What Should You Consider Before Buying a Franchise? [2 Experts Share Franchising Pro Tips]

My longtime friend and franchise developer, Iric Wexler of Premium Service Brands, joins me to discuss what you should always consider when you’re looking for the right franchise opportunity.

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Iric shares about his path to franchising:

“I was out of college. I got into the restaurant world, I spent 10 years running restaurants at a managerial level. And that’s where I was first exposed and excited about business ownership or what it takes to achieve it. I desired to be a business owner myself. I really didn’t know much about franchising more than the typical person considers… fast food and stuff like that. I was introduced to a company called “The Cleaning Authority” 20 years ago. [We combined] my business plan and their resources. I became passionate about franchising as I learned about their business model.

It was not about residential cleaning, that’s not what made me passionate. But about the balance of ever-evolving systems, with the passion and drive and execution of an entrepreneur, of a business owner. So, rather than launch my own business, I essentially wanted the business with The Cleaning Authority. And when I got into it and I got to meet people like you, and I got to meet all the franchisees that I had the pleasure of working with and placing, and I was hooked.”

Today, Iric is with Premium Service Brands.

“Premium Service Brands is very exciting. We have seven brands, and we almost certainly will have an eighth and ninth brand here in coming months. They’re all home service brands. Being part of that growth again is what has me excited. We take it very seriously as a responsibility and not just representing any ol’ brands. And I know you as much as anybody, are passionate about the future, the success that your clients have in franchising.”

Iric shares why, in his experience, franchises most commonly fail:

“You can’t have successful franchisees, but the franchisor is not successful. That’s not sustainable. You can’t have a successful franchisor, however you want to measure that, if franchisees aren’t successful, that’s not sustainable. So, it’s really about achieving that balance. But to answer your question about why franchisees or franchises fail, I would say mostly it’s because business ownership in general is just not right for everybody, franchising or otherwise. And most people don’t know what they’re going to be, whether they have the characteristics to be a good business owner, they may have achieved tremendous success in the corporate world, they may be highly educated with the top of their class, MBA or whatever that might be, but being… Holding yourself accountable when there’s not really anybody else hold… There’s not a boss holding you accountable, there’s not a board of directors holding you accountable, that takes a certain character trait, and not everybody has that. It’s one of the reasons we work so hard to get to know somebody, to try to help them figure that out. And most of our candidates and clients are comfortable with that intellectual pursuit.”

Iric describes what keeps him excited and passionate about franchising:

“I was fighting this battle with myself because I was enjoying this quasi-retirement and more time with family and friends and those things that I am passionate about, but I also missed it. Specifically what drew me back to Premier Service Brands was Paul’s strategy and vision toward providing a platform for franchisees to scale. Quite often, franchisees scale by adding more territories and then growing horizontally, if you will. And that’s a fantastic way to do it. Whether it’s within the same franchise organization, or perhaps whether they buy another business. And what Paul has designed very deliberately and very strategically and very effectively is the ability to scale up.”

For those of you interested in exploring Premium Service Brands and all of the wonderful franchise opportunities they represent, visit http://premiumservicebrands.com – I’d be happy to make a personal introduction to Iric Wexler.

My Franchise Consulting services are totally free to you. Feel free to leave questions or comments below, and when you’re ready to explore your future in franchising, please contact me directly using this form: http://thedalycoach.com/contact

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