Jeff Bannon
Executive AssistantAll Articles
Preparing for the Future as a Multi-Unit Franchisee
As a multi-unit franchisee, you've invested a significant amount of time and money into your business, and naturally, you want to maintain control over it. However, as an entrepreneur or business owner, you must consider the future of your company and determine if you want to sell it, keep it, or are undecided. In a video, experts discuss the importance of preparing for the future to maintain control over your business. If you choose to keep your business, it's crucial to plan for succession and ensure that the team below you can run the business [...]
Managing Inflation: Key Considerations for Franchise Owners and Business Leaders
Inflation is a reality that businesses must deal with, and franchise businesses are no exception. The impact of inflation on franchise businesses can be significant, affecting the profitability and sustainability of franchise units. This article will explore the rising costs of goods, equipment, and services, and the recommendations for franchise business owners to stay ahead of the game. The rising costs of goods, equipment, and services are a challenge for franchise businesses. As the cost of raw materials and labor increases, the profit margins of franchise units decrease. This puts pressure on franchise owners to [...]
How to Protect and Grow Your Business During Economic Uncertainty
The pandemic impacted us all, causing some to reap the benefits and others to be shut down. And our fickle economy is causing many multi-unit franchisees to wonder what the best strategy is to thrive through next year. As the world evolves and changes, basic principles, such as processes, procedures, marketing, talent, attractive culture, capital, etc., stay the same. Jeff Bannon, a succession planner with The Rawls Group, and Michael Einbinder, a franchise attorney with Einbinder & Dunn LLP, discussed strategies for multi-unit franchisees to protect and grow their business despite inflation, recession, and the next curve ball in [...]
Strategies for Multi-Unit Franchisees to Succeed Despite Economic Uncertainties
Even though Wall Street predicts 2022 and 2023 will have 10% growth in earnings and isn't currently anticipating any slowdown, many multi-unit franchisees have expressed concern over economic uncertainties. Talks of inflation, change in tax law, ongoing supply chain issues, and labor shortages have multi-unit franchisees wondering how or if they need to readjust their business strategy. Some multi-unit franchisees who have focused aggressively on growth have cooled their engines. And then there are multi-unit franchisees sitting on cash, looking to ramp up acquisitions, and looking for good deals. And finally, others are unsure which [...]
Determining Your Best Multi-Unit Franchising Strategy
We are in some interesting economic times, making it difficult to predict the future. As a result, many multi-unit franchisees wonder if it is time to hit the gas or break. We have talked to multi-unit franchisee owners who have the cash and are interested in investing in the future. And then some are tired and considering selling all or some of the business to feel more comfortable. Either approach requires a business succession strategy to ensure you receive the highest multiple or to scale for growth effectively. Depending upon the business's positioning and the [...]
Protect & Grow Your Multi-Unit Franchisee Business Investment
Most entrepreneurs and multi-unit franchisees' long-term vision involves owning a business to build wealth, support a lifestyle and live off the cash after a one-day sale. However, successful owners know this dream can become a reality with the right business succession strategies, starting with the end in mind way before exiting the business. Protecting the business means you have processes, people, and financial capital to ensure the company can continue in your absence. But, unfortunately, we often see a hub and spoke model, where the owner is the center of the universe, calling the shots. [...]
