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Franchise Daily Digest: April 9

Franchise Daily Digest: April 9

The booming cannabis industry is the focus of today’s daily briefing.

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“Cannabis is a worldwide, pandemic-resistant industry”

We got the chance to sit down with Justin Livingston, the vice president of franchise development for Unity Rd., to talk about how feasible cannabis is as a franchise concept, and whether he’s seeing a serious impact in performance in light of the ongoing COVID-19 pandemic. As it turns out, being green pays off:

“I think there’s a couple of industries that are really resilient in times of recession. Coffee thrives, alcohol thrives, and cannabis thrives. I think we’re seeing that amongst the franchise system with folks that are prepared for this,” said Livingston. “Cannabis is being deemed essential. Not only are people using it to cope from a recreational standpoint, but medicinally, there are so many people who use this from a medicinal standpoint. It’s a really key element in our society.

“From a retail standpoint, I don’t know if it’s business as usual where we’re having to adapt to curbside pickup and some things that have never existed in this industry, but from a retail topline standpoint? Business is good.”

Make sure to check out our full interview with Justin here.

Federal Accounting Standards Board (FASB) delays ASC 606 revenue recognition rules for one year

In a letter to all IFA members, Robert Cresanti, president and CEO of the International Franchise Association, shared the news of the FASB delaying the implementation of its ASC 606 revenue recognition rules, which would change how franchisors and businesses as a whole would be required to recognize revenue.

“While addressing the economic impacts of COVID-19 has been our primary focus over the last month, we have continued to press forward with our other franchising priorities, particularly the 606 recognition rules as FDD filing deadlines loom ahead,” said Cresanti. “Today’s announcement is the result of that – it’s even more impressive that this delayed implementation is exclusive to franchises.”

Little Caesars donates one million pizzas to health care workers
Little Caesars, the international pizza franchise, is feeding health care workers with the delivery of one million free pizzas to key locations throughout the States. In conversation with Fox Business, CEO Dave Scrivano explained the brand’s current operations—check out the full clip here.

Razzmatazz prioritizes online sessions, and invests heavily in its digital platform

Razzamatazz, the U.K.-based theatre education franchise, has invested in its online offering as schools across the country remain closed. With almost 50 schools, the franchise brand was keen to continue offering a premium experience to its students and their parents, and has sought to do so through a focus on virtual teaching sessions.

“We have been communicating with our franchisees for the last few months about the coronavirus and how we could navigate our way through this crisis,” said Denise Hutton-Gosney, MD and founder of Razzamataz. “Well before the lockdown, our main priority throughout has obviously been the safety of our customers and staff so we took the decision to close our schools and work on a strategy to provide online content.

“There’s been musical theatre quizzes, fitness sessions, competitions and sessions for mums and babies to name just a few. As creative individuals, we were in no doubt that [our franchisees] could rise to the challenge but we have been really blown away by what they’ve achieved in such a short amount of time.”

As well as all the free social content, Razzamataz has been working to produce an online platform so students can access their performing arts lessons in small virtual groups.

Classes start from as little as £12 per month and will be taught by inspiring and highly experienced teachers who will be able to tailor their feedback, ensuring that each student reaches their potential in their virtual lesson. It will replicate a real class as much as possible, with dedicated time throughout so children can ask questions to teachers, connect with their classmates and become confident performers on screen.

For parents, there is a pay as you go option, with no monthly commitment or direct debit so families can dip in and out depending on their circumstances.

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