The Success of Your Franchise Due Diligence Process Depends On THIS.

Kim Daly Coach's Corner, Vlog

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It takes a certain cadence to proper due diligence that is absolutely critical to its success. People are reluctant to the franchise consultant’s lead and end do things their way. A Franchise Consultant knows that stopping and starting—like taking a few weeks off to go do your own due diligence on the internet—does not work.

Successful franchise investigation is led by the franchisor. The franchisor has a process, where one step is completed each week, each involving four to six steps for proper due diligence. Therefore, the timeframe to complete your due diligence is about one to two months. Each call leads to the next call, which leads to the next call, which sets up the next step, which ultimately culminates in the Discovery Day event. Candidates who take the Franchise Consultant’s hand and follows their lead gain the most success. We will help you feel competent in your due diligence, and therefore, confident in your final answer in about six weeks.

Once in a while, people avoid following the lead. The person who goes rogue stops and starts. One out of fifty will actually go on to become a business owner and surprise not only the franchisor but really surprise the Franchise Consultant. Most of the time, the candidates unwilling to follow the lead during this process don’t go on to become business owners. Perhaps it’s because they’re not ready, the fear overwhelms them, or they’re too entrepreneurial. They want to go out and reinvent the process.

Candidates need to execute certain things to feel competent that they can make a good decision. There are certain things that candidates think they need to do, but a good consultant will say otherwise. To know what those things are, have a one-on-one conversation with your Franchise Consultant.

Strong franchisors are looking for decision-makers. They’ve established a process for you to follow that will take you one to two months. The consultant’s job is to mirror their process and teach you what to expect, taking you from week to week, leading down this path, and culminating in that Discovery Day event—Decision Day.

Stopping and starting does not work. Not following the franchisor’s lead in your due diligence does not work. Working with the franchisor that doesn’t have a process does not work. It’s really important that we follow the process. We follow the lead of the franchisor. If I’m your consultant, you follow my lead because I’m going to be mirroring what the franchisor expects of you, that we do this due diligence together, that we overcome obstacles, that we push through points where the fear or the anxiety can start to feel overwhelming.

You cannot change your life standing still. You can’t complete all the due diligence of exploring a franchise and then go sit on that decision for two or three weeks and think that you’re going to come back with a yes. Most of the time, when the franchisor is looking for a decision, and you get to a point where you’re done with the due diligence, but you can’t make the decision, we know that the decision is a no. And that’s why franchisors will take that decision away from you. And sometimes candidates think the Franchise Consultant does not have their best interest at heart, when, in fact, it’s the exact opposite. With owning a business, we know that you’re going to have to make decisions every single day without having all the facts. Many times, fast-growing franchise brands will have multiple candidates who want the same territory. If you’re working with a consultant like me, you may be lucky enough that you’ll be first in line just because the franchisor wants to appease Kim Daly! But if you pass on that opportunity because you need some time beyond Discovery Day or beyond the timeframe that everybody’s committed to, the franchisor may have a candidate ready to move forward now. At the end of the day, they’re in a business, and their job is to sell franchises and get these things open.

The best defense against that happening is a strong offense is to work with a consultant who understands how to create the momentum in the process that you need to change your life. Momentum that can help empower you when you’re overwhelmed with fear or anxiety, momentum that you need to create to go from one step to the next step to the next step, ultimately culminating to a powerful position where you are ready to say yes to your dream.

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