Wondering if a franchise broker is a worthwhile investment? In this interview, Carmen Chavez de Hesse, franchise expert, describes what brokers do, how they can help, and whether or not you really need one during the sales process.
Some of the items Carmen hits on are:
The role of a franchise broker (0:15)
Brokers as recruiters (0:54)
Advantages of working with a broker (1:19)
Do you really need a broker? (1:36)
When is it a good time for you to use a franchise broker? A franchise broker, also known as a franchise consultant, is somebody that’s very well versed in franchising and, in many instances, is working with multiple brands in the franchise industry.
A Franchise Broker Can Help From the Beginning
If you’re just starting out your discovery process and you know you want to own a franchise, but you’re not even sure if you want to be in the pet industry - maybe you’re open to a spa or fitness or a restaurant - a franchise broker can definitely help you try to assess which offering might be the most suitable to you.
Like I said, they’re going to be very versed in franchising and in many instances working with multiple brands.
Brokers as Recruiters
Sometimes, you may think of a franchise broker almost like a recruiter. They are going to try to prepare you for the prospective franchisor’s sales process, they will try to coach and walk you through the process.
You do want to be leery if it’s too hard of a sales tactic because at the end of the day, it has to be the right fit for you.
Benefits of Using a Broker
There are so many benefits to having a franchise broker on your team. They will not actually close the sale, they will help you through the process. They will be on the phone calls with you and the franchisor. Ultimately, though, the franchisor does have final say on whether or not you will be awarded a franchise.
Do You Need to Use a Broker?
Do you have to use a franchise broker or not? Actually, you don’t need to with all of the wealth of information on the internet. You can do a lot of your homework and your due diligence on the internet. But, you might not want to be called 10 times a day by 15 different brands just because you filled out an opportunity form or a lead generation form on a website. You really want to make sure that the brands you’re looking at are ones you’re really going to be interested in.
So, you can do it all on your own and you’d definitely be able to find the information online, but just make sure that you’re only seeking more information about the brands that you feel are really going to excite you.