Getting A Higher Price When Selling Your Restaurant In 2019

Getting A Higher Price When Selling Your Restaurant In 2019
Chris Viscup a prominent New York Business Broker with Transworld said “One of the other most important parts of selling your restaurant is to make sure your books are in order. It will be your job to prove out how much money trickles down to you through the company and what this can look like to potential buyers.

Getting A Higher Price When Selling Your Restaurant In 2019
by Gary Occhiogrosso Contributor
Photo by Rod Long on Unsplash

It’s 2019 and after years of hard work you’ve now decided to sell your restaurant, perhaps to open a different business, or retire or relocate. Whatever the reason, selling a restaurant requires a strong strategy, careful planning, and detailed preparation. In this article, we’ll explore some essential tips and steps needed to put you on a path for a quicker sale at the highest possible price along with a smooth transition.

Let’s Start With First Impressions.

The appearance of your restaurant not only matters to your customers, but it also matters to potential buyers. Bad “curb appeal” on the initial visit may be all it takes for a potential buyer to take a pass on a more in-depth look into the investment potential of your restaurant. Make sure everything inside and outside the restaurant is clean. If your establishment is a free-standing building, then the quality of care for the property will be an early indication of the level of care taken in building and growing the business over the years. Items like trimming the grass, keeping the parking lot and surrounding area clean and free of trash are crucial to curb appeal. Maintaining clean windows & glass doors, polishing handles, deep cleaning the grout in tile floors and shampooing carpeting are some simple things that will pay dividends to the buyers first impression. If the restaurant is a storefront location, then you’ll also need to make sure any cleaning and improvements that may be the responsibility of the landlord are taken care of before showing the business.

Nothing says “I don’t care” or “I’ve given up on this place” more than broken or missing equipment. If your kitchen equipment is not in 100% working order, it may set up doubt in your financial presentation regarding production capabilities. Also, nonfunctional equipment is detrimental to employee morale and productively. Ultimately that lack of productivity shows up on the Profit and Loss Statement (P&L) in the form of increased labor cost. Every part of the restaurant should present itself as credible to handle the current volume as well as to grow the business in the future. Make sure all of your equipment works. I can not emphasize enough to take the time in advance to replace or repair any broken equipment.

Remove personal items you do not intend to include as part of the sale. Doing this helps avoid any misunderstandings later between buyer and seller. For example, your personal laptop computer used for the business sitting on your desk may be mistaken as part of the assets for sale. Later in this article, we’ll cover making sure a complete equipment and asset list is written. However, the cleaner and less cluttered the visual aspect of the facility, the less chance for any misunderstanding when it comes time to negotiate.

And lastly regarding the facility, don’t be afraid to spend a little TLC money. Making a small investment, such as freshening up the paint, or replacing ceiling tiles, or reupholstering a ripped seat cover can go a long way to increase the visual appeal of your restaurant. These quick fixes will have a positive impact on your sale price and the time it takes to sell the business.

Put Your Financial House In Order Now

Presenting an honest, straightforward, financial picture of your restaurant is the most critical factor in determining accurate valuation and sale price. Professionally documented results regarding unit economics, profitability, and true owner benefit are what buyers, their accountant, and lawyer will be investigating in the due diligence phase of the process. Whether or not potential buyers purchase your restaurant depends on whether or not they think it will make money and provide a reasonable return on investment (ROI). Therefore, the financial information you provide to the buyer is the most significant factor in determining the success of the sale.

Ideally, you have practiced clear and organized bookkeeping since you started your business. If not, then arrange financial records going back at least one year before the time you list your restaurant for sale. That way potential buyers will have a trailing 12-month picture of the restaurant’s performance and trending. It is likely that buyers will ask to see a profit and loss statements and a balance sheet. If you are unable to create them yourself, have your accountant prepare them in advance so you do not feel rushed later in the sale process.

Make A To-Do List For Yourself

Financial statements aren’t the only aspect of getting organized. This step also includes creating a written list of all hard assets such as furniture, fixtures, small wares, and equipment. Also, a copy of your lease should be available for review in the due diligence phase of the transaction. Additionally, be prepared to document that all of the restaurant’s bills are up to date. Be ready to prove in writing that your sales and payroll taxes are current and paid in full. Employee payroll information needs to be in a presentable format and up to date. A to-do list will help you make sure everything gets done so that the sale goes as smoothly as possible.

