We Sell Restaurants recently hosted 4 candidates at our latest Business Broker Franchise Discovery Day. These potential franchisees passed through an application process, a founder's phone call, and conducted validation (interviews with current franchisees), before attending the Discovery Day held at our company headquarters.
This event is the final step before they receive a formal invitation to join the brand. What exactly is a Discovery Day for those acquiring a business broker franchise specializing in restaurants? Read on the learn more about this event and some of the things a candidate can expect to see.
While there is no one source accredited to inventing this concept, the franchise Discovery Day has become an integral part of the franchise process. A typical Business Broker Franchise Discovery Day will include an opportunity to meet the founders in person, learn about company culture, and interact with the team on operations, marketing, and the company history.
Discovery Days vary from brand to brand, but the fundamentals generally remain the same. Here are 3 things to expect at a Business Broker Franchise Discovery Day.
State of the Business Broker Franchise
By the time you reach the Discovery Day step in the process of buying a franchise, you will have at least a basic idea of the company and will have received the full Franchise Disclosure Document or FDD. This includes any financial representations made in Item 19 of the FDD. Moreover, you have already been in contact with the franchise development team, and the executive leadership team. At Discovery Day, candidates will get a detail look at the Operations, Marketing, and Brand Performance. A candidate can also expect to hear the unique selling proposition or the “secret sauce” that makes this brand special.
This portion of Discovery Day will tell you, the candidate, how the brand will support you as a franchisee and help you succeed in your market. One of the great benefits of buying a franchise is the corporate support a franchisee receives in terms of lead generation, marketing, operations, training, and more.
The Business Broker Franchise Culture
What is a Business Broker Franchise Culture? According to Seth Lederman of the Forbes Business Council, "Company culture is the way a franchise works - Its process, behavior, and language"(Company Culture Matters When Buying a Franchise). Discovery Day is your glimpse into the reality of the company culture.
As a franchise candidate, you attend Discovery Day as one of the final steps before signing the Franchise Agreement and buying the franchise. It is your opportunity to see if the brand will be a good fit for your lifestyle. Every business broker franchise has its own unique culture. When you attend a Discovery Day, you will want to pay attention to details like the core values, mission statement, team dynamic, leadership structure, and organizational alignment, all of which provide hints to the company culture. Additionally, you will see how leadership interacts with other employees, how team members engage with each other and with the brand, and the overall social atmosphere of the company.
This is also a great place to pay attention to how the company presents its culture. By this point, you have already interviewed with current franchisees, or seen testimonials from the brand. Do the experiences of franchisees align with the culture that the brand presents on Discovery Day? Ideally, you will find that the business broker franchise culture is consistent across the board.
Another important part of learning about the Business Broker Franchise Culture is determining if it is a culture that you agree with and will fit into. The franchisor, likewise, is looking to see if you will be a good fit in their brand. A good culture fit is directly connected to higher job satisfaction and better market performance (Company Culture Matters When Buying a Franchise).
One-on-One Sessions with the Business Broker Franchise Leadership
At the conclusion of the day, there will be time for one-on-one sessions with the Business Broker Franchise leadership. A one-on-one session may also be referred to as the Q&A session. Either way, this session takes place at the conclusion of Discovery Day. This is your chance, as the candidate, to ask your questions in a private meeting with the executive leadership team. You can also expect this to be your last step before receiving a decision from the brand regarding your invitation to buy the franchise.
Buying a franchise is an important decision that requires time and consideration. You want to make sure that you are making the best investment for your career goals. Discovery Day is an excellent opportunity for franchise candidates to see the brand in action in order to make the most appropriate decision for their career goals. If you are attending a Business Broker Franchise Discovery Day, these are just a few of the basics you can expect to see.
We Sell Restaurants is accepting applications for our specialized Business Broker Franchise for Restaurants. If you have an entrepreneurial spirit and a love for the restaurant industry, we invite you to learn more about this unique opportunity.
Robin Gagnon, Certified Restaurant Broker®, MBA, CBI, CFE is the co-founder of We Sell Restaurants and industry expert in restaurant sales and valuation. Named by Nation’s Restaurant News as one of the “Most Influential Suppliers and Vendors” to the restaurant industry, her articles and expertise appear nationwide in QSR Magazine, Franchising World, Forbes, Yahoo Finance, and BizBuySell. She is the co-author of Appetite for Acquisition, an award-winning book on buying restaurants.