Do YOU have what it takes to be a successful master franchisee?

Do YOU have what it takes to be a successful master franchisee?

All franchisors have a strong set of criteria they use when assessing the viability of a candidate for a franchise award. A franchise is not a licence to instant success, fame and fortune, but rather a tried and tested opportunity for an individual to start his or her own business, where virtually all of the set-up work has been completed. In addition, it comes with a fast-track, proven approach for building the business into a successful venture. All of this, however, requires the appropriate input of effort from the franchisee – it is in most cases a joint effort from both franchisee and franchisor that creates success.

Franchisors spend considerable time and resources in locating what they anticipate will be an excellent franchisee – it is not a speedy process; being thorough is more important. For serious potential franchisees the discovery process and the review of the franchisor’s opportunity is likewise not a quick fix situation; appropriate research must be completed by all franchise candidates.

Franchisors routinely work hard to find the right franchisee with much time and effort as we have stated, but what if they are awarding a master licence or franchise? The Interface Financial Group has established itself across four continents and so is well equipped to handle such enquiries in an appropriate time frame. However, for candidates seeking those master opportunities, they should expect that the process will be spread over many weeks.

Before we look at the requirements The next level and background of a ‘master’ we should understand exactly what it means to be a master franchisee. Firstly, the name may vary from franchise to franchise - in some instances the master may be known as an ‘area developer’; sometimes a master franchisee is called a master licensee. For the sake of our discussion we are grouping the three terms together and using the term ‘master’ to cover them all.

FIRST STEPS

A master is awarded a franchise in much the same way that a franchisee is acquired. The process is usually longer and more involved, with a greater depth of paperwork involved. The basics are, however, that the master acquires an award of the exclusive marketing and development rights to a specific brand in a defined territory. In some cases that territory could represent an entire country. As a master, it is the individual’s responsibility to grow the brand within the territory in much the same way that the franchisor would if he or she were there in person.

If you are seriously looking at master opportunities, then what will you have to bring to the table to excite the franchisor, convincing him or her that you are the right individual to be entrusted with his or her brand? Firstly, it will probably be a requirement that as a master you also operate as a franchisee, so you have to scale that hurdle as a starting point. This should naturally not be a major issue as most potential masters have already set their sights much higher.

A master, as we have said, basically takes the place of the franchisor in his or her territory. Therefore, one of the main functions he will be entrusted with will be the recruitment of franchisees at the local level. This means that a master should be able to demonstrate some excellent ‘people’ skills in terms of the ability to attract and assess individuals. Finding the right people is the starting point, and the stringent conditions that a franchisor establishes for the recruitment of franchisees has to flow down to the master and be rigorously followed by him.

The master is ‘in charge’, so she will invariably have to develop her sources for potential franchisees. She may have a financial outlay in this regard if recruitment involves advertising or the use of local brokers and agents. This might be a good point to talk finances: a master award is a substantial undertaking, in that it usually covers a very large territory. It carries exclusive rights and, as such, the franchisor will be looking for a fee

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