The Hunt For Buyers

There are two ways to find potential buyers: find them yourself or hire a business broker. The process of valuation, listing, advertising, and vetting potential buyers is time-consuming and in my opinion, requires professional experience and know how. Although many sellers take this step on their own, a professional business broker can support the process by offering recommendations and presentations that save time and attract more potential buyers.

When you interview brokers, be sure to ask them how long they have been in the business of selling businesses, what their specialty is, how many listings they have now, and how many restaurants they have sold in the past year. Also, ask if they have prepared contracts for this type of transaction and how they plan to determine the value of your restaurant. Discuss their answers with your financial and legal advisors to determine if the broker has the right qualifications, experience, and track record.

One prominent New York Business Broker I spoke with said “One of the other most important parts of selling your restaurant is to make sure your books are in order. It will be your job to prove out how much money trickles down to you through the company and what this can look like to potential buyers. Without this component, you will either fall prey to lower offers than you would otherwise be getting, no offers, or end up with buyers wasting your time and never getting to the finish line. Not having good books leads ultimately to the two biggest deal killers – lack of trust and too much time for the transaction to close. With a good broker and good books, most of the heavy lifting is completed in the beginning, before putting the business on the market. Once you sign with a broker, there should be significant time dedicated to proving out the numbers – what they are, and what they could be. Every minute you spend in the beginning will save 5-7 minutes later.”

On the other hand, if you decide to go it alone and forgo hiring a business broker, then you’ll need to get some additional advice from your attorney and account. They can assist you with the proper valuation and selling price. Setting an unrealistic or emotional price on the business will slow the sales process or cause it to fail altogether. Actions to take also includes advertising and listing the restaurant on websites that post restaurants for sale. Keep in mind professional business brokers also use these websites, so competition exists. However, if you study these websites carefully, you should be able to get a good idea on how to word your ad for better results.

Always Be Ready

Whether you list your restaurant on your own or with a broker be prepared to show your restaurant to potential buyers at all times. Since you may have a buyer visit you unannounced, it means keeping the restaurant clean, fully staffed and well-managed no matter the day and time. You never know when a buyer might drop by to take a look. I also remind my clients that any customer in the restaurant may actually be a buyer doing some research before they contact you.

Once The Buyer Is found

At this point, if you’ve found a buyer and negotiations have been successful, then the final step is the paperwork necessary to complete the transaction. The paperwork usually starts with an “Asset Purchase Agreement.” Your attorney should prepare this document for you. The Asset Purchase Agreement details all the components of the sale. Items such as the sale price, the terms (if you are holding a note), a full and complete equipment list, the amount and value of the inventory you will have at the time of closing, the length of time (if any) that you are willing to train the new owner as well as any contingencies regarding the lease assignment from your landlord and of course a deadline date to close the transaction. Regardless of whether you’re working with a business broker or selling on your own, in all cases, I recommend you have your attorney involved to ensure the Asset Purchase Agreement covers all the various aspects of the transaction.

In addition, once you have a buyer engaged but before the final closing date, you should continue to operate your restaurant as if you are not selling it. Acquisitions sometimes fall through at the last minute, and you don’t want to create extra work for yourself in getting everything back up to par again if that happens.

Plan And Proceed

Smart and detailed planning will minimize glitches and deal-killing problems, throughout the transaction. Business Brokers warn: “The biggest disasters all come with one thing in common – wasted time. Without proper planning, not only may you decide to accept an offer lower than what you desire, but you will lose a good portion of your time getting there. As the saying goes – An ounce of prevention is worth a pound of cure! Make sure you front-load your business and get all the materials you need in order before you sell it.”

I recommend you spend the time upfront, planning the sale, organizing paperwork, investigating brokers and deciding the best time to execute your plan. Selling a restaurant can be a smooth, simple transaction if these tips along with the advice of your accountant and attorney are put into practice.

Branding Drives Restaurant Sales

Create Branding To Drive Restaurant Sales And Growth…

A restaurant must connect with the lifestyle of consumers. The first step to doing this is to have a definite name, image, and brand message.

Create Branding To Drive Restaurant Sales And Growth
By Gary Occhiogrosso
Forbes Contributor
I write about the franchised restaurant and food services industry.

