CATEGORIES: Business, Franchising
CATEGORIES: Business, Franchising
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When you’re about to purchase a home, one of your primary considerations is location. The same consideration applies when you’re looking to buy a franchise. Whether opening a physical store or operating the franchise from within your home, your overall location can play a big part in your success. If you're looking for a new site or about to sign a lease, this episode provides valuable information you may not find anywhere else.
So join Erik and Jonathan as they talk about retail site selection, why master brokers may or may not be the best thing for franchisees and franchisors, the underwriting and approval process, how to present your brand to the real estate community, lease agreements and LOIs, how technology comes to play during site selection, and a whole lot more.
Jonathan Hill co-founded Morrow Hill, a company that offers premier corporate and franchise real estate strategies worldwide. He represents companies and brands of all sizes and oversees over eight million square feet of real estate Morrow Hill leases and acquires annually. He is an active board member of the Titus Center for Franchising at Palm Beach Atlantic University and mentors students in the Rinker Business School who focus on franchising.
Additionally, Jonathan is a dedicated advocate for the franchising world and meets with members of the House and Senate to protect and promote the franchise model. He enjoys coaching the local youth hockey team and spending time with his three children in his free time.
“If you are a franchisee or buying into a brand, some of the things that I'd be asking and look at, you know, “What does the real estate process look like? What kind of help do I have? How do you evaluate locations?” Obviously, you're asking the question on what locations have failed and not failed.” - Jonathan Hill
In This Episode:
- Who is Jonathan Hill, and what does he do?
- Where do franchisors and franchisees start with the site selection process?
- What is the benefit of the master broker model?
- How does Jonathan's model differ from the other models?
- What should buyers think about when it comes to real estate?
- Common mistakes franchisors and franchisees make in the site selection process
- What are some ways to get off a personal guarantee, and how much does it matter?
- Should the landlord provide tenant improvement allowance or do the build-out themselves and increase the rent?
- How can franchisors and franchisees present the brand to the real estate community? What areas should they focus on?
- How does Jonathan utilize technology to find real estate opportunities that are not yet in the market?
- How robust should LOIs (letter of intent) be?
- Let's talk about lease assignments
- Jonathan provides insights on what technology can help those involved in the franchising world
- Are there brands too small to work with Jonathan's company?
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Erik Van Horn is a franchising specialist, and expert in multi-unit, semi-absentee franchise business ownership. From entrepreneur to regional developer, and investor to consultant, Erik has worn many hats over the last two decades, which has provided him unique insight into complex aspects of the industry. If you're a franchisee, a franchisor, or one aspiring to be, subscribe to the Franchise Secrets channel and visit www.FranchiseSecrets.com for even more tactical and practical tools to help you buy, grow, and sell franchises like an expert.