The Four Franchise Buying Styles

In the early 1920s, an American psychologist named William Moulton Marston  subscribed to the idea that there are four dominant communication and behavior styles. Marston discovered those who possess similar characteristics also happen to speak, listen, process information, make decisions and produce results in similar fashion,, classifying franchise buyers as the Action Hero, Comedian, Faithful Sidekick and Private Eye.

Action Hero

Action Hero’s are visionary, entrepreneurial, results-oriented and big-picture thinkers.  They are strategic and efficient, pushing for the quickest, easiest and simplest way to produce results. They would buy a franchise because, “It is an efficient use of resources and the quickest and easiest way to achieve my objectives.” They see the franchisor as a strategic partner but would predictably arm wrestle from time to time over issues of control.
Keys to communicating: Get right down to business. State your objectives for the call up front and ask what they are looking to achieve. State a simple agenda and get their buy-in. Implement the “3 B” communications strategy: be good, be brief and be gone.  Have clear follow-up, knowing who does what and by when. Don’t challenge their opinions or they might get argumentative. Instead, ask permission first: “Would you be open to hearing any data contrary to your opinion?”

Comedian

Comedians are outgoing, gregarious, influential, charismatic leaders, personifying the typical sales and marketing personality. They are optimistic and entrepreneurial and work well on a team. They are brilliant at sales and marketing and make work fun. They see the franchisor as a teammate and seek to build deep personal relationships with the franchisor’s staff. They need to align the business with their identity, looking to see themselves in the business.

Keys to communicating: Chit chat. Get to know them as people. Ask personal questions and expect them to ask the same of you. They only do business with friends, so be informal. Have an agenda for every call, but let them zig-zag in the middle. Move quickly. Crack jokes. Ask questions that get them back on agenda as they drift. Put all follow-up action items in writing.   

Faithful Sidekick

Faithful Sidekicks are slow, methodical and data-based decision makers.  Like the Comedians, they are strong relationship builders, but more low-key and better listeners.  They follow processes and systems. They see the franchisor as an “insurance policy,” thinking, “I would rather hit a single or double with a high degree of predictability than hit a homerun but incur more risk.” They are motivated by security and stability, and they want to belong to a larger group.

Keys to communicating: Slow down. Have an agenda for every call with clear action items. They ask many questions and prefer detailed answers, so leave time for these calls. Ask questions to draw them out. They may not volunteer information unless asked. End calls with clear action steps. They take a longer time to make decisions than Comedians or Action Heros. Don’t push them too hard or they will shut down.

 Private Eye

Private Eyes are highly informed, analytical, data-based decision makers. You have to create a solid case as to why the business is unique, profitable, necessary to the customer and sustainable for the long haul. They follow processes and systems to the letter. They are very quality driven and excel in the technical parts of a business. They prefer to work alone.  

Keys to communicating: They move slowly and methodically, collecting reams of data and asking many questions. They are very risk-averse and may appear to be low on trust or lacking confidence. They are professional in their approach, and it is wise to respect that boundary. Don’t try to be “buddy buddy,” as they will see this as unprofessional and that might create a trust issue. Have an agenda for every call.  Follow the agenda closely without jumping around. End meetings with clear action items, detailing who will do what and by when.

Predicting Buying Styles on the Fly

When on a call, listen for speed and pitch. All fast-talking, expressive “headliners” are either Action Heros or Comedians. In face-to-face meetings they talk with their hands. If you encounter a fast talking, expressive headliner, immediately create some professional distance. Action Heros will respect the boundary and engage you formally.  Comedians will cross the boundary by asking you personal questions.

Conversely, if you immediately experience someone as slow talking, more monotone, and who speaks in whole and complete sentences, know you are talking to either a Faithful Sidekick or a Private Eye.

A simple rule of thumb is that franchisee recruiters want to recruit according to their style. However, franchise buyers want to buy according to their style. The best recruiters are masterful at simply letting buyers buy, giving them what they need and how they need it to make an intelligent decision.

