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”

SELLING & AWARDING FRANCHISES

“In sales, it’s not what you say; it’s how they perceive what you say.”
– Jeffrey Gitome
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Franchising, Be Your Own Boss, Venture, Shark Tank, Mark Cuban, Entrepreneur, Gig Society, Side gig, Franchise your Business

SELLING & AWARDING FRANCHISES
By Gary Occhiogrosso – FMM Contributor

Selling on every level is the principal work in any franchise organization in order to grow your franchise business. Whether it’s selling new franchises or creating systems to support your franchisees to grow their sales or selling your goals to investors, there’so business on the planet that exists without sales.

Have you given thought to the logistics? How do you intend to quickly respond to all the incoming calls, make follow-up calls and address all the prospects questions? How will you ever conduct discovery days, tour prospects to operating units or spend the needed hours to address their fears, concerns and objections? How will you manage your CRM, keep past inquirers in the loop or create buzz that may initiate new buyers and motivate past inquirers to take action now.

A consistent, timely sales effort rules the day. That’s our specialty… We sell! We make the initial contact, we qualify the prospect, guide the candidate through the application process, do the store visits, conduct the meetings & the numerous follow-up calls, the discovery day and work with the prospect each step of the way. You, the Franchisor can stay focused on building the operational side of your business.

One of the most important aspects regarding the franchise sales process is to practice timely response time and create value in the system. That comes from totally dedicated time & focus to the sales process, carefully planning a sales funnel that uses decades of experience, successful track record, industry credibility and franchise industry specific “know how”.

The various steps and numerous hours it takes to close a franchise sale are not something any startup or emerging franchisor should even be thinking about doing on their own.

There is no organization like Franchise Growth Solutions that offers not only a franchise consulting program but also earns its keep by selling franchises for you. It’s our “success-based” upside to offset the low fees for all the other services FGS provides.
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About the Author:
Gary Occhiogrosso is the Founder of Franchise Growth Solutions, which is a co-operative based franchise development and sales firm. Their “Coach, Mentor & Grow Program” focuses on helping Franchisors with their franchise development, strategic planning, advertising, selling franchises and guiding franchisors in raising growth capital. Gary started his career in franchising as a franchisee of Dunkin Donuts before launching the Ranch *1 Franchise program with its founders. He is the former President of TRUFOODS, LLC a multi-brand franchisor and former COO of Desert Moon Fresh Mexican Grille. He advises several emerging and growth brands in the franchise industry. Gary was selected as “Top 25 Fast Casual Restaurant Executive in the USA” by Fast Casual Magazine and named “Top 50 CXO’s” by SmartCEO Magazine. In addition, Gary is an adjunct instructor at New York University on the topics of Restaurant Concept & Business Development as well Entrepreneurship. He has published numerous articles on the topics of Franchising, Entrepreneurship, Sales, and Marketing. He was also the host of the “Small Business & Franchise Show” broadcast over AM970 in New York City.
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ABOUT FRANCHISE GROWTH SOLUTIONS, LLC
Franchise Growth Solutions, LLC is a strategic planning, franchise development and sales organization offering franchise sales, brand concept and development, strategic planning, real estate and architectural development, vendor management, lead generation, advertising, marketing and PR including social media. Franchise Growth Solutions’ proven “Coach, Mentor & Grow®” system puts both franchisors and potential franchisees on the fast track to growth. Membership in Franchise Growth Solutions’ client portfolio is by recommendation only. www.frangrow.com
Contact: [email protected]

Why Thin Crust Pizza is all the Rage in Franchising

While many new franchised pizza brands have turned to create your own, limited service concepts offering non-traditional, lower quality pizza, Riko’s Thin Crust has moved in the other direction. Offering full service, high quality, made to order pizza, salads, and Wings in a family-friendly casual setting. They practice all the steps in successful franchising

Why Thin Crust Pizza is all the Rage in Franchising

The “Think” Crust Concept behind Riko’s Pizza
By Laurie Hilliard – FMM Contributor.

The inspiration for opening a restaurant comes from many sources, Riko’s is rooted in the enduring values of family, a belief in simple homestyle food and finding the best means to serve the time-honored passion for pizza. Today Riko’s is an evolution of the classic mom and pop pizza places we all grew up with. It is familiar, inviting and smells delicious yet offers a modern next-generation twist designed to meet today’s fast-casual lifestyle. We like to say, “It’s a good place to be.” And that translates into “It’s a good place to be” all ‘round: a good place to eat, a good place to work and a good place to own.

