Franchise a Business
Businesses that benefit from consistent, local success with a qualified, albeit exhausted owner, also enjoy a great probability of success in franchising. For example, I spoke with a potential client who owned a Catfish Restaurant in Arkansas. Admittedly, I didn’t know what to expect when I initiated the conversation, and I was pleasantly surprised by his business success.
Essentially, his business was a local favorite for delicious, “home cooked” fried catfish, fried chicken and barbecue ribs, along with one-of-a-kind and perfectly crafted southern side dishes. This gentleman had been in the business for over thirty years now and his 300-seat restaurant in a small town in Arkansas reportedly serves over 750 diners a day, while open only twenty hours a week. He further shared that many of his customers openly share the fact that they had just got off a plane or completed a 100-mile drive to eat at his restaurant. This kind of customer loyalty and demand creates the strongest brands and long-term success stories. He has undoubtedly not only appealed to the locals, but has made loyal customers of residents from essentially every state in the nation after having happened upon his restaurant at some point in the last thirty years.
When I asked him why he wanted to expand into franchising for his business, I was certain how he would reply. His motivations were very simple and he admitted that after running his business for over thirty years, helping prepare over eighty pounds of catfish every day, and running all the operational aspects of the restaurant, he had simply had enough.
Consequently, even though his business, an extremely successful enterprise earning over two million dollars a year with only one small location, was doing well, he was looking for an exit strategy from the day-to-day operations. He also wanted to not only distribute his product to a larger market, but more importantly, have others make the investment and the operational commitment to do so.
Additionally, the issues that would need to be addressed for him to expand his business personally with any great significance simply presented themselves to him as excessive and exhausting. This scenario is an ideal example of a franchise prospect. One that has a business that has been largely successful and has enjoyed many years of consistent growth and profitability, has survived a number of business cyclical cycles, including recessions, expansions, demographics shifts and more, yet has managed to not only maintain a loyal customers base, but has also been able to earn considerable profitability despite changing eating habits, differing tastes, fluctuating dietary trends and increasing competition.
Franchise a Business | Franchise a Business | Franchise a Business | Franchise a Business | Franchise a Business