There are a great number of topics that we have discussed throughout this series of informational articles. As you may know, one of our goals is to give readers a little bit of insight into the process our clients go through when they work with us at FranCoach.
We have covered everything from the first introductory call to owning a franchise – and every little step in between. But one topic that we have not covered yet is the Update Call.
The FranCoach process takes about six to eight weeks from the time that we introduce people to a franchise all the way up to the day they sign a Franchise Agreement. Throughout that process, we will have numerous Update Calls.
In today’s article, we are going to discuss what Update Calls are, why we have them, and what we are trying to accomplish through that process. Want to know what to expect as you embark on your franchise ownership journey? Read on!
Back to the Beginning
Let’s back up for a moment and rewind back to the beginning of every client’s journey working with FranCoach. Typically, we will begin with an initial get-to-know-you call, which will take about 15 to 20 minutes. That is our chance to make sure you genuinely have some interest in exploring franchise ownership and share a little more information about our process. Plus, we will have the opportunity to learn more about you!
After that, we will have a very thorough second call. This one usually takes about an hour, and it is the time during which we build a concept of what your ideal business model should look like as a franchise owner.
That second call will put us in a position to do some research in order to get you connected with franchisors. We usually start with three or so that we think will be the best matches.
Then, it is time to kick off the Discovery Process. This is a six- to eight-week journey that involves a mutual vetting process between you and the franchisors. There are between 12 and 15 steps along the way. Most of our clients have never taken any of the steps before – and that is why we are here to help guide you through the process.
There is a ton of information that the franchisors will share with you throughout that Discovery Process. It all leads up to the final steps – when you will get to the end and (hopefully) be awarded the franchise and ready to sign the Franchise Agreement.
But don’t worry – we are not just throwing you into the deep end. “Alright, you wanna learn how to swim? Let’s throw you in the English Channel and see if you make it across.” That is not how you teach people. We are going to be with you every step of the way.
What Will We Talk About?
Like we said, most of our clients are experiencing each step of this journey for the first time. With that in mind, we review the Discovery Process before you even begin. We will go over what to expect when you start talking with the franchisors. We will also cover many different aspects of the process during our Update Calls along the way, including…
The FDD, or Franchise Disclosure Document. That is a legal document with over 200 pages, and it is an easy place to get lost in the weeds. We will go over what it is, how to navigate it, how not to get lost in the weeds, and what to look for in the FDD.
We will also talk about understanding how we map out territories. We will cover the demographics, the scalability, retail businesses, and non-retail franchises.
We will discuss what each client is looking to get out of their business in the long term. We will talk a lot throughout the process about what we call the “Get Out of Bed Test.” You are the one who is going to get out of bed and go to work every day at YOUR business, so we want to make that sucker as ideal as possible. That will be a recurring theme.
Update Calls will also cover the financial aspect of franchise ownership. Most people like to make money (duh) – and at the very least, make the same amount that they were taking home in the corporate world. Not to mention the added benefits like long-term growth, scalability, and wealth and equity that you can build over time. We need to have an understanding of what people want, the timeline for their financial aspirations and their long-term goals. Plus, we will talk about the funding side of the process.
By the way, if you pull up our Franchising 101 Podcast, there are podcasts specifically dedicated to all of these topics. More of a reader than a listener? We also have articles dedicated to each of them on our Franchising News website!
Why Are Update Calls Important?
These Update Calls are crucial because we are going to help you process and retain this information as it comes up. For example, let’s look at Validation Calls, which are when you first start talking to owners. They are a huge aspect of the vetting process. You will want to understand what to ask and how to ask it, how to piece together the financials, and sometimes even how to read between the lines.
We will also discuss the final piece of the Discovery Process: the aptly named Discovery Day. At that point, you will get to meet the franchisor’s entire team from top to bottom, every last person that is going to be there to support you as a franchise owner. And hopefully, after that, you will be awarded the franchise.
When Will Update Calls Happen?
Our Update Calls tend to happen every round. Think of it like this: We pair you with three franchisors, you talk to all of them once, then we will have an Update Call. We will go through what you learned – and there will be a lot.
Sometimes, Update Calls will just be about helping you keep the information straight. We can’t stress this enough: There is a lot of information, and it comes at you fast. Update Calls can ensure that you have an understanding of what you have learned, help explore your thoughts behind it, and make sure you are basing your takeaways on accurate, correct information.
People like to use the phrase “I have a concern about X, Y, and Z.” Almost every single time, the word “concern” really just means that you need more information. For example, let’s say that you are concerned about the labor model at a particular franchise. That is not necessarily a problem; it just means we need more information. We will help you figure out when the appropriate times in the process to get that information, who to get it from, and how to ask the right questions.
So every single time you go through a round of calls with the franchisors, we will talk. We will also talk about when it is appropriate to kick one of the franchisors to the curb (politely, of course). We don’t want it to happen too soon or for the wrong reasons – nor do we want people to let one hang on for too long.
Update Calls also allow us to constantly evaluate your compatibility with the franchisors you are paired with based on your feedback. We want to make sure we are on the right track. It is possible that, based on the information that you learned, you will reformulate some thoughts, meaning that we need to pivot to another franchise, perhaps one that we didn’t start with.
Out of the three or four that we start with, one of those almost always ends up being the right match. But there are times when we reevaluate and figure out that we may need to be looking somewhere different. As they say, “You don’t know what you don’t know.”
The Final Steps
As we go through the process, we will make sure you are asking all the right questions, taking all the right steps, and talking to all the right people. In short, we are going to make sure absolutely nothing is missed.
The goal at the very end, when you get all the way through Discovery Day and have been awarded the franchise, is that you will not even be making a decision. The choice is going to be so crystal clear that you are just going to go “Yes, this is it.” Anything less than that level of clarity means that franchise is a “No.”
You don’t want to start a “maybe” business any more than you want to marry a “maybe” person. Those are not things worth a “maybe.” And that, again, is where the Update Calls come in. We might talk 10 or even 12 times, sometimes more, throughout this. We are going to talk as much as needed.
That is what we are here for: helping you navigate this process and coaching you through it. We want to make sure it is the right path for you, and if it is, we are dedicated to finding you that perfect match.
When we talk about the Update Calls, that is what they are, when they are, and why we have them – and that’s why our clients work with us. That is why our clients have the success that they do in finding the perfect match and owning a successful franchise.
So Who Are We Anyway?
FranCoach is a national search firm dedicated to working with individuals who are interested in owning a franchise. We've partnered with over 600 of the top franchisors in the country, spanning nearly 70 industries.
Our number one goal with our clients is to help them find the absolute best franchise for them to own. Our goal with our Franchising 101 podcast series and this series of informational articles is to help educate people on all aspects of franchise ownership.
Reach out to us to learn more about potentially becoming a franchise owner. There’s never any fee for our service, so why not take the first step today toward your better tomorrow?