As the owner of a franchised business, you devote a lot of time and money to attracting the perfect franchisee. You invest in website development, social media, public relations, advertisements, and tradeshows. You spend ample time creating the perfect messaging to ensure you connect with the right franchisees, and you make sure that every candidate is properly interviewed, assessed, and reviewed.
The last thing you want to do is select the wrong franchisee – someone who will negatively affect your brand image, resource management, and ultimately your success.
The problem is that the world of franchising is always changing and it is becoming harder and harder to determine which franchisee applicant will have the greatest likelihood of success.
That is why many franchisors, such as Wendy’s and Mary Brown’s, are opting for a more sophisticated approach to franchisee screening, using in-depth franchisee financial reports.