Franchise Secrets Podcast How to Expand Your Franchise Portfolio Without Risking It All: Insights From Bobby Brennan
Dec 17, 2024
Join Bobby Brennan, a franchise expansion expert with a wealth of experience, as he shares vital insights on diversifying your franchise portfolio. He emphasizes the importance of self-awareness and thorough due diligence before branching out. Discover the 'five C's' for evaluating franchise fit and the significant role of culture. Bobby warns against common pitfalls and highlights the underestimated value of validation. With personal anecdotes, he advocates for a strategic approach while maintaining humility in the journey, ensuring future success without risking it all.
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Avoid Franchisor Advice On Expansion
- Avoid seeking advice on buying a second franchise directly from the franchisor.
- Understand why others succeeded or failed before deciding to expand your portfolio.
Use Five C’s to Evaluate Fit
- Evaluate potential franchises using the five C's: culture, capital, capacity, commitment, and cooperation.
- Follow the franchise's system fully for at least 6-12 months before making changes.
Validate and Know Founders
- Conduct thorough validation when joining a new franchise, especially if it’s an emerging brand.
- Get to know the founders and their history, as founder decisions shape brand success.