By Joe Mathews, CEO of Franchise Performance Group

How2Franchise News Story

 

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5 Reasons In-Person Meetings Still Matter

Here are five reasons:

1.Reduced distractions

How many times have you attended a virtual meeting only to be sidetracked by incoming emails from your colleagues or boss?  I am guilty; we all are. It is simply unavoidable.  
A recent InterCall survey found that of the 340 marketers surveyed, only 62 percent said they would log on from their office. Yet, more than a quarter of respondents were attending from bed (14 percent), their car (9 percent) or from the beach or swimming pool (5 percent)!

When attending an in-person event those innate virtual distractions are removed for participants. Also, it may sound odd, but the peer pressure of the other attendees in the room helps to keep attention on speakers.

2.Beyond the content

When event-goers pony up cash, invest time and take a flight to attend; they’re committed. And these attendees are more likely to take part in breakout sessions, post-event dinners and other networking events, leading to a more involved and complete experience.

Related: These 5 Mistakes Make Meetings a Huge Time Waste

When meetings are held in-person, there is a unique opportunity to get creative and leave a lasting impression about your brand and company culture. A live experience means that attendees can engage multiple senses that just cannot be duplicated with a computer.

3.Comfort zone eliminated

There is something invigorating about being in a room full of people who are as excited to talk about the same topic as you are. It can renew attendees’ excitement and focus about the topic of discussion.

Attendees are physically in a room with others that have the same learning goal but different backgrounds. This allows for meaningful relationships to grow beyond their industries.

4. Networking hurdles removed

Behind the screen is a not an effective place to meet people. The hurried nature of online events may help attendees “meet” a larger number of people, but the virtual world allows for less quality time to interact with others. 

An article, which recently appeared in Psychology Today, suggests that too much time behind a screen could hinder people’s ability to recognize emotions — a vital tool for building successful social relationships.

5. Let’s keep this ‘off the record’

When attending an in-person event, there is an opportunity to speak more freely in one-on-one situations. There is also a heightened sense of trust when meeting with someone in person vs. just speaking online — and less of a chance something will be taken out of context.

The next time you consider whether there is enough room on the budget to meet in person, consider these points. While the time and cost is a greater investment, it is worth exploring to reach the goals your organization is looking to achieve.

Why banks like to lend to franchise buyers

The pre-proven nature of franchising makes it a far safer bet for lending than stand-alone business start ups, a fact recognised by the Bank of Ireland and many other high street banks who offer specialist advice for prospective franchisees

 

Bank of Ireland Business Banking is committed to working closely with new and existing customers to enable them to develop and grow their chosen franchising business.

Margaret Nolan is Business Manager at Bank of Ireland Business Banking, which has 600 experienced business bankers in over 270 branches nationwide, which are available to support the franchisor and franchisee in any aspect of lending for a franchise.

There are currently over 270 different business format franchises in Ireland generating turnover of 2 billon euros and employing in excess of 25,000 people. These statistics prove the importance of franchising in our economy where continuing sector growth presents opportunities for people who wish to own their own business and work for themselves but not by themselves.

The combination of a strong franchise with a proven track record and an ambitious franchisee makes good business sense from a banking point of view. Failure rates for new franchise businesses are much lower than independent start ups making them a much more attractive lending prospect. A proven track record of operating profitably in the Irish market through a pilot operation should be strong enough for both a bank and the potential franchisee to be comfortable with the investment.

Bank of Ireland Business Banking recognises that franchising has become an integral part of our economy, which has experienced exceptional growth in recent years and as such we understand the importance and development potential of this sector in Ireland. For these reasons Bank of Ireland Business Banking is committed to working closely with new and existing customers to enable them to develop and grow their chosen franchising business. A lender will expect a potential franchisee to provide a portion of the total investment costs as equity, ranging from 30 per cent for established franchises to 50 per cent in the case of new franchises. The lending package can be a combination of asset finance, term debt and overdraft facilities. Bank of Ireland Business Banking can fund up to 70 per cent of set up costs for franchisees and the package can be a mix of all of the above products.

