Franchise podcasts

One of the resources I would like to recommend is franchising podcasts.

What is podcast anyway?

Podcasts are series of digital media files (most commonly audio) that can be shared and listened to, either live or recorded. Podcasts are commonly come into life in the of online talk shows or online interviews.

I enjoy listening to podcasts…

1. What do Franchises and Franchising Experts Do on Social Media?
2. Top 10 Twitter Users Who Tweet about Franchising (Updated and Extended)
3. Before You Invest in A Franchise: Learn as Much as You Can About It First

Chapter 490.732 of the Iowa Code seems to indicate exactly that (although I have never seen it applied in a case yet). I think this is something that maybe even some of the most experienced corporate attorneys may not realize. So don't be surprised. You should review your shareholder agreement. If it is more than 10 years old, it may no longer be valid and a new agreement may be necessary.  If the agreement is less than 10 years old it may be a good idea to revise it so there is language indicating the agreement applies for more than 10 years. 

Leased property

Not entirely true (to me, Burger King’s burgers are the best of all – LOL. McDonald’s? Theirs are simply… um… bland.)

Many people can claim that they make better burgers than McDonald’s. They can be successful with their superior burger recipes. Unfortunately, most of them are missing one major key ‘ingredient’ – An ‘ingredient’ that makes McDonald’s not only successful as a franchise, but as a business empire,…

1. Is Your Franchise Unit Another Job For You?
2. Multi-Unit Franchise Ownership: Double the Profits (and Headaches?)
3. Effective Business Blogging for Franchise Unit Owners

Science franchise

One of their most common comments is: Let your hobby be your hobby.

To clarify: Not that hobby-based businesses (in this case, franchises) are bad. In fact, for the right people, hobby-based franchises can be extremely successful, considering the nature of hobby/entertainment community and industry.

Unfortunately, using your hobby as the main reason to decide on buying a franchise is not…

1. Home-Based Franchises: Work-from-Home Franchises vs. Mobile Franchises
2. Buying a Franchise: Do Your Due Diligence
3. 7 Reasons Why You Should Consult A Franchise Consultant Before Buying a Franchise

Consumer Spending Fell in September

Consumer Electronics Makers Recovering

Chevron 3Q Profit Down 51 Percent

PC Backup Startup Names New CEO

Goodbye From Small Business

Franchise due diligence

Unfortunately, choosing NOT to do the business due diligence will bring you problems and perils later on.

A price to pay for not doing business due diligence: I lost my franchise units

You don’t need to prove anything, as I have already proved that not doing my due diligence properly before buying businesses cost me not only…

1. Buying a Franchise Equals Starting a New Business
2. Buying A Franchise Unit: What to Look For in A Great Franchise
3. 9 Questions to Answer Before You Buy a Franchise

Sonic Drive In

They need to transmit the right message to the site visitors so that their online marketing campaigns will not go in vain.

I have visited franchise companies website a lot, and to tell you the truth, many of them are sub-par and poorly design. Fortunately, most top franchises, especially global franchises, know that web presence is important and the right…

1. Effective Business Blogging for Franchise Unit Owners

• Update (or create) a Business Continuity Policy with specific provisions for H1N1 flu.
• Encourage employees to get flu shots (both seasonal and H1N1) as soon as possible. To the extent that you offer health insurance to employees, determine if those shots are covered under the appropriate plans. And consider offering flu shot clinics if you have the resources.
• Clarify what your absence and illness policies will be. Consider having flexibility in this situation if you can to encourage employees who are sick (who have someone that is sick in their household) to stay home.
• Make sure your infrastructure can handle an increased telecommuting presence if need be.
• Stay updated on the EEOC guidance.

I couldn't agree more that employers need to have flexibility in your policies. This is one time where it is likely okay to vary from your existing leave policies. However, it is imperative that if you do so, you treat all employees in a fair and consistent manner. 

Education is a key to prevention. For more information please visit Flu.gov for helpful information on H1N1 including a business planning section.  

If you didn't catch it live you can watch the podcast here. (The interview begins at about the 30 minute mark).

If you haven't heard about Des Moines Local Live, you should check it out. It's an Internet radio station with 50 local radio hosts talking everything from business to sports.  A real testament to Des Moines' Internet-blogging presence.

Adam Claypool of DeWaay Investment Banking is the speaker. I have worked with Adam on several occasions so I know this will be a worthwhile opportunity to listen to one of central Iowa's more prominent investment bankers. The presentation is this Wednesday, October 21st at the Des Moines Partnership offices, 700 Locust Street, Suite 100, Des Moines, Iowa. It begins at 11:30 a.m.

Afterwards you can listen to me on the radio this Wednesday at 1:00 p.m. with Mike Libbie offering insights on business on Des Moines Local Live.

In addition to the fact that you should take your right to negotiate the franchise agreement seriously, I would encourage you to stay on the alert for other common red flags from franchisors (I have written about these previously but it bears repeating):

1. You don't need a lawyer to review the agreement.
2. I would prefer you don't talk with other franchisees. You should only talk with me.
3. Trust us, we can't (and won't) change the agreement but we won't really hold you to that provision anyway.

Like many people you may considering an investment of your retirement savings in a franchise. You absolutely owe it to yourself to do the best job possible investigating that franchise and performing the most due diligence possible. That includes hiring experienced franchise counsel to review the franchise agreement and disclosure document. You need to talk with as many franchisees as possible but be sure to visit with those in your area. The success of a franchisee in New York, for example, may differ significantly than the success of a franchisee of Iowa especially when franchises are more of a regional flavor.

Some franchisors won't negotiate the terms of the agreement but that can be okay. Hopefully the franchisor can explain their reasoning for not negotiating a provision rather than hiding behind a blanket statement that they cannot negotiate because it is illegal.  You definitely want to deal with a franchisor that is willing to listen and consider your needs. 

And never, I mean NEVER, believe the franchisor that tells you they won't hold you to the terms of their written agreement. You can be assured that the franchisor's lawyer in any lawsuit will never acknowledge that statement was ever made and most franchise agreements are written so that any such statement could not be used as evidence in court.