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Grow Your Franchise Effectively | The #1 Tip in Choosing the Right Franchisee
Manage episode 353250553 series 3425635
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DESCRIPTION:
Choosing the right franchisees is crucial to the success of any franchise system. These individuals will represent your brand and must align with your values and mission. It's important to thoroughly vet potential franchisees, not just in terms of their financial qualifications but also in terms of their business understanding and ability to manage and grow the franchise effectively.
On the Franchise Hot Seat this week, Michael Mudd, a seasoned franchise consultant, discussed the importance of choosing the right franchisees for a franchise system. He emphasized the need for thorough vetting regarding financial qualifications and aligning values, business understanding, and ability to manage and grow the franchise. Choosing the right franchisees is crucial for success as they represent the brand. Tune in to learn the secrets of successfully selecting the ideal franchisees and how to qualify for the franchise opportunity of your choice.
TIMESTAMPS:
[3:37.9] Money is not everything in franchising
[6:27.3] Educating is better than just selling
[17:45.4] Franchisors offer systems that have already been perfected
[22:24.9] Behavior trumps skills
[29:45.4] Why smart and responsible growth is important to franchisors
[32:47.7] There is a right time for everything
GUEST BIO:
Michael Mudd is a successful franchise developer known for growing Menchie's Frozen Yogurt from 23 locations to over 550 in 7 years. He secured partnerships & helped the brand expand in China. He emphasizes clear communication & understanding candidates’ strengths, weaknesses, & objectives to build better, longer-lasting relationships. Michael lives in San Clemente, CA, with his family and two dogs, Bliss and Tana.
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
MICHAEL MUDD:
LinkedIn: https://www.linkedin.com/in/michaelmudd
BrandOne: https://brandonefd.com/
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