Step 8 - Validation
Now you get to talk with other Franchise Owners in your chosen franchise. We recommend that you talk to as many as you need to to be comfortable. In general, this is done by talking with 1-3 franchisees or more. Talk to enough until you’ve validated everything you’ve learned up until this point. You are very close to the final step in your due diligence process.
Back to the five course meal analogy. This is the entree. It’s our favorite part. If talking to franchisors is like talking to Mom and Dad, then talking to fellow franchise owners is like talking to an older brother or sister. They are who you are about to be. They can talk about anything, including specifics on their revenue and earnings. So ask them lots of questions and put those responses into context to process based on your own perspective.
Franchise Coach:
Chris Hale
Franchise Coach:
Chris Hale
What You’ll Gain
- Validation for what you’ve learned up to this point
- Additional perspective from fellow franchisees
- Learn from their experiences
Required Tasks to Complete
Set up calls with franchisees within the franchise concept you are pursuing. Talk to enough until you’ve validated everything you’ve learned up until this point.
The questions below are some basic questions you’ll want to ask to gain additional perspective and validate all the information you’ve gained to this point.
We’ve also provided these questions in your Franchise Organizer. Click on the Step 8 tab along the bottom to access and takes notes.
Questions to Ask Franchisees
Take the time to write notes on each franchisee call in the notes area under each question. Mention the franchisee before answering the question. When you are finished taking notes on a franchise, click the save button and the note will be saved below the form. You will then be able to start a new note for the next franchisee call.
* For the best experience when taking notes, we recommend doing so while you are on a laptop or desktop computer.
- Next Step - Discovery Day
This is an exciting time where you’ll be given the opportunity to meet either virtually or in person with members of the Franchisor team. You’ll meet with the senior executives about the vision and hear from the training, marketing and support staff to understand how they support your opening and ongoing operations. The vast majority of those who attend Discovery Day end up becoming a franchisee.
Validation
- Speak with other franchise owners in your chosen franchise
- Recommended to talk to enough until comfortable, typically 1-3 or more
- Confirm understanding before finalizing due diligence process
Goal
Validate all the information you’ve received from the franchisor through franchisees.
Step Completion
Take Notes from Your Franchisee Discussions
When you are finished taking notes on a franchise, click the save button and the note will be saved below the form. You will then be able to start a new note for the next franchise opportunity.
* For the best experience when taking notes, we recommend using a laptop or desktop computer.
- Next Step
Tasks to Complete
Track your progress by click the “Check Mark” as you complete each task.
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Task 1
Make Calls to franchisees in your franchise concept
Talk to enough until you’ve validated everything you’ve learned up until this point.
Tasks to Complete
Franchise Glossary
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