Once you have made your phone calls and narrowed it down to a few franchises, it is time for Discovery Day (D-Day) or as some refer to it: Meet the Team Day. This might be the first face-to-face meeting you have with the franchisors you have chosen. Discovery Day offers the opportunity for you to meet the corporate workers and visit a local franchisee.
D-Day is when you walk into the front door of the corporate headquarters and there are plenty of people waiting to greet you. They are here to further educate you and train you.
You should feel more comfortable when joining a system with the team at your corner. You don’t want to enter into a ten- year agreement with someone unless you can all look into each other’s eyes.
The time you have spent in investigating your franchise is one of the most important investments you can make in your future as a franchisee. Here are three key tips that you should bear in mind when you visit a D-Day.
As much as you are investigating these franchisors, they will be examining you, your character, and your business acumen. Be timely to meetings, ask questions, and stay engaged with the process. This is a two way interview.
All D-Days are about putting the best foot forward for franchisors. Though this is true, don't feel afraid to ask privately after presentations or during Q&A about the pitfalls in the various areas that they present. No business model or business is perfect. A great franchise system has solid processes that solve issues in key areas that help the business function.
Some franchisors may ask you to sign contracts right at D-Day. You do not need to do this. Take some time to digest all of this new information from these discovery days and experiences that you have had here. No matter how great a company looks at Discovery day, you need to ensure expectations, financing, and legal matters are well thought out.
If you would like to learn more about an investigation process or questions to be asking Franchisors & Franchisees please reach out: