Jeff Bannon
Executive AssistantAll Articles
Building a Legacy: Family Business Succession Planning for Multi-Unit Franchisees
For entrepreneurs and multi-unit franchisees, the dream of business ownership often revolves around creating wealth, enjoying a supportive lifestyle, and eventually reaping the rewards of a successful business sale. However, to turn this dream into reality, it's crucial to have a well-thought-out business succession strategy from the very beginning. In this article, we delve into the world of family business and succession planning, emphasizing the importance of protecting and growing your business for the long term. Protecting Your Business: Avoiding the One-Person Show: Many entrepreneurs start as the center of their business universe, but this model poses significant risks [...]
Unlock Your Path to Multi Unit Franchisee Success
Mastering Objectives and Strategy for a Thriving Future Approximately 20% of new businesses fail during the first two years of being open, according to data from the Bureau of Labor Statistics. Additionally, 45% fail during the first five years, and 65% fail during the first 10 years. However, only 25% of new businesses survive for 15 years or more. These statistics have remained fairly consistent since the 1990s. While opening a new business has risks and challenges, multi-unit franchising is a business model that allows entrepreneurs to begin a venture with a recognized brand, products, and services, giving an [...]
Franchise Success: Understanding Your Goals and Planning for the Future
Multi-unit franchising is a popular business model that allows entrepreneurs to start a business with an established brand, products, and services. While franchising can offer many benefits, such as lower startup costs and support from the franchisor, success is not guaranteed. In fact, according to the International Franchise Association, about 20% of franchises fail within the first year, and another 10% fail within the second year. Therefore, having a clear understanding of one's goals and planning for the future is crucial to building a successful franchise. One of the first steps in building a successful [...]
Understanding the Difference Between Estate Planning and Succession Planning
Success in the world of business requires not only careful planning for the present but also for the future. To this end, it is essential to engage in both estate planning and succession planning. In a recent video conversation, Jeff Bannon, a Succession Planner at The Rawls Group, and Aicha Bascaro, President of the American Franchise Association, explored the difference between these two types of planning and why they are both critical for financial safety, wealth, freedom, and creating a legacy of love for one's family. Estate planning involves determining how assets will be distributed [...]
Franchise Growth: Overcoming Challenges and Implementing Winning Strategies
Franchising is a popular business model that offers entrepreneurs the opportunity to own and operate their own business under an established brand name. While it can be a lucrative and rewarding experience, franchising comes with its own set of unique challenges that must be addressed to achieve sustainable growth. In a recent video, several challenges that franchisees face in growing their businesses were discussed, as well as strategies to overcome these obstacles. One major challenge that franchisees face is a lack of preparedness to delegate responsibilities and train staff. Many franchisees are used to being [...]
Building Resilience in Your Business
In today's volatile and ever-changing business landscape, resilience is essential to the success of any organization. Jeff Bannon, Succession Planner at The Rawls Group, and Aicha Bascaro, President of the American Franchise Association, recently had a video conversation that emphasized the importance of building resilience in your business through key steps for organizational preparation and understanding unit economics. Business owners must understand their current reality and perform a SWOT analysis to identify their strengths, weaknesses, opportunities, and threats. By doing so, they can create a realistic roadmap for their organization's future success. To build resilience [...]
