So, you have finally decided on your preferred franchise, your excited and you’ve been invited to the Corporate office for Discovery Day. Use this day to your advantage. Don’t be fooled into thinking that you have been awarded your chosen franchise. Be aware… in fact be very aware!
Whilst Discovery Day is intended to be a show and tell day culminating in the celebration where you sign your franchise agreement and rejoice in being awarded a franchise in the system of your choice. Sadly, this is often not the case.
Discovery Day is used by both you and the franchisor to find out more about the other and a solid franchise system will be looking very closely at you throughout this process to determine amongst many things if you are indeed be a good fit for their brand and that you will be a strong brand ambassador.
As a prospective franchise owner you want to make sure that you take you’re “A” game to Discovery Day. Being correctly attired, punctual and oozing enthusiasm is one thing but you also need to make sure you are prepared to move forward and that you have turned every possible stone and left no questions unanswered. Make sure you have ‘discovered’ everything you possibly can because you are about to enter into a binding and often quite onerous agreement so now is the time to make sure that you have everything needed to make an informed decision as to the next 5, 10 or 20 years of your life.
Franchisors will invite those prospects that they see as being a good fit for their brand. They are mindful of their resources and the amount of time being invested into prospects and therefore generally only the elite prospects will be invited for a Discovery Day. Franchisors are often using this ‘Day’ to find a reason why they should not award a franchise to a prospect. They are also hoping that the prospect is ready to move forward, sign their agreement and join their franchise system. The Franchisor will be using Discovery Day to closely evaluate you so that he can make a judgment call as to whether he wants to award you a franchise and have you in their system.
Make no mistake, it can be a very intense and nerve racking time if you are not fully prepared. A franchisor will quickly detect a prospect that procrastinates, doesn’t take matters seriously, is way too flippant and decide there and then that this relationship shouldn’t proceed. If you have done your due diligence, are excited, ask relevant and meaningful questions and show enthusiasm about the opportunity at hand and are genuinely ready to invest, then Discovery Day should be a most enjoyable and rewarding experience.
That being said, if either party needs more time in order to process all of the information in order to make an informed final decision then nobody should feel hurt or offended. The key is to be open and honest with each other and to make absolutely sure that you have both asked all of your questions so that there is no nasty surprises once the franchise agreement has been signed.
Richard has more than 25 years franchising experience and is currently the CEO of Aussie Pet Mobile here in Canada (alias…”Top Dog”). He has owned and operated various franchise systems and worked as a franchise management consultant navigating many brands through the challenges of growing their concept, accelerating their growth using proven systems designed to increase profitability & negate costly problems. His journey continues today working closely with his franchise owners assisting them with their strategic planning, motivating, mentoring, coaching and brand enhancement as he continues to build and develop the Aussie brand across Canada and add significant value to all stakeholders in doing so. He also provides professional assistance to new franchisors and those looking to enter the franchising world guiding them through the process of super-growth.