E-Source Says
The Entrepreneur’s Source Franchise Coaching Advantage – What Entrepreneurs Need to Know
The Entrepreneur’s Source Franchise Coaching Advantage – What Entrepreneurs Need to Know
Last week on Franchise Friday, host Marissa Ruderman was joined by The Entrepreneur’s Source Coach Dan Prendergast.
Dan had a successful 24 year career in the hospitality industry as General Manager of both company owned and franchised Marriott and Hilton Brand hotels, having earned numerous awards including “Hotel of the Year” and “Highest Guest Satisfaction in Brand.”
Since joining The Entrepreneur’s Source team, Dan has also received a number of prestigious awards, including the TEAM Award in 2013, Franchisee of the Year and Top Performer Award in 2012.
Dan discussed the coaching advantage and what it means to work with an Entrepreneur’s Source Coach during the journey to franchise business ownership.
The Coaching Advantage Q&A – Everything Aspiring Business Owners Need to Know
What do you say to those wary of working with a coach?
I would just say that we are only here to help you keep an open mind and avoid making incorrect decisions based on not having the correct information or having a limited perception of business ownership. There is no risk—if the client or the coach doesn’t see the value in the coaching engagement and it’s not being productive to both parties, we can end that relationship.
What can a candidate expect from their first conversation with a coach?
Generally, the initial conversation is done either over the phone or face-to-face. I ask the client for some general background information, what some of their personal goals are for both themselves and their families’ future and what’s prompting them to be interested in exploring business ownership opportunities.
Then, I take them through an overview of the coaching process and what I need from the client to be able to do my job effectively and that’s basically that—an overview of our process and a conversation to help determine whether a coach can help to find the right business opportunity for them.
If a candidate already has an idea of what business is right for them, why should they talk to a coach?
I meet candidates every day who come to me knowing exactly what they want to do and what type of industry they want to move forward with. However, I know from experience that when we look at their ILWE (Income, Lifestyle, Wealth and Equity) Goals, oftentimes the business that is going to help them meet those goals in the long run may not be what they had envisioned from the start.
Most people’s skillsets are highly transferable—meaning the right franchise will teach you the business step-by-step. A coach can help a client find a business that sparks a passion that wasn’t there before.
As coaches, we do not discount anything you tell us—but as we get to learn more about you, we gain a better understanding of whether the type of industry you brought to us is indeed a good fit or not. We just want you to keep an open mind.
How do you know if a candidate is a good fit for franchising?
If a candidate is not willing to follow a process or an established business model, it’s probably not a good idea for them to look at franchising—they might be better built for independent business ownership. We want to bring a franchisor a client that is really excited about the business, is willing to do just about anything to be successful and is very open to the franchisor teaching them how to be successful.
What if a candidate turns out to be a bad fit for business ownership?
Business ownership is not a good idea for every single client, and when we feel strongly that is the case, we have a duty and obligation as coaches to stop the process. We do not believe in setting our clients up for failure.
Does a coach help a candidate determine whether a candidate is financially ready?
Yes. Part of our obligation is to make sure our candidates are financially viable. All franchise businesses have a net worth requirement and a liquid requirement that needs to be met when we bring a client to them. We will help candidates take a look at their financial picture and ask some questions to help determine their fundability.
If at some point both the client and the franchisor are interested in one another, we will introduce the client to some of our third-party financial referral partners who perform a pre-qualification of the client at no cost. The client will know exactly what the investment of the business is.
Our funding partners will explain various options available to the client to potentially fund part or all of the business. We have very close relationships with these funding partners, and they take really good care of our clients. At the end of the day, we believe the client should look at all the options that are on the table to fund a business and pick the one that is best for themselves and their family.
What is the main difference between having a coach and not having a coach?
In short, our core value is to provide efficiency and clarity. We help clients save time and make the right decision.
There are 6,000 different franchise opportunities—a candidate may find themselves dealing with a franchisor that is not concerned about finding a candidate for long-term success in their business, but instead may take a more short-term approach and bring someone into the system that is not necessarily a good fit.
Someone jumping into business ownership on their own may enter into a business they bought based solely on perception.
A lot of people say, “I always wanted to own a restaurant.” Maybe they are a great fit for a restaurant, but let’s take a look at some aspects that come along with owning a restaurant. Oftentimes, it’s long hours. It’s a bigger investment. There is a lot of management of many moving parts, people and equipment, both of which break down.
Coaches are going to save them time and potentially aggravation and failure. We’re going to help them not make the wrong decision based on their perceptions.
We introduce them to businesses based on not only their past experience and perceptions, but also their needs and expectations, including income, lifestyle, wealth and equity goals.
Working with a coach not only helps candidates reach the feeling of, “Yeah, I’m a good fit for this business,” but just as importantly find a business that is going to say, “That’s the type of person we want in our organization.”
Join Franchise Friday
Listen to the full episode of Dan’s Franchise Friday Show or find out more about working with an Entrepreneur’s Source Coach at www.entrepreneurssource.com
Catch Franchise Friday every week at 10 AM or now available on iTunes! Follow us on Twitter @FranFridayShow and use #FranchiseFriday to join in the conversation!