In the past, restaurant advertising consisted mainly of print and broadcast advertisements along with word of mouth. Branding isn’t accomplished solely through conventional advertising. Although advertising uses the branding elements, it refers to so much more. Branding is the practice of making a name, symbol, reasons, and guest experience stand out in the minds of consumers. Branding gives the company and its products a competitive edge above other companies which provide similar products. Thousands of restaurants serve hamburgers, but why when people think about burgers, their minds immediately go to McDonald’s or Burger King? It’s because the power of branding connects the product to a bigger picture. Today’s savvy consumers expect more than merely a place to have a meal. They are not only hungry for lunch but eager to connect with the experience the product or service provides.

Spotlight on branding
In today’s noisy advertising environment restaurants must cut through the clutter with a cohesive advertising and marketing strategy. Franchised and chain restaurant brands spend a great deal of time, effort and dollars on this critical aspect of their business model. Creating and enforcing their brand image is a crucial task for their marketing teams. Smart restaurants marketers understand the need for a consistent brand voice with a clearly defined marketing plan. This consistency is vital because locations in the chain must present consumers with the same image and message to avoid confusion and brand dilution.

Additionally, many consumers want to know what a company stands for, it’s mission, how it goes about its business and why you should eat at a particular restaurant. The need for guest engagement has led restaurant marketers to pivot from purely traditional advertising to creating a total restaurant experience. These experiences include social causes the guests share, their experience with friends and family via social media and their connection to a community. The evolution of social media platforms such as Facebook, Instagram, Twitter, and Yelp, as well as search engine optimization, and online ads have become the new messaging channels used by marketers to increase “occasion to use” and brand loyalty. Today’s chain restaurants employ tactics including traditional advertising, social media messaging and participating in local events that support the community. Creating value and loyalty through brand image and guest experience lives in the mind of the guest long after the meal.

Creating a connection is key

A restaurant must connect with the lifestyle of consumers. The first step to doing this is to have a definite name, image, and brand message. Usually, the owners of the business and a branding team come together to discuss and decide on what the restaurant will mean to their future customers. This step should be accomplished at the beginning of the business planning.

Jennifer Williams, the founding partner, of “the watsons,” a New York City based branding firm, describes the importance of restaurant branding like this: ” The National Restaurant Association reports that Americans spend $799 billion a year on restaurants. Beyond clothing, restaurants are the most searched type of business online. Competition is fierce, and branding is more important than ever before. Whether yours is a franchise or independent restaurant, it takes more than great food and service to lure customers and build loyalty and repeat business. It takes a well-defined brand that resonates emotionally with your customers. A brand is essentially the personality of your business. Moreover, its value is derived from the connection people make with it. In today’s crowded restaurant sector, where many chain restaurants offer similar menus, your ability to differentiate yourself – can make or break your success.

READ THE ENTIRE ARTICLE HERE https://www.forbes.com/sites/garyocchiogrosso/2018/11/14/create-branding-to-drive-restaurant-sales-and-growth/#537d8cd3487a

Tips for Branding Design Success – Riko’s in Stamford CT

Riko’s: Designed For Success…

Restaurant design plays a huge role in branding. Your guest’s total experience is the difference between success and failure. Especially in the franchise business. Small Business needs to watch how the Big Guys transform their restaurants into memorable experience their customers can take home…

Riko’s: Designed For Success
By Laurie Hilliard – FMM Contributor.

In our very visual world, consumers have developed a keen awareness of design. What we see and how it makes us feel impacts our response to our environment in virtually every facet of our lives. The importance and impact of design in the restaurant industry is an ongoing and growing trend for restaurants as they scramble for recognition. “The U.S. restaurant industry is huge: $800 billion in annual sales with some 625,000 restaurants each trying to set itself apart from the others. One effective way of differentiating a restaurant brand is to design around a theme or concept that conveys a story to customers as they dine.” Reports international architectural design firm, AD&V.

Vincent Celano, founder, and principal of New York-based Celano Design Studio says, “The guest experience starts when he or she walks in the door. ”READ THE ENTIRE ARTICLE CLICK HERE”

Start a Business – Is It Time To Graduate And Move Forward?

It’s up to you to decide whether or not to allow yourself to continue repeating classes and doing the same things again and again. It’s up to you to decide you’ve graduated and to take those steps forward. Nobody ever considers staying in middle school beyond graduation because once you’ve graduated you’ve learned what you needed to learn. How many times can you take the same science or math class? How many times can you write the same essay? Middle school was a vital stepping stone but it was just that


Is It Time To Graduate And Move Forward?

