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CATEGORIES: Business, Franchising
Are you thinking about buying or selling a franchise? If you are relatively new to the franchising process, you might want to work with a franchise consultant who can give you the most objective perspective possible.
But what exactly is a franchise consultant? If you are a franchise owner or planning to become one, is hiring a franchise consultant really worth it? Many people say that working with a franchising expert makes it easier for you to develop an effective franchise management plan. But if you are confident about making a franchising decision or a plan on your own, why involve someone else?
To help you better understand why you should or should not work with a franchise consultant, Erik has invited Trent Halvorson, the Vice President of Franchisor Relations at FranChoice, a premier network of franchisee referral consultants in the United States. Since 2000, FranChoice consultants have helped over 50,000 people identify and investigate the perfect franchise for them.
As the VP of Franchisor Relations, Trent oversees the company's evaluation process to select new franchisors to work with FranChoice. He also works with existing franchisors to improve their overall results with FranChoice.
Join Erik and Trent as they discuss the benefits of working with a consultant, where to find an excellent consultant, and why you might want to work with FranChoice. Trent also shares his insights on the state of the economy and its impact on franchise sales, among others.
“I describe consultants to my friends and family as having a smart friend (with you) as you go out and learn something new.” - Trent Halvorson
In This Episode:
- How would you describe a consultant or consultant network?
- Is there any difference between a consultant and a broker?
- What criteria does Trent look at when evaluating a brand looking to work with FranChoice? What does he look for in a candidate's leadership team?
- When should someone call Trent or FranChoice?
- Why should franchise buyers use (or not use) consultants?
- How would you go about finding a good consultant?
- Who pays for the consultants' fees - the franchisor or the franchisee? And why would they be willing to pay for it?
- The benefits of using a consultant
- Trent shares his insight on where the economy and franchise sales are going
- How have industries changed? Where are interest rates headed?
- What makes a great franchise development person?
- Are you skeptical about the motives of some franchisors? Do you think they're just out to sell themselves?
- What are some of the biggest mistakes franchisors make?
- Nuggets of wisdom from Jeff Elgin, the owner of FranChoice
And more!
Resources:
- Learn more about Erik’s franchisee mastermind here - www.franchisetribe.com
- Learn more about Erik’s franchisor mastermind here - www.franchisortribe.com
- Learn more about Erik’s passive investing mastermind here - www.tribeofinvestors.com
- Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
- Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
- Franchise Secrets FB Group - https://web.facebook.com/groups/franchisesecretsfb
- Front Street Equity Partners - https://www.FrontStreetEP.com/
Connect with Trent Halvorson:
- Website
Connect with Erik Van Horn:
- Website
- YouTube
- Medium
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.
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