Who Says You Have to Walk Away to Own a Franchise?

Often, when I first speak with a candidate exploring business ownership, they come to the table
with an assumption that they’ll be giving up their legacy career/role in order to shift into
franchise ownership. While this may be preferred path for some, it is not the only way to move
into owning a franchise. In fact, for some candidates, it’s just too extreme and beyond their risk
appetite. Also, some aspiring business owners want to diversify their income streams, rather
than trade one for another.

Fortunately, the franchise model has an alternative path that candidates can consider – we
refer to it as the Owner/Executive model. It is one where the owner (franchisee) is “managing
the Manager”, and where they come to rely on a General Manager that they select to lead the
team full-time and to direct the day-to-day activities of serving clients and growing the
business.

Most franchisors (the sponsor of the brand) will support this model through a suite of
technology that is mobile and real-time, so the local franchisee owner can keep a pulse on the
performance of their business through key metrics at all times. This dashboard then becomes
one of the owner’s greatest tools for their interactions and management of the General
Manager.

When asked, many franchisors will describe the time commitment required in this model to be
a fraction of what it would require as a full-time Owner/Operator. I might hear
Owner/Executive franchisees describe their time commitment as 10-20 hours per week, once a
daily rhythm has been established in the local franchise. It’s often more in the early months, as
you’d expect with any start-up, which is to the owner’s benefit in truly getting their arms
around the operation of their new business. This will only make the owner a stronger partner to
that General Manager.
To learn more about franchise business ownership and how I help my candidates explore their
possibilities, please send me an email at jmceleney@frannet.com so we can arrange time to
speak further. My consultation services carry no cost or obligation to you.

Oct 14, 2022