This article is written and owned by Carrie Green

My sons, Eric and Josh, graduated from middle school last week. I had a conversation with them about moving onto high school. I expected to hear “I’m looking forward to high school,” “I’m nervous” and “I hope there isn’t that much more homework” but, after all of the complaints I heard this past year, I was surprised that what came out of their mouths was “I’m going to miss South Orange Middle School,” and “I really like my teachers.”

Middle school served Eric and Josh very well. They learned. They matured. They made mistakes, which they hopefully learned from. They met people and learned how to interact with peers, teachers and leaders. They learned to be part of a team and how to lead teams. They learned a lot about responsibilities. It was a good place for them.

So why not stay put?

Nobody ever considers staying in middle school beyond graduation because once you’ve graduated you’ve learned what you needed to learn. How many times can you take the same science or math class? How many times can you write the same essay? Middle school was a vital stepping stone but it was just that…a stepping stone on a journey to another place. Sure it can be scary and there may be a few tears but unless you move on and take the next step you stagnate and won’t continue to learn and grow.

What does this have to do with you?

Last week in addition to celebrating my sons’ graduation I spent time coaching two of my VIP clients. One is transitioning from a full time job to a business she is creating, the other transitioning from a business she has run successfully for several years to a new venture which has no foundation or reputation and she has no experience running.

For each of these women their current position has served them well and it’s paying their bills. For the most part they like what they are doing and are good at it BUT (and yes, it’s a big but)…these positions no longer serve who they are. It’s scary but it’s time for them to graduate and move on and kudos to them for not only seeking help but for accepting it.

So what about your business? What about your life? Are there things that are there today that it may time to move on from?

I’d like to challenge you to take a few moments to look around at what you’re doing and ask yourself THREE questions so that you can honestly assess what is going on.

What opportunities do I have in front of me? Are they new opportunities for learning, excitement and growth? Or are they situations I’ve seen or been in before that hold little excitement, interest or room for growth and learning? What would my business and life look like if I magically graduated to the next level? If there is one thing holding me back from moving forward what is it? What is one step I can take to break free?

In some situations, like middle school graduation, you have to move on…you don’t have a choice; your spot no longer exists. But in other situations you do have a choice. It’s up to you to decide whether or not to allow yourself to continue repeating classes and doing the same things again and again. It’s up to you to decide you’ve graduated and to take those steps forward.

One final note, over the past years as I transitioned from business executive to establishing, and now successfully running, my own business, the one thing that I’ve held constant is having a coach. Having a coach has given me the support I needed as I’ve learned and grown. I continue to rely on a coach to help me see what I outgrow and to challenge me when it’s time for me to take my next step.

What is it time for you to graduate from?


Carrie Greene is a speaker, author & business coach. She is a business strategist & productivity expert helping entrepreneurs get clear on what they want and creating simple plans to get there. She is the author of “Chaos to Cash: An Entrepreneur’s Guide to Eliminating Chaos, Overwhelm & Procrastination So You Can Create Ultimate Profit!” Resources at http://carriegreenecoaching.com/

http://articles.submityourarticle.com/is-it-time-to-graduate-and-move-forward–365447

How Affirmations Set The Tone For Your Success

Have you created your affirmations yet? If not, take time right now to get started. Even a few positive statements can have a wonderful impact on your business to attract clients

How Affirmations Set The Tone For Your Success
This article is written and owned by Fabienne Fredrickson

If you are working to attract clients and create a positive mindset, affirmations will help get you there. What a difference they can make! In case you aren’t familiar with this mindset technique, an affirmation is a positive statement about a goal you want to achieve, written in the present tense as if it is happening right now.

The First Step is to Write Your Affirmations. You want to craft a series of positive statements about the goals you wish to accomplish. For example, you might write about your business:

– I attract clients easily and my business is flourishing and growing. – This year my income will reach $___ or higher (be specific!). – I find the ideal virtual assistant who will help my business grow.

You might also write a few for your personal life:

– I feel energetic and excited today. – Good things come easily to me. – I love my life, my family and my home.

Affirmations Need to Be Positive. Make sure these statements are written about what you want to attract or feel versus what you don’t want. For example, you want to avoid affirmations like: “In the future, I don’t attract clients who can’t afford my fee.” This sentence has two things working against it: 1) Putting the time frame out into the future vs. making it about now. 2) Talking about what you don’t want instead of what you do want.

Here’s how to turn this statement around so that it will work for you: “I attract ideal clients who pay my fee easily and get great results working with me.”

