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
And so we had to solve that problem.
But as a new franchisor, and if I could find a technology for quick service restaurants or for pet grooming or whatever it was, and that technology existed on the marketplace and the vendor was very receptive to
to giving me back all of my franchisees' data as long as I committed
to make it mandatory in my franchise agreement that every franchisee signed up for that technology solution and capped the price, then I think you can have the best of both worlds without the huge upfront investment that investing in your own technology may have.
I think it really is probably the biggest difference between franchisors that make it beyond five years and those that don't.
are the selection of the franchisees because it only takes one bad franchisee and a $200,000, $300,000, $400,000 settlement to undo everything that a new franchisor has done.
Now, unfortunately, we've never had a litigation with any franchisee, but I think our selection criteria, J.D.
and I, because we're founders and we're both in the business and I knew I'd have to support them, we've had a no-jerk role
from the very beginning.
And so, you know, we really were diligent, even though we had two or three people who I would not want to support a year later write checks and be demanding about us taking it that we refused.
And it's so hard to do.
I understand that in the early stages of franchising in particular, it's hard to turn down a check when you're trying to grow.
But even with trying to do all the things right, you still potentially will make a mistake and get someone in as a franchisee that while not a jerk, won't follow your model.
And
I think for a new franchisor, even if you've only sold three or five or seven franchises, I think as early as possible, and I learned this from many franchisors that I had talked to, is as early as possible have a resale program that's robust and strong and resale agreements with brokers to be able to help franchises sell their business.
so that you can go to an underperforming franchisee or a difficult franchisee and steer them towards a different path.
This isn't working, but here we can help you exit.
And if there's not a resale program in place, just having them close their doors isn't good for the franchisor, nor is it good for the franchisee for recovering some of their investment.
Well, I think that if you've hired for culture throughout the franchise or organization, we all get up in the morning, we all go to bed at night thinking about helping our franchisees be successful.
And when you're
Showing 1341–1360 of 1,448 · page 68 of 73
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