In this episode, Michelle Rowan and Courtney Stillings discuss the complexities of franchising, focusing on the recent controversies surrounding Dickey's Barbecue. They explore the importance of transparency, the need for thorough research before investing in a franchise, and the critical role of support from franchisors. The conversation highlights the red flags potential franchisees should watch for, including deceptive practices and the significance of franchisee satisfaction. The hosts emphasize the value of data-driven decisions and the necessity of open communication between franchisees and franchisors to foster successful business relationships.
Read the NY Times piece on Dickey's Barbecue Franchise.
Host: Michelle Rowan, President and COO, Franchise Business Review.
Guest: Courtney Stillings, Vice President of Growth, Franchise Business Review
Takeaways
- Franchising requires thorough research and understanding.
- Transparency from franchisors is crucial for franchisee success.
- Franchisee satisfaction is a key indicator of a brand's health.
- Potential franchisees should be wary of red flags in relationships.
- Support from the corporate team is essential for overcoming challenges.
- Discounts should not be the sole reason for choosing a franchise.
- Data-driven decisions can guide franchise investments.
- Understanding the franchise disclosure document is vital.
- Franchisees should communicate openly about their experiences.
- The franchising community is built on relationships and trust.
Resources
- Find out your fundability with this calculator.
- Franchise Cost Breakdown: What you need to know.
- 10 Questions to Ask a Franchisor if you're considering investing.
- How to Evaluate ROI before investing in a franchise
- Understanding the FDD: Podcast Episode 9.
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