These positive statements set you up energetically with an optimistic outlook about what you want. For affirmations to work, you need to repeat them on a regular basis so they get into your subconscious mind, which is the place where all manifesting originates.

Use Affirmations Twice a Day. I recommend working with affirmations at least twice a day. In the morning after waking, you are in this foggy place where you can bypass the conscious mind and go straight to the subconscious. The other ideal time is at night when you are fading before falling asleep. Both times give you access to that part of your brain.

Try Positive Expectations. In addition, I also hold positive expectations during the day. One of my favorites is “I am positively expecting great results no matter what I see in front of me.” I have that posted everywhere in my house and office so it has worked its way into my subconscious as well. This is a powerful tool for shifting your mindset and creating the results you desire.

Your Assignment: Have you created your affirmations yet? If not, take time right now to get started. Even a few positive statements can have a wonderful impact on your business to attract clients.

You can write them every day, read what you have written daily or speak them out loud to yourself. Take a moment at the end to express your gratitude for these statements coming true.


Fabienne Fredrickson, The Client Attraction Mentor, is founder of the Client Attraction System®, the proven step-by-step program that shows you exactly how to attract more clients, in record time…guaranteed. To get your Free CD by mail and receive her weekly articles on attracting more high-paying clients and dramatically increasing your income, visit

http://articles.submityourarticle.com/how-affirmations-set-the-tone-for-your-success-356364
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Franchise or Not, here are Five Steps To Raise Your Rates AND Get New Clients

When was the last time you raised your rates? If you’ve had the same pricing for more than one year, you may want to consider taking an increase. By following the five steps listed below, you can actually get clients while raising your prices.

Five Steps To Raise Your Rates AND Get New Clients
This article is written and owned by: Fabienne Fredrickson

Have you been thinking about raising your rates? That can be both exciting and nerve wracking for business owners. On one hand, you’ll produce more income from the same amount of work. On the other hand you may be concerned by the risk of losing clients due to higher rates. While this may be true, there are best practices for handling a rate increase that, if done well, can get you new clients!

1. Give prospects on your list advanced warning. I recommend that you announce a coming rate increase two-three months in advance. This gives you a great reason to check in with prospects and see how they are doing on their own and if they might be ready to work with you.

2. Use a variety of communication methods to announce the rate hike. Sometimes you have everyone on your email subscriber list. Other times you may have phone numbers or a physical addresses. It’s perfectly alright to make this announcement in several ways. You can email, call and send hand-written notes to prospects – whatever way you have to communicate with them, do it. You can even consider sending the information multiple ways to people to catch their attention.

3. Explain getting “grandfathered” in at old rates. Let people know that if they choose to work with you before the increase, they will be covered by the old rate like your current clients. This can help incentivize prospects to become clients in two ways. They don’t feel trapped because you’ve given them plenty of notice and it makes people get off the couch a little faster so you get clients.

4. Ask questions to create the need to work with you now. Sometimes prospects think they don’t need to work with you even though their current situation demands change. To help people open up to the idea, ask them what’s not working right now. This can plant a seed and inspire prospects to work with you now due to a current need and to avoid a price hike.

5. Tell new prospects about increased rates. As you meet new prospects, share your new rates with them. For those who choose not to work with you, add them to your subscriber list. Then announce your coming price increase in an email, which tells everyone including your newest prospects how they can still get in at the current rates. This can act like a back-door incentive for newer prospects, motivating them to get started now before prices go up.

Your Assignment: When was the last time you raised your rates? If you’ve had the same pricing for more than one year, you may want to consider taking an increase. By following the five steps listed above, you can actually get clients while raising your prices. This process has worked for me and many of my students. So have no fear about the price increase you are dreaming of.


Fabienne Fredrickson, The Client Attraction Mentor, is founder of the Client Attraction System®, the proven step-by-step program that shows you exactly how to attract more clients, in record time…guaranteed. To get your Free CD by mail and receive her weekly articles on attracting more high-paying clients and dramatically increasing your income, visit “>http://www.clientattraction.com

http://articles.submityourarticle.com/five-steps-to-raise-your-rates-and-get-new-clients-361950

Debunking The Franchise Myths

Franchisees are highly motivated and take a pride of ownership that is difficult to instill in someone with nothing on the line. Secondly, franchisees, by their nature, are often “lifers,” staying with the company sometimes for generations.

