You’ve worked hard to build your business from the ground up and to curate a brand that resonates with consumers. Now, you’re ready to expand your company into a franchise, but you aren’t sure you want to scout for potential franchisees by yourself. Fortunately, business owners can work with experienced brokers to handle this task. So it is essential to choose one that can offer the franchise development services you need. But what are the qualities of a good franchise broker? Consider the following.
Franchise brokers are independent professionals who act as a liaison between a franchise parent company and potential franchisees. They thoroughly research opportunities in a particular area (geographic or industry). They evaluate the parent company, assessing its track record and the likelihood of future success, before deciding whether to recommend it to aspiring franchisees.
The broker is also responsible for carefully analyzing the unique needs and preferences of the candidate to determine which concept or concepts might be the best fit. Since franchise businesses can be found in practically any industry (from retail to restaurant to senior care services), one of the most important qualities to look for in a franchise broker is deep industry knowledge and experience. If you want to expand your home maintenance brand into a franchise, for example, you’ll need to educate the broker on the ins and outs of your industry. That allows you to move forward confidently, trusting that the broker can connect your brand to qualified franchisees best positioned for success.
When you present your brand to a franchise broker, you do so with the hope that they can connect it to candidates who can build a successful franchise location. Therefore, it makes sense to look for a broker with a healthy network of potential candidates who are ready to invest funds into a brand and who have the professional experience required (if applicable) to make it successful.
Just as the franchise broker will evaluate your brand to assess its past success and likelihood of future success, you want to work with a franchise broker with a solid track record. It’s always a good idea to ask the broker group about the brands they’ve worked with and how many successful connections they have made. Remember that in most cases, a franchise broker only receives compensation when a successful placement is made.
You’ve spent considerable time and resources growing your business to the point you can consider expanding it into a franchise. Now, when you’re ready to grow your franchise, you’ll want to work with a broker who is transparent, ethical, and trustworthy.
When you partner with the experienced professionals at Pinnacle Franchise Development, there is no need to worry about finding the right franchise broker for your brand. Over the years, we’ve carefully curated our network of franchise brokers whom we and our clients can trust to bring in qualified franchisee candidates. Contact us today to learn more about our franchise development services.
Lory Meyerson Featured on Just Jania Podcast