Prescreening Franchisees

Before you sell a franchise, you want to know as much as possible about the future franchisee.  Here is some suggested information that you will want to know by the time you complete your first interview with the prospect.  This is information that you should obtain during the course of the conversation, not necessarily by just asking the questions one after another.

1.         How did you hear about _________________________?

2.         What type of work have you been involved in most recently?

3.         Say something like, "Tell me about your ___________skills or experience." (This should be pertinent to your industry.)

4.         Have you been self-employed before?  (Ask for details.)

5.         Why are you interested in this franchise? (Why is franchising attractive to you?)

6.         What geographic location are you interested in securing?

7.         What will be your source of funds for the investment?

8.         What is the total amount you are planning to invest?

9.         What are your personal financial goals in franchising this business?

 As you consider this potential franchisee, ask yourself (but do not put your deliberations in writing):

"Can I see myself working with this person for 10 years?  Do I like this person?"

"What is the source of their money?"

"How is his/her follow-through?  Did they promptly return materials that I gave them to complete?"

"Does this person seem like those already in my system who are successful?"

"Is this person somewhat like the franchisees of my competitor?"

Note:  Keep in mind that most franchisees will not already be in your industry.  There are exceptions, but generally that is why they are willing to pay you to train and lead them.  You are looking for trainable franchisees.

Also, remember that there is no exact methodology, test, or evaluation that can accurately predict which franchisee will be successful and which one will not.

More information can be found at:  www.biltmorefranchise.com