Debunking The Franchise Myths

This article is written and owned by Mark Siebert

Franchising harbors its share of misconceptions; for example, that franchising is a legal minefield simply waiting to explode on some unsuspecting franchisor. The fact of the matter is that franchising need not be any more litigious than any other endeavor and, in fact, may be considerably less so.
Let’s start with the disclaimer. Anyone can sue anyone else for seemingly anything—including the coffee spilled on one’s lap—so there is no absolute proof against litigation.That said, it is important to understand a few reasons why franchising is actually less prone to litigation.
First of all, the typical franchise contract is a very one-sided document. And, if written by an attorney who specializes in franchise law, it is likely to afford you a great deal of protection.
Over the years, the litigation centering on franchising seems to have come in waves. Some years ago, there were a number of cases involving the proper use of advertising funds. As decisions were reached and case law established, we saw fewer and fewer such lawsuits. Later, we saw several lawsuits on the issue of territorial encroachment. And again, as decisions were reached and case law established, fewer such lawsuits occurred. Why have these wavers subsided? Because the lawyers who specialize in franchising have followed these cases closely and have learned how to write clauses in their contracts that allow franchisors to avoid such litigation.
The two issues that always remain ripe for litigation, of course, are violations of franchise law and fraud in the inducement of selling a franchise. But even these issues can be largely inoculated against. First and foremost, train all your people on franchise law and, of course, hire a good franchise attorney. Be sure everyone on your staff is scrupulous in their honesty. Mystery shop your sales force. And, of course, ask each and every franchisee in their closing interview about the sales process and any representations that were made. Many franchisors will use a written “closing checklist,” and some have gone as far as videotaping those interviews. And, lastly, institute a no tolerance policy if you do find any infractions.
On the upside, franchising affords you a significant “liability tradeoff.” In other words, when making a decision about franchising versus company-operations, you need to consider the litigation exposure you are avoiding as a part of this same equation.
Yes, as a franchisor, you gain some potential contractual liability with each franchise agreement you sign. But consider the alternative of company-owned operations.
With company-owned operations, you have the liability for every lease you execute—whether it’s for equipment, a vehicle or a building. In franchising, that liability is the franchisee’s. With company-owned operations, you have the liability for every employee you hire—personal injury, sexual harassment, discrimination, employment law, crime in the workplace … the list goes on and on. Again, with franchising, that employment liability is largely that of the franchisee. The same holds largely true for customer liability—everything from breach of contract to personal injury.
To be clear, franchising may not stop someone from suing you, but if you have a well-written contract and a well-written operations manual (allowing you to avoid claims of negligence and inadvertent agency), the liability will likely be limited to the franchisee. Add to that other protections (such as the requirement of the franchisee to obtain insurance coverage and name the franchisor as the co-insured), and it becomes readily apparent that significantly more liability is associated with the growth of an equal number of company operations.
The second big myth in franchising involves control and the improved unit-level performance that some argue comes with it.
Both independent studies and our own observations of franchisors have repeatedly shown that similarly-situated franchisee-operated sites typically outperform their company-owned counterparts in almost every imaginable category—from revenue to perceived cleanliness to customer satisfaction.
Why?
Two reasons: First, franchisees are highly motivated and take a pride of ownership that is difficult to instill in someone with nothing on the line. Secondly, franchisees, by their nature, are often “lifers,” staying with the company sometimes for generations. Instead of constantly training and retraining and hoping for the best, franchisees develop a depth of knowledge and experience that is virtually impossible to replicate in a company-owned operation at the unit level.

About Mark Siebert:
CEO & Sr. Franchise Consultant
iFranchise Group
http://www.ifranchisegroup.com/

A franchise consultant since 1985, Mr. Siebert founded the iFranchise Group in 1998 as an organization dedicated to developing long-term relationships with successful franchisor clientele. Mr. Siebert has worked with hundreds of franchisors, from start-up operations to corporate giants. He is an expert in evaluating companies for franchisability, structuring franchise offerings, and developing franchise programs. The strategic planning recommendations developed by Mr. Siebert have been instrumental in the growth and success of numerous national franchisors.

As a Franchisee You Should Always Stay In Touch With Your “Low Hanging Fruit”

Everyone has prospects who don’t sign on right away. These are leads who expressed interest at some point. Maybe they spoke to you at length about your services, or you had a “get acquainted” call with them. For whatever reason, they didn’t sign up at that time.

