The Succession Plan, Critical to Protecting your Business and your People

leadership planning safety Nov 15, 2022

Business owners need to prepare themselves for the inevitable future and a succession plan is one of the best ways to protect their organizations and the people that work for them, as well as their families. Yet, very few entrepreneurs actually have one.

  • Not having a succession plan can cause enormous damage to the company's legacy and the relatives, sometimes beyond repair. And by the time business owners realize this, it's usually too late. 

Life changes. People die and people quit. We have no control over these things. What we do control is how we prepare for them. So if you love your family and you are proud of what you have built, which I know you do, having a succession plan is a very wise thing to do.

To help you be ready, in this blog post we’ll go over the three types of succession plans you should prepare.

 

Why should you have a succession plan?

I remember when I was leading operations for a large organization and we were responsible to create succession...

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Should you Hire a Franchise Business Coach?

 Being an entrepreneur is not easy. To be successful, we require a wide variety of knowledge, skills, capital, and grit to acquire whatever we are missing.

  • Fortunately, to accompany us there’s the figure of the business coach, someone that can guide us through our growth as a professional and even maybe as a person.

These professionals are important in the lives of every entrepreneur or franchisee, whether experienced or not. 

When I first launched The American Franchise Academy, six years ago in 2016, I didn't have a business coach. But then I hired my first one and since then, everything started to turn around. 

I have had several business coaches. Each of them fulfilled the different needs the team and the organization had as they evolved. And a lot of our growth and how we can serve many more clients and franchisees at large are because of those relationships.

That’s why when I say it is important to hire a franchise business coach, I say it from my...

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The Biggest Secret in Franchising

leadership planning profit Oct 25, 2022

There is a little-known fact in the franchise industry and most franchisees only find out about it after they start to operate on their own. That’s when they realize something is missing and they have to overcome this to be successful. 

  • This is the biggest secret in the franchise industry and the reason why a lot of franchisees struggle when they begin operations. 

The good news is that once you discover the truth you can take action and overcome it. The better is that on this blog post you’ll learn not only what the secret is but what you can do to achieve the goals and the dreams you expected when you decided to get into franchising.

 

What is this secret about?

The secret is that when you acquire a franchise you do not get everything you need to be successful. Even though a lot of expectations and assumptions are that you do, the reality is that you do not. So, what are the things that you do get? 

  1. A brand created by a founder that, after...
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Forget Super GMs! Your Multi-Unit Franchise Needs a District Manager

The biggest reason why district managers fail is that instead of doing the job of a district manager, they become glorified general managers, or what we at The American Franchise Academy call “Super GMs”. 

It all starts with the lack of knowledge and understanding of what their job really is, which creates a tremendous challenge for the organization. 

Not only that. You are wasting time and investment on this critical resource because they are not performing as they should and delivering the expected financial results.

What do these leaders look like? Why is having them a bad thing for your organization? And how can they correct the path to be successful and achieve the business goals? 

That’s what we’ll review in this blog post, so you can identify this problem, be aware of its consequences, and what they should be doing to have better district performance.

 

General managers vs. District managers

A general manager...

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5 Key Qualities of a Great District Manager

The number of multi-unit franchisees is growing across the global franchising industry. And these business owners require a great district manager as their right hand to help them be successful. 

Why is this position key? Because then franchisees can delegate operations to get the time freedom that the model promises. But beware: to truly enjoy this benefit, the district manager has to be great at their job and meet certain criteria to ensure excellence.

The American Franchise Academy has identified the five most important qualities of district managers. Take them into consideration when hiring your next district manager

A piece of advice before we start: look at candidates within your current workforce of unit managers. See who of them has or shows these qualities and use this information as a radar to detect the next leaders of your organization.

 

1. A leader that inspires 

You need to hire a leader that inspires people. The district manager's job is not...

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Are you Ready for a Recession? 4 Smart Questions and Actions to Face it

There is so much talk about recession, whether we are in it or if it’s coming shortly. But what you need to worry about as a franchisee is how to make sure you are prepared for whatever happens in the economy.

