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866-696-2033
A franchisor’s “Discovery Day” is a critical early step for anyone exploring the idea of becoming a franchisee. This encounter provides a chance for both sides to evaluate a potential business relationship. To make the most of this introductory meeting, prospective franchisees need to do their homework so they can ask insightful questions about the franchisor’s model, challenges, long-term vision and alignment with the franchisee’s goals.
Different companies use various terms for Discovery Day, such as “Meet the Team Day.” They might be held at a company’s headquarters, at one of their larger franchise locations or even via videoconference. It is crucial for prospective franchisors to do some due diligence and prepare for the day so that they can make the most of it. Too many are more focused on trying to impress the franchisor and not enough on learning things about the company they have not been able to learn via their research.
It is also important to know the industry and the local market. The more a prospective franchisee knows, the deeper they can go in their questioning about how the franchise fits into it. Solid research and preparation also typically impresses franchisors. That means having an extensive list of questions (and follow-ups).
Your questions should be based on your particular situation and industry, but Franchise Business Review offers a series of inquires that fit most circumstances:
- How do you differentiate yourself from your competitors?
- How has your business model changed over the years, and why have you changed it?
- What are you looking for in a franchisee?
- How do you support new franchisees?
- What are your biggest challenges with franchisees (as well as with customers, the market, the economy and more)?
While some franchisors may push for an immediate commitment to formalize a franchise agreement, it is crucial to undertake a careful legal review with a qualified attorney before signing anything, or finalizing terms.
The Law Offices of Donald W. Hudspeth P.C. offers experienced guidance and support to Arizona franchisees and other small business owners during franchise agreement negotiations and wide range of other matters. To schedule a consultation in our Phoenix office, call 866-696-2033 or contact us online.
John M. Powers
John M. Powers is an Arizona attorney with more than two decades of experience in business transactions, commercial litigation, real estate, contracts, and general civil matters. His practice centers on corporate and commercial work for public companies, midsize businesses, family offices, entrepreneurs, athletes, and nonprofits. He also advises on employment, tort, and contract disputes. He…
Donald W. Hudspeth
Principal Attorney
Attorney Donald W. Hudspeth has more than twenty years’ experience practicing corporate and business law. Before attending law school, Mr. Hudspeth held a stock brokers license at the age of 21 and owned his own business at the age of 23. He was a business law professor at Arizona State University, West Campus, and has conducted classes and seminars for a number of higher institutions and organizations. Mr. Hudspeth has published two books on law and is the founder of the radio programs Law on the Edge and Law Talk.
AWARDS
Our firm now offers a scholarship program for ASU first and second year law students.
The scholarship is awarded to students for academic merit with an interest in business and business law. Candidates may have majored in fields other than business, have taken a break between college and law school, or have had exceptional life experiences.
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