Stay In Touch With Your “Low Hanging Fruit” Prospects
This article is written and owned by Fabienne Fredrickson

As a business owner, you are looking to attract clients all the time to keep your pipeline full. Everyone has prospects who don’t sign on right away. These are leads who expressed interest at some point. Maybe they spoke to you at length about your services, or you had a “get acquainted” call with them. For whatever reason, they didn’t sign up at that time. You can reach back 12 months to build this list. I call these leads “low hanging fruit” because you know they have some interest so they are easier to “pick” or reconnect with, and often some will become clients.

If you have a newsletter or ezine, you’ll certainly stay in touch through that marketing tool – but there is more you can do. You can create what is called a “Drip Campaign,” something you send every month specifically to people who are low hanging fruit. You literally are dripping information, offers, value and proof that your system works, little by little and consistently like a dripping faucet.

The monthly drip campaign works to re-warm the leads that have gotten cold over time. Give them helpful content. Share information that is specific to them so you can attract clients by converting them. You want to be there when they have that problem that keeps them up at 2am, which you have the solution for. Of course you don’t know when that will be, but that is why you consistently reach out to them. One of those times, you are likely to hit that moment when they realize you have the answers they need.

You can also share a good deal of social proof. This will help attract clients and convert your low hanging fruit, showing them what they could have accomplished working with you and how it’s not too late to start working with you today to get the results they want. Social proof can have an amazing impact on the people who have already contacted you in their decision making process.

The point is to stay on the radar screen of your leads and low hanging fruit over and over again, providing content, adding value and doing nice things for them. But most importantly, you need to stay in touch on a regular basis, because consistency is what makes this work.

Your Assignment:
Do you keep your list of low hanging fruit up to date? If not, get one going. Then, create your own drip campaign to stay in touch and attract clients who are already more open to you than other prospects coming in cold.


Fabienne Fredrickson, The Client Attraction Mentor, is founder of the Client Attraction System®, the proven step-by-step program that shows you exactly how to attract more clients, in record time…guaranteed. To get your Free CD by mail and receive her weekly articles on attracting more high-paying clients and dramatically increasing your income, visit http://www.clientattraction.com

http://articles.submityourarticle.com/stay-in-touch-with-your-quot-low-hanging-fruit-quot-prospects-359898

Why Successful Entrepreneurs Must Learn to Laugh – by Marvin L. Storm

If there is anything as certain as the sun coming up in the east every morning, it is that entrepreneurs will fail and fail often. Entrepreneurs should never take themselves too seriously. Just take a deep breath and laugh.

Why Successful Entrepreneurs Must Learn to Laugh

Written by Marvin L. Storm
Mr. Storm is recognized as a national business, entrepreneur and franchise expert with more than 25 years of experience in all aspects of entrepreneurship and franchising. He is the author of Transitioning From Employee to Entrepreneur. Follow him on Facebook, Twitter and the >Time2Transition blog.

“Always laugh when you can, it is cheap medicine.” – George Gordon Byron

When I was a teenager, my dad allowed me to use all of my worldly savings to buy my first car. The car was a 1959 Chevy Bel Air with six cylinders and three on the column. It could do 60 mph in 12 seconds flat – a real speedster.

After he drove it home from the used car dealer, I had to park the car on the side of the house and wait until I was 16 before I could drive it. Those six months were the longest of my life.

The morning of my sixteenth birthday, I was up at the crack of dawn. My Dad drove the car, with me in tow, to the DMV. I was there a full two hours before it opened. He left me with the car and walked to work. As I sat in the parking lot before the DMV opened, I furiously studied the driver’s test booklet.

It was after 11 AM when I finished my written test. When the driving examiner called my name out for my driving test, I began to sweat bullets for a couple of reasons. First, I was legitimately nervous. Secondly, I did NOT want to fail and have to tell my friends that I had I failed. In the small Midwest town where I grew up, if you failed your driving test, you were ridiculed for years to come.

As I walked out of the DMV a few minutes before noon, I was the proud holder of a provisional paper copy of my driver’s license. I was euphoric. I could hardly contain myself.

I slid into MY car, pulled out the key, jammed it into the ignition, and gently turned the key to fire up the engine. I sat there, revved the engine a few times, put the car into reverse, looked over my shoulder, and began to slowly back up. As the front of my car swung around, I was intently watching for any oncoming traffic.

