessownership #franchiseopportunity
#jeffjohnson #fransurvey #franchisesurveyinstitute #franchiseevaluation #podcast
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