Archive for the 'Buying A Franchise' Category

Buy A Franchise Unlimited – Trends for 2015 Pt 6

January 4th, 2015

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Golden era movie star Lana Turner was discovered sitting at a soda fountain wearing a tight sweater, and sipping a Coke. The modern-day version of the “it girl” is multi-unit franchisees, and it doesn’t matter how they fill out a sweater. Ask franchisors who they’re interested in attracting as franchisees and the answer you’re most likely to hear is experienced operators. Not that long ago, franchisors didn’t want experience outside their own concept. Most were opposed to their franchisees dabbling in other concepts, because they wanted to be the No. 1 priority, with no other suitors on the horizon. Now, thanks to the economy, smart and well-financed franchisees are spreading their risk over multiple concepts. According to our sister publication, the Restaurant Finance Monitor, out of the top 10 franchisees on the Monitor 200’s list of the largest restaurant franchisees, eight have multiple concepts. This group’s popularity is also the reason Franchise Times rebranded and retargeted its SuperBook of Franchise Opportunities to Book of Brands: Opportunities for experienced operators. Everyone wants to buy them a drink.

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Buy A Franchise Unlimited – Trends for 2015 Pt 5

January 3rd, 2015

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“2015 is going to be a breakout year. We’re doing what we’ve always done—on steroids.” A comment like that could be considered puffery if not delivered by Ron Feldman, a finance guy who is now unlocking the information vault at FRANdata and letting the treasure trove stored there out for public consumption. Feldman didn’t quit his day job; he just gave up his CEO title to move to principal and chief brand strategist for Franchise American Finance. At his second job, he is charged with getting the word out on the vast capabilities of FRANdata, a research firm based in Virginia that runs both the SBA Franchise Registry and bank credit reports for franchisors. As the collector of all franchise disclosure documents, FRANdata can slice and dice the information in a variety of ways, including best practices, benchmarking, loan default info and international trends. “Darrell is a banker, an economist,” Feldman says about Darrell Johnson, FRANdata’s CEO. “I’m a builder.” In that role, Feldman will work to push the FRANdata brand out to both established and emerging franchisors who can use the research to grow their systems, learn best practices from good systems’ track records and mistakes to avoid from less-than-stellar brands. “The information has always been out there, it’s just never been preached,” Feldman says. “I’m the preacher.”

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Buy A Franchise Unlimited – Trends for 2015 Pt 4

January 3rd, 2015

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Growth has been the buzzword in franchising since, well, forever. But growing a system sensibly, so the existing franchisees and the new franchisees all benefit, not to mention the franchisor, is no cakewalk. Until now: Starting in this issue, Franchise Times will follow three young franchisors down the pipeline as they gear up to increase unit counts. This is perfect reading for C-level executives who can learn from the experts—from real estate to training to marketing—without spending a dime. Each month we’ll cover growth from a different angle. And by the end of the year, you’ll have a growth plan thanks to our experts and our three gutsy franchisors who have shown the way. But just like reality TV, you never know what twists and turns are on tap.

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Buy A Franchise Unlimited – Trends for 2015 Pt 3

January 2nd, 2015

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Gary Findley was instrumental at Curves, the women-only fitness chain he helped build to 8,000 centers before leaving. Now he’s plying the same skills to start again, leading the Australian-based EnVie Fitness for Women’s push into the United States. He’s COO and has two stores open here so far, in Dallas and Phoenix, and grand plans for 100 by 2017. “I look up to him as a leader in the franchise industry,” says Liberty Harper, director of operations at EnVie U.S., who’s excited “to work with someone who’s built something to 8,000 locations, and left at the highest of the highest.”

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Buy A Franchise Unlimited – Trend Setters for 2015 Pt 2

January 2nd, 2015

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The teeth-gnashing is over, and now it’s time for restaurants to include calorie counts on their menu items, by November 2015. That means in just 11 months, we can no longer pretend the Fritos sprinkled on the pizza don’t add calories because there’s so much space between each chip, or the pumpkin pie must be low calorie because pumpkin is a vegetable. Although the calorie-labeling rules were long delayed as players argued over who and what would be exempt, the Food and Drug Administration finally announced last November the requirement for establishments that sell prepared foods and have 20 or more locations to post the calorie content of food “clearly and conspicuously” on their menus, menu boards and displays.

