Attending a Meet the Team Day is an essential step in making an informed decision to buy a franchise. You’ve had introductory discussions and reviewed financials, but now’s the chance to get an even deeper dive into the operations and culture.
Traditionally, it’s a day for the leadership team to market themselves and sell the opportunity, with candidates encouraged to ask questions. The goal for both sides is to provide validation on whether the candidate is the right fit.
Our team recently signed agreements with candidates Zach Simms in Spokane, Washington and Andrea Fregonese and Mirco Berti in Hartford, Connecticut, who have offered tips on questions candidates should bring to their Meet the Team Day.
Do Your Homework
Be sure to have studied the franchise disclosure document (FDD) and have a list of follow-up questions ready. Meet the Team days present the unique opportunity to meet face-to-face with members of the leadership team, so be sure to get all your pertinent questions ready.
What to Ask?
- What do they perceive as their advantages over the competition?
The competitive landscape is more present than ever and crowded with similar concepts battling for consumer attention. This is the chance to ask the leadership team about competitors and compare their strengths and weaknesses in the market.
- How is the brand going to support me?
Every franchise business will offer introductory support to get your business off the ground, but what ongoing practices do they offer their existing franchisees? Many franchisors include established franchisee testimonials in their Meet the Team itinerary, with new candidates looking for validation that the franchise model is successful. This is a great time to ask existing franchisees and the leadership team about ongoing corporate support, whether it’s marketing tools or training resources.
- What are the franchise’s plans for growth and long-term strategic goals?
It’s crucial to find out the brand’s potential growth plans for the coming years to make sure you align with the mission. This may include expanding into new regions for smaller and mid-sized concepts, while it could mean saturating the market for larger national brands. Find out where the franchisor sees its system in five years and what measures it plans to enact to get there. How will the company support your growth goals?
Transblue’s 4 Steps to Ownership:
- Concept Discussion: Learn more about YOU & your goals. Plus, hear about our history, industry, and key benefits.
- Operations & Support: See an overview of training, sales, and services. Get a glimpse of a “day in a life” with projects, processes, and ongoing support.
- Unit Economics & FDD: Review FPR’s, unique value propositions, expenses, KPI’s, benchmarks, franchise fees, FDD review, etc.
- Territory & Marketplace: Follow our analysis, development, customer profiling, market preview, etc.
- Validation: Speak with current franchisees. Ask questions and gain perspective from current owners.
Learn more about available markets and franchise opportunities with Transblue.