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The scenario: You’ve spent a good amount of time searching for a franchise to own and have succeeded in finding two that seem to be a good fit for you.
In addition, you’ve had several conversations with their franchise development representatives and have spoken to existing franchisees.
And now, one of the franchisors you’ve been working with has invited you to visit franchise headquarters. Should you go? And what should you do once you’re there?
In this post, I’ll go over three important things you need to do when visiting headquarters.
Should You Visit Franchise Headquarters?
Before I tell you what you need to do during your visit, it’s important for you to know if you should visit headquarters.
To be sure, it feels wonderful do get a personal invite. Attending a Discovery Day can be a great thing!
What is a Discovery Day? From the Franchise Direct Franchise Application Process explainer:
Many franchises hold, and some require, meet-and-greets for prospective franchisees. These events are sometimes referred to as a ‘Discovery Day.’ Discovery Days enable prospective franchisees to gather in-depth information and learn about the franchise. The event is usually held at the franchise’s corporate office and tours of the facilities are arranged. Designated franchise locations currently in operation also host Discovery Day events at times. There is usually ample opportunity to meet and develop relationships with major players in the franchise as well as other franchisees during these events.
But should you attend one?
The answer is yes, if:
- You have a good understanding of the franchise concept, including what your role will be as the owner.
- You’ve determined you can afford to buy the franchise.
- You’ve done your research, which always includes talking to lots of existing franchisees.
- You’re about 80-90% of the way there. In other words, you’re close to saying yes.
If you haven’t done those 4 things, I encourage you to politely decline the invite until you do. That way, if things look good at headquarters, you’ll be able to make your yes or no decision with confidence.
Note: Some franchisors hold their Discovery Day toward the beginning of the process. Personally, I’d rather see would-be franchisees be invited to headquarters after they’ve learned a lot about the concept and have spoken to franchisees. That said, if you really like the franchise opportunity, and you can afford the travel expenses (and the franchise business!), you’re welcome to go. It’s your choice.
3 Crucial Things to Do When You’re There
1. Come prepared. Put together a “burning question” list. These are the things you must find out before you personally say yes to becoming a franchisee of the specific franchise opportunity.
The good news is you’ll usually have an opportunity to ask several people your questions. That’s because most Discovery Days include short meetings with all of the department heads.
2. Insist on having 1-on-1 time with the founder/CEO. The best way to make it happen is to have your franchise development representative arrange it. Many franchises assign one to serious franchise candidates.
The reason I want you to meet the CEO is so you can get a feel of her management style, ask questions about the future of the franchise business, and to see how savvy this person is. Make sense?
3. Observe. I want you to observe the employees.
Do they seem nervous? Flustered? Disorganized? Do they seem to be under a lot of pressure? Or are they easygoing? Do they smile? Laugh? Do they seem pretty sharp? Can you see yourself working with them long-term?
Without question, the decision you make on whether to buy a franchise or not is going to come down to data, trust and feel. Take the time to gather all the data you need, including time spent around those at franchise headquarters. Then after your visit, reflect on your time at the franchise headquarters. Did things feel right when you visited? Do you trust the folks there to lead you and your business?
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.