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 [...]
The multi-unit franchising sector has been on an upward trend in recent years, and it is easy to understand why. Entrepreneurs see the potential for success in owning and running multiple franchises, with this business structure establishing itself as an attractive option in the business landscape. Multi-unit franchising offers a unique set of opportunities [...]
Multi-Unit Franchisees Face Unique Economic Challenges Multi-unit franchisees need to stay agile in the ever-changing market in order to capitalize on growth opportunities. Even in uncertain times, there are still prospects for growth. For instance, a downturn in acquisitions could lead to more attractive prices, and an influx of employment chances could attract new [...]
Multi-unit franchisees face an uncertain landscape with the effects of Covid-19 on the economy. As succession planners, we are often asked how to create strategies to grow and protect our business in such a changing environment. Whether it be investing more and risking more, or pausing and reflecting on current processes, it is important [...]
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, [...]
Successful family businesses have the power to provide for many lifestyles. Owner(s) and their families, key leaders and their families, employees, and the community it serves. Many owners have the vision to transfer out of daily operations and want the business to remain under family ownership. There are many strategies [...]
As succession planners, we are frequently asked by multi-unit franchisees how to prepare for change and transition. On top of the mind of many multi-unit franchisees is an impending recession and talent shortages which requires adjustments to their growth strategies. Preparing your business for future change depends on whether you are in a mental, [...]
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 [...]
No one can predict the future, but as a business owner, you can manage uncertainties by strategically thinking through the possible, probable, and potential issues impacting your long-term goals. This is where succession planning comes in. A succession plan provides a roadmap outlining growth strategies, contingency plans, governance guidelines, leadership transitions, and strategic plans. [...]
How often have you seen ineffective leaders in senior-level positions? Likewise, how often have we seen a manager that demonstrates exemplary leadership skills? A question many of us probably don't ask ourselves enough is: what is the difference between management and leadership? Without careful consideration, many of us would probably question if there were [...]
