The Multi-Unit Owners in the franchise industry are a mighty bunch. Annually, they gather for the Multi-Unit Franchise Conference to share their learnings from the past year. Hosted in Vegas at the end of April, this year’s conference drew in 630 multi-unit owner attendees making up 450 enterprises with 11,000 units and a whopping $11B in annual sales.
We’ve been helping our clients prepare for the conference for months and it was great to see their brands showcased, from Tropical Smoothie Cafe hosting both the opening day of golf as well as the Franchisee-Only Opening Social, Uncle Maddio’s sponsoring the MVP Awards Ceremony, and seeing our clients booths in the expo hall.
We learned a lot about what this powerhouse group looks for when considering which concept to invest in next.
- Businesses are an extension of yourself, so buy into a brand that aligns with your values. Make sure your strengths and weaknesses match up with what the franchise offers.
- Numbers don’t lie. Look into the numbers that the system is promoting and see if there’s room for growth.
- Review the consumer outlook before buying into a franchise. Make sure it’s a concept with increasing demand.
- When you’re making a decision, review the threats. Can people do this concept? Can another concept take over the marketplace? What makes the concept different?
- When considering buying a franchise, ask your lenders for advice, would they invest in the opportunity?
- Don’t dwell on your mistakes and don’t pull the fire alarm all the time.
We’re taking these insights and more back to conversations with our clients and into our strategy to help speak to this audience, driving both leads and deals.