Before the car was half way out of the parking spot, I heard a sickening crunch. I slammed my breaks, but it was too late—the damage had been done. In my excitement, I failed to take into account the telephone pole next to my parking space. I could hardly believe it.

I leapt out of the car and stared at the telephone pole, then at the the huge dent in my fender. I stood motionless for at least a full minute. Finally, I shook my head and started to laugh uncontrollably. Of all of the ways I had imagined that I might wreck my car, this was not even in the top 10,000 scenarios. I laughed so hard that tears rolled down my cheeks.

After I got back in my car and pulled forward, I put the car in park, turned it off and sat there. I had my driver’s license for three full minutes before I had managed to wreck my car. That has to be a world record.

I have thought about that experience hundreds of times over the years, and it has served me well. When I have a business fail, have people with whom I invested substantial money manage to lose it, have close friends betray me, or lose other friends because I have to terminate them from a job, I’m reminded of this lesson. Through all of this, I have managed to smile and laugh at myself and the ridiculously bad times I have experienced over the years.

If there is anything as certain as the sun coming up in the east every morning, it is that entrepreneurs will fail and fail often. Entrepreneurs should never take themselves too seriously. Just take a deep breath and laugh. As Mr. Byron says in his above quote, laughter is cheap medicine and a healthy dose of reality that enables entrepreneurs to maintain their sanity.

WHAT TIPS DO YOU HAVE FOR MANAGING STRESSFUL SITUATIONS? COMMENT BELOW!

For more posts like this, visit Marvin’s Blog.

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Marvin L Storm is recognized as a national business, entrepreneur and franchise expert with more than 25 years of experience in all aspects of entrepreneurship and franchising. He is the author of Transitioning From Employee to Entrepreneur. Follow him on Facebook, Twitter and the Time2Transition blog.

Franchise Responsibilities: Franchisor’s vs. Franchisee’s

Owning or being a part of a franchise can be complicated. If you mean to enter into a franchise you will need to know the specific roles of franchisors and franchisees.

Franchise Responsibilities: Franchisor’s vs. Franchisee’s

This article is written and owned by Charles Internicola

If you are considering buying into a franchise or allowing someone to open a branch of your preexisting franchise, you will need to know the details of the franchisor-franchisee relationship. This relationship is a business arrangement governed by contract agreement under which both parties have specific rights and responsibilities.

The Difference between a Franchisor and a Franchisee

The key differences between a franchisor and a franchisee are rights and ownership. A franchisor, as the owner of the original franchise, owns the operating system and all trademarks of the franchise. The franchisor can then allow those trademarks to be used by another through a contract.

A franchisee can purchase the rights to use the franchisor’s operating system and trademarks. The franchisee may continue to use said rights so long as the terms and conditions set forth in the franchise agreement are not violated.

Responsibilities of Franchisors vs. Franchisees

Though the franchisor-franchisee relationship is often referred to as a “parent-child” relationship, this analogy is generalized and can be misleading. While it is true that a franchisor must teach a franchisee how to operate according to the system and within set rules, to give the impression that franchisees are children is misleading at best.

Franchisees are independent business owners, responsible for the success or failure of their own business. Unless otherwise stated in the franchise agreement, franchisees are individually responsible for:

– How well the franchisor’s business model is executed;

– Whom they chose to hire;

– How much their employees are paid;

– How employees are scheduled; and

– What prices they charge for the product or service, etc.

A franchisor can give advice in these areas, but it is generally not considered the franchisor’s responsibility. Because it is in the best interest of the franchisor that the franchisee succeeds, he or she can help the franchisee through appropriate training and tools. In the end, however, the success of the business will always be up to the franchisee.

The Legal Work of Franchising

If you are considering entering into a franchisor-franchisee relationship in any capacity, it will be in your best interest to contact an experienced business lawyer. The right business lawyer will be able to ensure that the franchise contract is completely fair and beneficial to you.

As the franchisee or franchisor, you will want to have your business attorney read over the contract, offering a professional eye. As a franchisor, your business lawyer can help you draft the contract that will uphold your original franchise image and operating system in the franchisee’s new business.


Charles N. Internicola, is a franchise lawyer who represents start-up and established franchisors throughout the Unites States, in all fifty states, including New York and New Jersey. Charles is the author of “An Entrepreneurs Guide to Purchasing a Business” and he is the publisher of the “Franchise Law Blog”.

http://articles.submityourarticle.com/franchise-responsibilities-franchisor-s-vs-franchisee-s-108613