Shelly Sun
speaker
1,448 appearances
6 recordings
1 series
first heard Nov 2011
last heard Nov 2015
Shelly Sun’s voice in public audio — every appearance, attributed to the second.
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Appearances
Regardless of whether it was our failure or their failure to follow the model or use the model, it still is very hard on the employees to n to know that they lost one, that they were rooting for and supporting.
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And so I think there's a lot of hidden costs that go with having a franchisee fail that uh are really important to think about all of those costs.
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So when you think about a you know, thirty thousand dollar franchise fee compared to the hundreds and hundreds of thousands of dollars of lost morale and lost resources and opportunity cost of, you know, putting those resources elsewhere, um, I I think it helps set things in perspective to make sure you're not making bad short term decisions that really dramatically um
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d um cause your long term potential to to be hampered.
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Well, I mean just thinking about even just a chapter that you just referenced, I mean because I think that the success of a franchise system is all about the franchisees that that are in the system.
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And so I think one thing that took us a little while to figure out, but that that really serves us well today is building that franchise sales process to validate that your candidate will follow a system.
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So at each stage of our sales process, we actually give homework
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And so if they won't follow the homework and do what we're asking them to do before they write a check, they likely won't do so after they write a check and become a franchisee.
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So it really becomes a great way for us to add one more layer to a good interview of a franchise candidate to make sure they're gonna be a good cultural fit and ultimately have an opportunity to be successful.
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any franchisee who won't follow the model, A I don't know why they become a franchisee in the first place, but it happens.
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To be able to have a way to spot check their ability to follow directions and follow the system and listen is important, I think, before they ever become your franchisee.
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And then I think for a franchise or that really wants to succeed long term is really understanding how they make money.
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I I I'm always amazed at when I go to a conference and they ask about, you know, how what's the number one way that franchise ours make money?
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And, you know, ninety percent of the of the hands go up in the room and they're all yelling, franchise fees, franchise fees.
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And really the right answer, which it always gets to that, is it's about royalties and and that recurring revenue stream.
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Well
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the initial franchise fee you can get just for showing up and just signing an agreement to get the royalties and have those grow mean you have to be all about helping franchisees be successful.
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And I think the franchise ours that invest and think about how do they maximize royalties, which means maximizing the revenues that their franchisees are able to drive
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are really those that are the most successful and those that focus on increasing franchise fees by just getting people through the door are the ones that we uh are probably in that seventy five percent uh failure rate that you quoted.
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Um, I think that both franchisor and franchisee need to be entrepreneurial enough to be willing to take a risk.
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Showing 1061–1080 of 1,448 · page 54 of 73
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