What is a franchise discovery day?
Well just this is a meeting between a franchisor as well as an expected franchisee. Some franchise discovery days run as a one to one, others are a group presentation of the business and it’s services and products.
Franchise discovery days are great for both potential franchisee and the franchisor. The franchisor gets to learn a lot more regarding the potential franchisee including abilities more information on their qualifications and the things they are seeking from a franchise opportunity. The potential franchisee gets to see the business first hand and go via a long listing of important questions included in their due diligence process.
A well run Franchise Discovery Day that is accurately will not get any pressure on an expected franchisee to buy or make any commitment, it’s simply a mutual exploratory to see if both parties are suited to worked collectively so if so additional dialogues can occur.
Franchise Discovery Day Checklist
Before you attend a Franchise Discovery Day be prepared, make a list of all the questions you wish to have answered by the franchisor including the investment level, information about the success of existing franchisee’s, financial information and the important terms of the franchise agreement including areas such as;
Length of the franchise agreement
Franchise agreement rights for renewal
Franchise resale rights
Franchise territory exclusivity
Remember a good franchise will not pressure you on the day, take your time, ask the right questions and go away to consider if the franchise and business is right for you.