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Discovery Days are when the franchisor zeroes in on the prospective franchisees and the deal between them is set in the shortest possible time. Discovery Days are organized by franchisors to meet franchisees who will take their brand places. However, a franchisee must keep in mind that a Discovery Day is a sales presentation and what goes on PowerPoint presentations may just be sales fluff. It is important therefore for a potential franchisee to get clarifications and ask as many questions as possible.
Here are a list of questions, one may ask at a Discovery Day.
1. What are the business owner’s long term plans?
It’s good to know beforehand if there’s enough room for a new franchise. Investors should ask franchisors their long term goals and ask if they are considering selling off the company to someone else or if they are acquiring a new company.
2. Does the company get many complaints?
It’s important to ask the business owner if there are many complaints about the product or franchises. Another good question would be how the company deals with complaints and negative press.
3. Has the company terminated any franchisees?
Franchisors, at some point or another may terminate franchisees. This could be because of a host of reasons. Make sure to ask this question and understand what you can do right to skip this mess.
4. Have any franchisees left the system?
Sometimes franchisees will leave on their own accord because of problems owing to sales, operational costs, location, etc. Make sure to ask the company if they have faced a similar situation and what is their policy on franchisees choosing to leave.
5. Does the franchisor hire independent franchise consultants?
Sometimes when franchisors cannot find franchisees easily, they resort to hiring franchise consultants who do the bidding for them. These consultants charge their own fees and usually the franchisees end up paying for their services.