You have to be aware that there might be global, countrywide, or local events that could affect your operations. That’s why you need to think through and act to make sure that your business is as protected as possible. That’s one of your jobs as a business owner: take the time to design strategies to minimize the negative impact of outside influences.

That’s when you work on your business, not in your business. Especially if you are a growing multi-unit franchisee, dedicating time to strategic thinking is critical to protecting your business, your people, and the brand that you invested money in.

Entering into survival mode? Review these tactics to grow in 2022 and beyond

In this blog post, I want you to analyze the questions you should ask yourself....

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This is the #1 Key to Franchisee Success

Throughout my +30 years involved in the franchise industry, helping franchisees around the world, I’ve come to realize what is the #1 key to success for a franchisee

Of all the things that you need to learn and do when you invest in a franchise, if you don't have this, you are going to struggle as a business owner. How can you avoid this conflict? What is the number one key?

The secret is that you care about your people and they know and feel you care for them. It might sound simple, but sadly, sometimes franchisees and business owners forget to demonstrate and communicate this. 

Communicating this is crucial because even though we may do a lot of things for them every day, unless we share it and let them know why we're doing it, they won’t really know. 

With this blog post, I’m inviting you to reflect on what caring for your people truly means and if you are indeed demonstrating it or not. And, of course, I’m giving you tips and information...

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6 Decades & 6 Insights of Success from Franchise Experts

AFA 6th Anniversary Celebration

July 18 marked our sixth anniversary. Six years of great achievements not only for The American Franchise Academy (AFA) but also for the clients that have trusted us during this time to help them become successful franchise business owners. (Thank you for that!)

It's amazing how what started as a deviation from my sabbatical came to be this organization that for the last six years, has been serving franchisees and their leaders, giving them knowledge and information so that they can thrive with their businesses, reach financial and time freedom, and fulfill their dreams.

To commemorate this joyous occasion, I invited Curtis Moore, an ex-Dunkin Donuts franchisee, expert district manager, and also one of our AFA’s instructors, to a live broadcast on my YouTube Channel.

During this special session, Curtis and I shared some insights that have helped the Academy and its clients reach their goals. Here are six insights of success that we came up with...

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5 Keys to Achieving the Expected Business and Financial Results

There are seven critical responsibilities that the district manager has to command to achieve the business and financial results that the franchisee business owner expects.

In past blog posts, we covered leading, planning, staffing, execution of brand and business systems, maintenance, and marketing. Last, but not least, we’ll analyze the results responsibility, which ultimately sums up why these leaders do their job every day. 

If you want to see all prior responsibilities, subscribe to our YouTube Channel to review the rest of the District Manager’s playlist!

If the district manager does what he needs to do in all the other responsibilities, he’ll be able to accomplish this one. That’s why this position has to be clear on what are the duties and routines they have to perform to achieve the desired results

That’s not all. Aside from that, they need to develop these specific five skills:

 

1. Understanding financials

The district...

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2022 Disruptions in the Franchise Industry: Where Should Leaders Put Their Sights On?

(Part 7 of the 2022 Multi-Unit Franchising Conference)

What is the state of the franchise industry nowadays and what should franchise owners and franchisees be preparing for? During his lecture at the Multi-Unit Franchising Conference, which happened earlier this year, Darrell Johnson, CEO of Frandata, shared his thoughts and deep analysis on this matter. 

Frandata is the premier source of market intelligence data in the franchise world, across 230 industries and over 4,000 brands. In this blog post, I’ll be sharing the takeaways of this session, which was, as you can imagine, very informative and eye-opening. These are the things that franchise leaders need to be aware of and understand so that they can make better decisions in their present and future businesses.

Did you miss the past video sessions of the 2022 Multi-Unit Franchising Conference? Subscribe to our YouTube Channel to review the rest of the series!

 These are the things that franchise leaders need to...

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