The costs involved in buying into a franchise can be a mixture of initial start up costs and ongoing costs. These costs can vary from thousands to hundreds of thousands of euros, depending on the type of franchise – whether it involves ‘a man in a van’ or a retail outlet. The initial start up costs can be broken down into: the deposit, initial franchise fee, premises/vehicle leasing costs; and working capital. The ongoing costs can include either a fixed monthly fee (payable irrespective of turnover) or a royalty fee (dependent on turnover) plus an advertising fee, to support the brand through marketing activities. When assessing a business proposal from a potential franchisee, Bank of Ireland Business Banking will review the proposal in as much detail as any other business. A detailed business plan will be required outlining:

• Detailed information regarding the particular franchise and its franchisor.
• Market and industry analysis – detailed market research supports the proposal.
• The competition and how many like businesses operate in the market.
• Personal information about you and your own business background.
• Financial assessment outlining the costs of setting up, your contribution, how much you wish to borrow and what security you have to offer. Also a set of financial projections, cash flow forecasts and profit & loss projections should be included.
• Business assessment: is this a good business concept, tried and tested and proven by a profitable pilot operation?

Together with the detailed business plan, the lender will expect that the potential franchisee has done their homework, has a deep understanding of how the business works and is ambitious and enthuastic about the concept. It is also important that the potential franchisee has approached existing franchisees to ensure that a good franchisor/franchisee relationship exists, which offers high quality support and ongoing training. A well researched local marketing plan must be in place to attract customers. Security can also be required by the bank dependent on the amount borrowed and how much is being invested as equity.

It is important that independent legal advice on the legal agreement is sought before signing. This agreement should outline the obligations of the franchisor to the franchisee, and also the obligations of the franchisee to the franchisor. It is important that professional advice is obtained from a solicitor familiar with franchising

These 5 Mistakes Make Meetings a Huge Time Waste

Image credit: Kevin Dooley | Flickr

Meetings can be some of the most rewarding, collaborative parts of your workday. They can also be some of the biggest wastes of time. As an entrepreneur, you’ll be deciding when to have meetings (and you’ll be directing them), so it’s on you to make sure each meeting is as smooth and productive as possible. Considering that one bad meeting could waste dozens of hours in cumulative time, you might be tempted to throw meetings out altogether, but don’t forget that meetings can be valuable opportunities to learn, brainstorm, solve problems, and reconnect as a group.

The key is to avoid these five major meeting mistakes, which prevent a meeting from achieving its potential as a collaborative unifier:

1. Neglecting the agenda.

The agenda is the most important part of the meeting, as it states the purpose of the meeting and dictates a general direction for its course. The meeting may head in some new directions based on the contributions of its participants, but the agenda provides an underlined goal for the entire event.

For example, if your meeting is to decide on a new logo for your brand, the agenda would exist to make sure the meeting stays more or less on topic and fixed on completing that goal. It also helps other members of the group arrive prepared and ready to participate. Going into a mystery meeting means fewer people will arrive with meaningful insights or contributions.

2. Inviting the wrong people.

Some bosses have a habit of inviting everyone they can think of to a meeting. This is enabled by technology; on most email clients, you can easily scroll down your list of contacts and invite new contacts with just a click. Before you know it, you have 15 people attending a meeting that could have done fine with just eight. It may not seem like a big deal to you, since it doesn’t take much time, but each person you add multiplies the total amount of time your meeting occupies. If you invite someone who doesn’t need to be present, you’ll add zero value to the meeting but increase its cost to the company. Instead, only invite parties who can positively add to the conversation.

3. Tolerating tangents.

As I mentioned before, it’s okay to veer slightly off course if it’s in the interest of achieving your meeting goal, but going on tangents is a bad idea. For example, when discussing the new company logo, one participant might mention a possible new marketing strategy, which can launch into a separate conversation that only a fraction of the attendees can participate in. This wastes time for the other participants, delays the achievement of the original meeting goal, and derails the original conversation. Whenever this happens, acknowledge it, earmark the topic as one that requires future exploration, and return to the agenda at hand. It’s your job as the meeting organizer to keep things on track.