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Buy A Franchise Unlimited – Trend Setters for 2015 Pt 1

January 1st, 2015

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FranConnect starts the year with a bang, by acquiring Process Peak and attracting Serent Capital as a new equity investor. FranConnect picks up about 150 franchise brands as clients to add to its 600, lengthening its lead as a provider of franchise management software. The Reston, Virginia-based firm also picks up a West Coast office, Process Peak headquarters in Carlsbad, California. But more important is the professional services model that Process Peak pursued to differentiate itself from its larger competitor—real, live people who are deployed to help clients get the most out of the tech tools they buy. “Franchisors that ignore technology do it at their own peril. Companies that have come out of nowhere and become leaders have always adopted technology in a very serious way,” says Amit Pamecha, CEO and founder of FranConnect. He started the company in 2003, and notes how technology has changed. Back then, the focus was websites and intranets, and both are still critical, he believes. But now marketing is at the top of the list, especially at the micro-level. “There has been a blind spot in which franchisors typically have a really good handle on the marketing they do on behalf of the franchisee, but has very limited visibility into what the franchisee is doing on their own behalf,” adds Keith Gerson, president of global operations for FranConnect. The new FranConnect “will provide us the ability to keep the franchisee focused on the local market.” At least one competitor, Stan Friedman, president of FRM Solutions, believes the Serent Capital investment “places a spotlight on this market segment and its viability,” just as Buffalo Wild Wings lent a halo effect to the chicken wing industry when it went public. And he hints FRM, like other competitors, will be ready to swoop in if customers don’t like the change.

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Buy a Franchise Unlimited – Seattle’s Best Coffee

December 24th, 2014

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Business and Description: The franchisor is Seattle’s Best Coffee (SBC), a subsidiary of Starbucks Corporation. SBC franchises retail cafes and kiosks specializing in the sale of proprietary Seattle’s Best Coffee brand coffee beverages and related products. SBC also sells coffee and related specialty products at wholesale and by mail order.

Franchise Offer: The franchises offered are retail cafes, kiosks and drive-thrus to be operated under the franchisor’s business and operating procedures. SBC Cafes are typically located in central business districts, office buildings, urban/residential “store-front” locations, specialty shopping centers, colleges and universities, and major transportation hubs such as highway travel plazas, major airports, train stations and ferry terminals. SBC Kiosks are typically located in malls, office buildings or other alternative locations experiencing high pedestrian traffic. SBC Drive-thrus are typically located on high vehicle traffic corridors that can also leverage multiple business generators such as retail districts-large corporate facilities, institutions (i.e. school campus. federal /state/city buildings, hospitals and tourist attractions.

Financial Assistance: SBC does not offer direct or indirect financing nor does it guaranty the franchisee’s notes, leases or other obligations.

Training and Assistance: The franchisee (or an operations manager or other representative designated by the franchisee and approved by the franchisor) must successfully complete the required Franchise Business Management Training Program at least 15 weeks prior to the opening of the franchisee’s first SBC Unit. Each person who successfully completes this program will be designated as an “SBC Certified Franchise Business Manager.” The Franchise Business Management Training Program consists of learning experiences conducted in an SBC Certified Training Café. This is typically conducted at corporate headquarters and SBC Certified Training Cafes in Seattle, Washington, or other locations as the franchisor may designate. At least one management employee for each SBC Unit developed must successfully complete the required SBC Advanced Cafe Training (ACT) program prior to the opening of an SBC Unit. Each person who successfully completes the ACT Program will be designated as an “SBC Certified Manager.” Also, for each SBC Unit, a management employee and six or more other employees must complete the Barista Basics Training program (Barista Basics) prior to opening the franchisee’s first SBC Unit. SBC may periodically conduct an annual conference, convention or training session, and if it does, it will determine its duration, curriculum and location. The franchise (or an Operations Manager designated by the franchisee) and the managers of each SBC Unit must attend each annual conference, convention or additional training session.

Territory: The franchisee may only operate the SBC Unit from or at the location the franchisor has accepted and may not relocate the SBC Unit without prior written consent, which SBC is not obligated to grant. The franchisee will not receive an exclusive territory. The franchisee may face competition from other franchisees, from outlets owned by SBC, or from other channels of distribution or competitive brands SBC controls.

Term of Agreement and Renewal: The length of the initial franchise term is 10 years from the date of commencement of operation of the SBC Unit. There is one renewal term of 10 years available for each SBC Unit.

Obligations and Restrictions: The SBC Unit must at all times be under the direct on-premises supervision of the franchisee or another SBC Certified Manager whom the franchisee designates to have primary responsibility for its operation. The franchisee must maintain the required number of ACT program certified managers on staff. The franchisee may offer for sale only products and menu items that meet the franchisor’s standards and that have been approved in writing. The franchisee also must offer for sale all menu items that the franchisor specifies in the Manual or otherwise in writing.

