Franchise consultants (also called franchise brokers) typically work as intermediaries between franchises and prospective franchise owners, doing their best to link compatible parties – much like a business matchmaker.
Nancy E. Williams, a former Director at Sprint, founded her own franchise consulting business after looking for a franchise herself. NValuable Franchise Consulting, her Oakland, California based consultancy, works with people of all backgrounds looking to fulfill a dream of franchise ownership – but specializes in working with women and minorities.
Below Nancy tells us about her background and how franchise consultants assist people during the franchise buying process.
How long have you been a franchise consultant?
Three years
How did you get into franchise consulting?
When I decided to leave my corporate career, I started searching for franchise opportunities to purchase. On various sites, a pop up would flash asking if I would be interested in speaking with a franchise consultant. I had never heard of this field, so I clicked “yes”. The rest is history. After doing lots of due diligence I knew that this was the right business for me.
What did you do career-wise before getting into franchise consultancy?
I worked at Sprint for 14 years. The last 5 of those years I was a Director in their Prepaid division and was responsible for a team of 25 that helped launch new stores and support existing stores for the Master Agent group (very similar to a franchise program).
How do you help people achieve their goal of franchise ownership?
I listen first, and then ask a lot of questions. Once I establish a rapport and trust with a client, I’m able to make recommendations on what franchises I think would work well in helping them achieve their business and personal goals. Once they decide on which franchises to start the discovery process with, I provide them with tools and insight that help make the most of the process. I’m there for them as an advocate through the entire process. And even after they have purchased their franchise, I check in with them to ensure that they feel good about their purchase and that the franchisor is living up to expectation.
Could you please elaborate on the tools and insight you speak of?
The tools and insights I provide are anything from templates that include questions that candidates should be asking the franchisor and franchisees in the validation stage, recommendations for books that I deem mandatory reading for anyone considering purchasing a franchise, as well as recommendations for business attorneys that can help them review the Franchise Agreement to a cheat sheet to help them navigate the FDD.
What’s the biggest misconception about what you do?
That a consultant’s role ends with the introduction. That couldn’t be further from the truth. A good consultant is there for the client all the way through the process.
How far along in the process should someone contact a franchise consultant?
At the beginning! Often times people feel they can just Google and get all the information they need. Not true. You can get some great information on line, however, you won’t be able to get the inside information from an unbiased perspective without speaking with someone that speaks with a variety of franchisors on a daily basis. Just the comparisons and options alone that we can provide are invaluable. Our services are complimentary, so not contacting us from the beginning may cost you in the end. [Note: This is not uncommon. Many franchise consultants are paid fees or commissions by franchisors, making the service free to prospective franchisees.]
Are there any special certifications franchise consultants have or can get?
Yes; each franchise broker franchise may have its own certification program. I am a Certified Franserve Consultant. The most common certification in the industry is the CFE – Certified Franchise Executive. This isn’t just for consultants however, anyone in the franchise Industry can complete the courses and exam to become a CFE.
How many franchise brands do you work with?
Over 500
Are there any special considerations you have to take being focused on women and minorities?
I have chosen to specialize in working with women and minorities in my firm. In terms of adjustments, I would say no. Being both a woman and minority, working with these demographics comes naturally to me. In general, I would say that my women and minority clients tend to spend a lot more time on due diligence and I respect that. Often, minority groups feel they have a lot more to lose, so we want to make sure we get it right the first time.
Is there anything else you’d like to add?
One of the things I love most about the franchise industry is that it really allows people to move into a different business or career and not be hindered by not having any experience in that field. Too often, people feel trapped in careers that they are unhappy in, and think they don’t have any other option unless they go back to school or start from the bottom. Franchising affords people the opportunity to step into something new, get the training they need to be successful and an on-going support team both in the franchisors operations and their fellow owners.
For more information on the services Nancy's company provides, please visit NValuable's website.