4. Allowing lopsided participation.

Participation in meetings, assuming every participant is meant to be there, should be relatively equal. If a participant doesn’t bring anything to the meeting, his/her participation is a waste. Anything he/she learned from the experience could have been sent in a more digestible form. If a participant takes over the meeting by talking constantly, similarly his/her contributions could have been reduced to a more digestible form.

Conversation and balanced exchanges are at the heart of a productive meeting. To maintain this balance, serve as a moderator; choose the right people to include from the get-go, then make adjustments during the meeting to ensure everyone participates equally, such as calling people out when they contribute too much or not enough.

5. Failing to summarize action items post-meeting.

A successful meeting concludes with some meaningful new discovery, new action items or a final decision made. These findings should be effectively and concisely summarized at the end of the meeting, and sent to everyone who didn’t participate but is affected by the decision.

Summarizing action items is important. If you can, create a detailed, name-based list that recaps exactly who is responsible for what as a result of the meeting. This keeps everyone on track and prevents any miscommunication that could have occurred.

Avoid these five big mistakes and your meeting will be in good shape. As you have more meetings, pay careful attention to who participates, what conditions lead to more participation, and generally how much value you get out of each meeting compared to the cumulative time you’ve invested in them. Stay as concise and limited as possible, improve your selection and organization process with each iteration, and before long, you’ll have a perfect meeting rhythm to use in your business moving forward

Choose A Franchise And You’ll Get A Whole Team Rooting For You

What do you think is the No. 1 goal of franchise companies? Like any company, to make as much money as possible, but they need good franchisees to accomplish this goal. This is why buying into an effective franchise system can be such a win-win proposition.

The new franchisee gets to recharge his or her career, while the franchise company works to attract highly qualified, talented professionals to its ranks. The simple fact is the better franchisees perform, the more money everyone makes.

The advantage of franchise ownership is you get a time-tested system. How well franchisees learn and execute the system is critical to their success.

As a result, franchisors place a high priority on selecting new franchisees wisely and getting them up to speed as quickly as possible with training and support.

ARCpoint Labs, for one, considers the selection process, of utmost importance.

“We’re very selective when we grant a license to franchisees,” said Randy Loeb, vice president of franchise development for ARCpoint Labs, a Greenville-S.C.-based company which offers drug, alcohol, DNA and forensic and wellness programming.

Besides relying on franchise consultants or coaches to bring them well-qualified candidates, ARCpoint uses a written test developed by Franchise Navigator to vet prospective franchisees for the right “entrepreneurial skill sets,” Loeb said, including, leadership, time management and consultative sales ability.

When a franchise inquiry comes in, “we give each candidate an electronic brochure and walk them through the business model,” Loeb said, adding that within seven to ten days they will complete the Franchise Navigator assessment.

“If the prospective franchisee doesn’t meet ARCpoint’s qualifications, I suggest they look at another franchise that may be a better fit for them,” Loeb said.

“ARCpoint is probably one of the most sophisticated business models in franchising today,” he said. Consequently, they want people who can excel with their business model.

“We’re looking for quality folks who will effectively represent the brand,” he added. ARCpoint currently has nearly 100 franchises open, and 100 more territories sold, and scheduled to open in the next few years.

After the franchise candidate makes the decision to join ARCpoint, Loeb said, it’s all about the training.

ARCpoint takes one and a half years to fully train franchisees, using easily digestible modules.

“We spoon feed them,” Loeb said, which allows franchisees to learn one subject matter before moving onto the next training module. In addition, the company hosts several monthly webinars to give franchisees updates, improve their skills and stay current with testing rules and regulations.

The company keeps a close eye on new franchisees to help them succeed.

“We have a very detailed rollout,” he said. “We automatically know early if something is wrong so appropriate changes can be made to help franchisees succeed.”

Following the franchise system is a critical component to their success.

“We’re birddogging franchise owners all the time to make sure they’re following the system,” Loeb said. “Franchisees succeed because our system works.”

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