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Wingstop Franchise Comes to Bellevue, Washington

October 16th, 2012

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Seattle wing fanatics score first Wingstop location; now open at 14875 Main Street in Bellevue, Wash.

Wingstop, the award-winning wing chain with 520+ restaurants, has opened its first Seattle-area location at 14875 Main Street in Bellevue, Wash.

“We’re excited to introduce Seattle to the Wingstop experience,” said general manager Greg Southern, II. “As the wing experts we’re committed to serving fresh, made-to-order chicken wings, and Bellevue is the perfect spot for fans to get the first taste of our signature flavors and sides.”

As the first Wingstop in Seattle-Tacoma, the Bellevue location is the first of several Wingstop restaurants planned over the next few years.

Raised in Seattle, Southern relocated to Los Angeles where he worked in Wingstop restaurants and was integral in developing the Southern California market, which today has more than 60 locations. About a year-and-a-half ago, he decided the time was right to move back to Seattle and develop the concept in his hometown.

“Wingstop has been a big part of my life and I’m passionate about developing the concept in Seattle,” added Southern. “There’s nothing else like it in the area and I know that wing fans are really going to love it.”

Wingstop of Bellevue will celebrate its grand opening Friday, Nov. 9 – Sunday, Nov. 11 with a community event weekend, including a wing sampling day, radio remote and Atomic Wing Challenge eating contest.

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What the Most Successful Franchisees Do Before Breakfast

June 16th, 2012

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What a great article posted by the Fast Company.  All Franchisees take not.  A bite at a time is how to eat an elephant.  See below:

Mornings are a great time for getting things done. You’re less likely to be interrupted than you are later in the day. Your supply of willpower is fresh after a good night’s sleep. That makes it possible to turn personal priorities like exercise or strategic thinking into reality.

But if you’ve got big goals–and a chaotic a.m. schedule–how can you make over your mornings to make these goals happen?

Because I write about time management frequently, I’ve gotten to see hundreds of calendars and schedules over the years. From studying people’s morning habits, I’ve learned that getting the most out of this time is a five-part process. Follow these steps, though, and you’re on your way to building morning habits that stick.

Fore more on this article from Fast Company Click Here.

 

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Franchising Creates Jobs, Opportunity and Business Growth.

May 19th, 2012

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Howmany places do you shop at, utilize services from, do business with or purchase
products from that are franchised businesses?  Our guess is that
franchising plays a major part in your life and that you have spent more time
in franchises than you even realize.
You probably pumped gas or had your car taken care of at a franchise recently
(BP, Chevron, Shell, Midas, Jiffy Lube, etc)
You’ve definitely eaten at a franchise recently (McDonald’s, Chick Fil-A,
Subway, Quizno’s, Edible Arrangements)

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You probably stayed at a franchise recently (Hampton Inn, Marriott, Hilton,
Wyndham, Red Roof Inn)

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You probably have used franchised services recently (Liberty Tax, ServPro,
H&R Block, Century 21, Jani-King)

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Most Franchises are groups of companies that you probably have never heard of
that have 50-100 locations and may have utilized their services.

Franchising is a business model used in more than 70 industries that generates more than
estimated $1.5 trillion in U.S. sales annually.  Franchised businesses
operated 1 million establishments in the United States through 2011, counting
both establishments owned by franchisees and establishments owned by
franchisors.  There are over 4,000 franchisors in the U.S. – franchise
systems in the U.S. average opening 32 units in the first five years in
business.

Franchising Works for the Following Reasons:

Speed of Growth – Move quickly,
expand a business and a brand over large landscapes in short time
periods.  Franchise organizations have the capability of expanding by
hundreds of units in a single year if given the right concept and market
segment.

Management – Local franchisees provide caring
management team members who have skin in the game and are motivated to succeed.

Raising Capital – Franchising
allows a business to raise capital without giving up equity in the core
business.

Refinement of Systems – Franchising
perfects and refines systems used in a business model, when a business is
duplicated outside of the corporate operations, the systems, procedures and
operating methods are improved with each new unit.

Maximizing the Entrepreneur’s Skill Set – Many business
owners find themselves “Stuck in the kitchen” of their business – as
the founder of a company, franchising allows for complete utilization of your
skills and talents – you now “coach” as opposed to “work”
in the business.  Franchising allows for the entrepreneur to fully
leverage and take advantage of their unique and valuable skill set.

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