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As Seen in Park Press: Replacing "What You Do" with "Why You Do It"

As Seen in Park Press: Replacing "What You Do" with "Why You Do It"

I recently had a late lunch with my good friend, George. Ten minutes late, I entered the restaurant feeling rushed, but also feeling energized after the phone conversation I had just ended.

Apologizing for my delay, I explained to George the call was with a business owner interested in engaging our firm to help transition the business to the fourth generation of ownership. Being the gracious guy that he is, George replied inquisitively asking how the conversation went. “Well, you know, George, this was the second conversation with her about who we are as a firm, what we do, and how we do it.”

I continued to share more with George. As I was doing this, I could feel myself swelling with pride. “We are a quirky group of individuals with a diversity of backgrounds and professional experience. But what makes us unique is that we all have an absolute passion for what we do. We do everything we can to facilitate the continuity of a business THROUGH the next generation of ownership and management,” I said wide eyed and smiling. “That sounds awesome,” George remarked and then continued with, “The passion I hear in your voice and see in you as you’re talking is powerful in a way that if I were someone in need of your firm’s services, makes me want to do business with you.” He then shared, “It would be important to me to know who you are, why you do what you do and how you work.” Nodding in agreement, “but?” I replied with a short laugh. Taking a deep breath, George said, “well, I would challenge your thoughts on ‘what you do’.” “Really?”, I blurted, “How so, George? I feel like I’m pretty thorough.” George responded, “No, no, I completely agree with you there! However, talking to me about what you do is exactly what you said, it’s a DESCRIPTION. In my opinion, you are conveying your passion when you talk about the WHY.”

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As Seen in Multi-Unit Franchisee Report - Operations and Lending Impact Business Value

As Seen in Multi-Unit Franchisee Report - Operations and Lending Impact Business Value

The last installment of this series is focused on lending and operations, and their importance in driving value in the business. In the first three articles, we focused on the overall value drivers in the business and then broke them down into the first two core value drivers of leadership and relationships. There is no question that leadership and relationships are the most critical value foundation of the business. However, the other two pillars are just as important to driving value in your multi-unit franchise organization:

Lending

Banks are going to want to know how strong your business is before they choose to invest in it (and you). When it comes to banks looking at the value of your franchise operation, they take into consideration subjective conclusions of borrowing capacity based on various criteria, including the three V’s of leadership:

  • Vision – Do you have a clear plan for use of borrowed capital? 
  • Values – Is there a positive impression of core values, character, etc?
  • Victories – Is there a track record of business successes that include borrowing money

It is important to understand that the bank’s impression of the business mission, strategic plan, character, competency, commitment of management and ownership continuity as they generally reflect on the bank’s confidence in your long-term business plan.

 

Read the complete article on the Multi-Unit Franchisee Website website

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