The Entrepreneur’s Source and Terry Powell Share the Recipe for Success in Matching Franchisor and Franchisee
The Entrepreneur’s Source and Terry Powell Share the Recipe for Success in Matching Franchisor and Franchisee
The Entrepreneur’s Source knows how to make matches, and pairing franchisors with the franchisee candidates who work best with the established business model is vital for the success of each.
First, the franchisor creates their ideal candidate profile. Franchisors must answer the question: “Who is the ideal individual that is going to be your best franchisee?” This means determining the best personality type for that individual franchise system. An ideal franchisee will be able to follow the established business system and create a strong franchise unit.
Next, The Entrepreneur’s Source works with candidates through The Discovery Process to find out why they’re looking at franchising ownership. Some examples of questions include:
- What do you want to achieve from income, lifestyle, and a long-term equity standpoint?
- What are your transferrable skills?
- What are your unique abilities? Are you sales minded? Operations efficient? Are you more of a hands-on/technical person?
- What type of investment are you looking to make? Executive level investment? Do you wish to keep day job and run as a semi-absentee?
“The recipe for success includes finding the ideal candidate by looking at their transferrable skills, unique abilities and what want to achieve in terms of ILWE, and then matching candidates up with franchisors that have that ideal candidate profile,” said Terry Powell, founder of The Entrepreneur’s Source.
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