Too often in franchising, the decision to purchase a franchise can be made in haste, without the prospective buyer doing enough due diligence to really understand if the franchise is the right fit for them, and vice-versa.
Rhino7, on the other hand, takes every franchisee candidate through an extensive investigation process that culminates in a Discovery Day, before any final decisions are made by the prospect– or the franchisor.
Purpose of a Discovery Day
Discovery Days are commonplace in the franchising industry, and are intended to assist both the franchisor and franchisee candidates during the franchise purchasing process. It is the last phase of the decision-making process, where both the franchisor and the candidate determine if they want to do business together. These meetings can be done individually, in groups, or virtually, depending on schedules. When held in person, they usually take place at or near the franchisor’s corporate offices or corporate franchise location. But long before a Discovery Day takes place for one of Rhino7’s franchise candidates, there is an extensive investigation process that lays out all of the franchise information the prospect needs to make a clear decision.
When a potential candidate is interested in purchasing a franchise, Rhino7 shepherds them through a lengthy and highly detailed process to make sure they know exactly what they’re getting into from the start. The franchisor provides candidates with all necessary information so that the candidate can do their homework and understand everything the business entails. The vast amount of information can leave franchisee candidates overwhelmed but with Rhino7’s help, the investigation process leading up to a Discovery Day is much simpler for the franchisor and franchisee candidates.
Rhino7 Works with the Franchisee Candidate
Throughout the investigation process, which typically takes at least a month or two, Rhino7 meets with the franchisee candidate on a weekly basis, shepherding them through a very thorough explanation of the franchise operations. The process ensures the candidate is completely prepared for the eventual meeting with the franchisor at Discovery Day and has the information needed to make a confident purchasing decision. Rhino7 breaks all of the information down and provides it to the candidates in a methodical, logical manner. This step-by-step process gives the candidate plenty of opportunity to ask questions and alleviates the feeling of being overwhelmed from all of the information being given at once.
It is important that candidates also talk with existing franchisees, to get an additional perspective of the franchise and business ownership. The process through which a franchisee talks to a prospect about the business is called validation. If the franchisee has an overall positive report for the prospect, the sale is more likely to happen. Conversely, if the report is negative the prospect may choose not to go through with the purchase. Rhino7 works diligently to make sure all prospects are given every possible opportunity to learn as much as possible about the franchise system and business opportunity, so they can make an educated and informed decision. An informed buyer is one who is likely to be successful, and likely to positively validate for other prospective candidates in the future.
A Good Discovery Day
The Discovery Day takes place after a franchisee candidate has done their research and homework throughout the investigation process. This is where the candidate meets the franchisor to discuss the fine details of operating a franchise. A successful Discovery Day is achieved with organization, preparation, and a defined schedule. The entirety of the franchise business model is broken down into different sections that reiterate and reinforce what the prospect was given during the investigation process. This is an opportunity for the franchisor and the franchisee to have a more personal conversation and make sure the candidate has all of the business information needed to make a whole-hearted decision.