What is FranchisEssentials?

franchiseMy name is Paul Segreto and FranchisEssentials is my personal blog. 

Since 2009, my objective has been to utilize this site to share information, insight and perspective on franchising. My goal remains steadfast, to help individuals on all levels learn all they can about, within and around the world of franchising. So, whether you’re a franchisor, franchisee, franchise candidate or industry professional including franchise attorney, broker, consultant, coach, supplier or anyone else supporting the franchise community, I trust FranchisEssentials will always be considered a valuable resource. Recently, my focus has expanded to include information about small business and entrepreneurship. After all, it makes perfect sense as both are tied tightly to and within franchising.

I truly appreciate you visiting FranchisEssentials and thank you in advance for sharing the information found here across social media and also with friends, family, colleagues and clients. As well, please take some time to review the various posts and even visit the multitude of resources listed on the site. Of course, if you’re unable to find what you’re looking for or if you have a question or comment, please complete and submit the form below and I will respond to you ASAP.

Paul Segreto

 

Posted in Best Practices, Branding, Business 101, Culture, Customer Experience, Entrepreneurship, Franchise Assistance, Franchise Development, Franchise Finance, Franchise Management, Franchise Marketing, Franchise Relations, Franchise Sales, Franchise Social Media, Franchise Success, Franchise Training, Franchise Webinar, Franchising, Intl Franchising, Lead Generation, Legal and Research, Personal Branding, Private Equity, Public Relations, Small Business, Social Media/Digital Marketing, Technology | Tagged , , , , | Leave a comment

Eight Years on the Air… But Who’s Counting?

celebrating_8_yearsIt’s hard to believe we’re celebrating 8 years on Franchise Today. I’d like to thank all that have made this show, not only possible but what it is today as one the leading podcasts dedicated specifically to sensible, sustainable franchising.

I’d especially like to thank my co-host for the past two years, Stan Friedman who encouraged me to continue with the show at a time when I was losing interest. He pushed until he got the answer he was looking for, knowing it was the right thing to do. It’s definitely an honor getting to work weekly with Stan and developing a bond that is truly special. Of course, I cannot forget Stan’s organization, FRM Solutions who along with Franchise Foundry sponsor the show.

Thank you to the great PR firms in franchising who continue to introduce us to some of the brightest stars in franchising today, and especially to the fantastic team at Fishman Public Relations who have been bringing us guests for well over five years, sometimes on a moment’s notice.

Certainly, I must also thank Joel Libava, The Franchise King who was a co-host in the early years and as franchising’s earliest blogger really did teach me a thing or two – not to mention all his retweets which helped spur more and more to follow our announcements on Twitter. Along those same lines, thank you to Jerry Darnell who is always the first to LIKE and SHARE show announcements on Facebook.

I think back to the early years and I’d be remiss if I didn’t thank Joe Caruso as it was Joe who truly helped reshape the show’s format for the better as producer of the show five or six years ago. Not only did he schedule a new wave of guests, including many great franchise attorneys and finance professionals, but Joe was also instrumental in introducing Franchise Today to the International Franchise Association. Since then we’ve had on the show a number of then current and former IFA Chairpersons as well as the last two to hold the position of IFA CEO & president. To that end, a special thanks goes out to the IFA for continuing to recognize Franchise Today as highly relevant to the franchise community.

And what would Franchise Today be without such fantastic franchise professionals who unselfishly share their time, knowledge and experience so that others may learn the right way, the best way to succeed at this great thing we call franchising? The list goes on and on and without being able to name all for fear of missing just one, I’ll just say I’m blown away by the list as it is truly a Who’s Who in the world of franchising!

Last, but certainly not least I’d like to thank all of our loyal listeners who either listen LIVE or on-demand week in and week out, many without fail, even taking us on vacation with them. Yes, you truly are the reason we’re still here today. Your notes of appreciation and comments across social media make me want to continue Franchise Today for years to come.

To all I’ve referred to above and to all I may have left out, I say, Thank you!

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Change… Because Failure is not an Option

change-courseLike a ship at sea, a business should make directional changes in a long, sweeping manner. Conversely, although abrupt change in direction may create havoc, it may be deemed necessary by the captain and navigation team to avoid what may not be apparently visible on the surface to others on the ship, but is evident nonetheless through compilation of data and viewing radar. In any event, well thought-out plans, including contingency plans must be in place and acted upon to arrive safely at a specific destination within a certain time frame, and with available resources.

However, what happens when seas are rough, or when a storm is approaching, or when an engine shuts down? It’s then the captain’s responsibility to crew and passengers, and to the ship’s stakeholders to make any and all necessary changes to ensure all interests are protected. Thereafter, when the ship is safely docked, management must review the events that took place and explore options to ensure the same problems don’t reoccur. Management must identify ways to improve performance by developing strategy and executing on tactical plans to accomplish objectives at all required intervals – short, mid and long-term.

Change requires thought and planning. As does operating a successful business. As change occurs, many within the business are exposed to decisions that on the surface appear to be “drastic or severe” and are not understood and/or agreed upon. However, what is typically not realized are areas of weakness and vulnerability that must be addressed and with the utmost sense of urgency. In many cases there are common denominators across multiple areas of the business. Most will be directly attributable to reduction in sales. Some will adversely affect profitability.

Unfortunately, the economic woes of the great recession continue to linger, compounding problems that may have started as a result of the downturn. Deficiencies, usually hidden by high sales levels are standing out like sore thumbs. Accepting these facts while realizing limitations and shortcomings is vitally important, but knowing what and how to improve [and change] is required. Definitive action is paramount!

Change what needs to be changed. Prioritize changes that will make the most immediate impact. Grow into the changes that aren’t urgent. But, do it all within the time frame where challenges present themselves as survival may be dependent upon the same. Change, as unpopular as it might be, is necessary to recover AND to move forward. To this end, hard decisions must be made – with absolute conviction and without delay for the good of the business and ultimately, for all within the business. Yes, change is difficult. But so is failure, and failure is not an option!

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Do Transitioning Corporate Executives [Really] Make Good Franchisees?

This question was discussed on Linkedin approximately a year and a half ago, and the following is a comment from a franchise professional that I believe raises some very important additional questions about transitioning executives as franchisees.

Maybe we could ask the question another way. How have franchisors succeeded when they awarded franchises to transitioning executives? . . . Puts a little different emphasis on it.

We sometimes look at franchise success as up to the franchisor, i.e. it’s the franchisor’s job to be sure franchisees succeed, and that includes transitioning executives. But of course we know that not all franchisees, including transitioning executives, are created equal. Some are better than others! People in transition may, in fact, not make very good decisions–they may panic and jump into a franchise too quickly and they don’t do all the homework that’s necessary or they don’t at least ask all the right questions.

It would be interesting for franchisors to reveal how “transitioning executives” have fared though that’s probably asking a bit too much. Because again, even if the transitioning executives failed, it doesn’t mean the franchise system is a bad one. Now it may not be right for transitioning executives, but that’s probably incorrect. Would that be like saying it’s not right for left-handed people? I just don’t think “transitioning executive” matters. What matters is how well prepared the candidate is for franchising and whether or not the candidate picked a good franchise. Because we also know that all franchisors are not created equal, either. Some are better than others–and I bet there are some that could tell us 100% of the transitioning executives that joined them succeeded.

Any thoughts?

Posted in Franchise Success | Tagged , , , | 4 Comments

The Journey Continues Here for Franchise Sales Professionals

pos·si·bil·i·ty noun; plural noun: possibilities – definition… a thing that may be chosen or done out of several possible alternatives.”one possibility is to allow all to participate” – synonyms: option, alternative, choice, course of action, solution

I’ve shared this definition of possibility/possibilities as I want to emphasize two important points – ‘a thing that may be chosen’ AND ‘to allow all to participate’ as that’s exactly what is the case regarding the upcoming Franchise Brokers Association Conference & Expo. Attendance at the event has been open to franchise sales consultants, brokers and basically anyone involved in franchise sales SINCE THE EVENT WAS ORIGINALLY ANNOUNCED and with registrations continuing according to projections we’ve decided blowing away projections should be the order of the day.

Actually, we want to share our experience, education and also messaging about a very bright future of possibilities with as many franchise sales professionals as possible. As such, I want to personally bring to the attention of any and all involved in franchise sales (and also those interested in becoming a franchise consultant or broker) that this event will help you explore possibilities you may not have known existed. Personally, I’d like to see you at this event because I know it will payoff for you in multiples! But before you say, yes or no, let’s take a peek at what’s in store for event attendees…

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Improve Your Franchise Skills with Techniques Presented by Industry Professionals

The way people are looking for franchises is changing. Every franchise seller in the business must learn about these changes and adapt to them. Failing to do so will only lead to trouble! Over the course of this year we’ve heard a lot of requests from our members on they can develop additional lead sources other than traditional methods. For this years conference we’ve assembled a hot list of speakers and events directly aimed at addressing this critical business need.

The mastermind session features a panel of industry professionals who have all been successful at capitalizing on social media and non-traditional lead channels. Yep, I’ll be on a panel or two along with others including a franchise professional that actually closed a million-dollar deal with these techniques! This is a session you can’t afford to miss.

Engaging Speakers & Content

Our Keynote is Nancy Friedman, the President and founder of Telephone Doctor. She’s been featured on numerous programs such as the Oprah Winfrey, Today, Fox News, CNN and CBS in the Morning. Her engaging session will be interactive with our audience and will focus on improving your telephone game and converting more inbound leads into sales.

Network, be productive and yes, have fun

  • Food, wine and entertainment await you!
  • We will take you to several entertainment filled events where you’ll be able to relax and meet the latest top producers and exciting concepts.
  • Don’t stay behind in what you did yesterday!
  • You’ll be taught real-world education on important techniques you need to know to be relevant in today’s changing world.
  • Mix and network with the elite!
  • This year we will honor the latest group of franchise consultants and concepts that have proven their commitment to excellence and achieved results.

Hey, don’t just take my word for it. See it for yourself by registering at http://franchisebce.com/registration/ for our great event in Orlando November 13-16.

Explore the Possibilities. Your future will appreciate it!

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Posted in Best Practices, Franchise Development, Franchise Sales, Franchise Success, Franchise Training, Franchising | Tagged , , , , , , , , , | Leave a comment