Since opening our first location in 2011 in Stamford CT, our family-centric enterprise has evolved and adapted to the changing pizza industry, local real estate markets, and consumers’ lifestyles. We have developed two proven operating models in three locations; full-service, casual restaurant with full bar and the fast-casual model; take-out and delivery. Both models have three points of service: dine-in, call/online ordering for pick up and call/online ordering for delivery. And that’s unique in the casual dining space.

Our menu is a study (a labor of love, to be sure) in simplicity, in delicious food, and no-fail processes. Our signature 6-slice, thin crust pizza made from a 70-year-old recipe starting with a proprietary pizza dough and sauce, that tops a carefully crafted, streamlined menu. Best sellers like cheese, pepperonil and hot oil pizza satisfy family favorites while innovations, like Chicken Scarpariello, a host of salad pizzas, specialty pies like Hawaiian pizza, Mac ‘N Cheese Pizza and Veggie Pizza tempt guests looking to try something new. Our baked (not fried) chicken wings, fresh-made salads, and tempting dessert selections offer a high-quality, family friendly, affordable meal to be enjoyed at our tables, at home or on the go.

Riko’s franchise opportunities are uniquely flexible, streamlined and turn-key. And while we have refined and tweaked our business models over the past 7 years, we have retained our core philosophy; a long-standing esteem for family and relationships, quality food from our own family recipes, and warm hospitality. Our respect for guests, our employees, and our community is the cornerstone of our success.

Franchise owners and guests alike are assured of consistency with every thin crust pie. Our proprietary, simplified cooking process draws on equipment, instructions and no-fail recipes that are easily perfected by cooks and non-cooks. We boast that we can teach anyone to make our pies with our process in about 10 minutes. That typifies the thoughtful approach we have taken to all aspects of the business. We blend our strong, family-based values with a simple menu, systems, and operations to ensure quality, consistency, and success. That’s the “secret sauce” for driving success and growth while keeping Riko’s a good place to be. Contact: [email protected]

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ABOUT RIKO’S THIN CRUST PIZZA
Riko’s Thin Crust Pizza is a chain of “new generation” pizzerias located in Fairfield County, CT. Using a recipe handed down for generations; Riko’s offers authentic Italian fare using the highest quality and fresh ingredients. Known for its thin crust pizza, Riko’s also offers a full complement of salads, wings, and other menu items. https://rikosfranchise.com/index.php

ABOUT FRANCHISE GROWTH SOLUTIONS, LLC
Franchise Growth Solutions, LLC is a strategic planning, franchise development and sales organization offering franchise sales, brand concept and development, strategic planning, real estate and architectural development, vendor management, lead generation, advertising, marketing and PR including social media. Franchise Growth Solutions’ proven “Coach, Mentor & Grow®” system puts both franchisors and potential franchisees on the fast track to growth. Membership in Franchise Growth Solutions’ client portfolio is by recommendation only. www.frangrow.com Offer by prospectus only.
Contact: [email protected]

FOUR TIPS TO STARTING A SUCCESSFUL FRANCHISE

Have a successful model. It is impossible to create a franchise program without having at least one successful operation, a pilot, if you will. It is not feasible to think that if your core business loses money and is unsuccessful, that a franchisee will be any different.

INTRODUCTION TO FRANCHISING
FOUR TIPS TO STARTING A SUCCESSFUL FRANCHISE

By Cambridge Who’s Who Lifetime Member and Contributing Author Harold Kestenbaum

My name is Harold Kestenbaum, and I am a franchise attorney. Many of you may want some information about what a franchise attorney does. I realize that franchising is not a well-known sector of the legal profession unless you work in the industry as either a franchisor or a franchisee. Here is how I became involved in franchise law.

In 1977, at my third job out of law school, I worked for a solo practitioner in Manhattan who represented many corporate clients, some of whom were publicly traded. One company happened to find the opportunity to franchise their business. One day my boss said to me, “Kestenbaum, I need you to learn about franchising opportunities, so that you can handle our franchise client.” Not knowing what in the world he was talking about (I had done everything but franchise law up until then) I found every book I could on business franchising information (there was no Internet in 1977) and for the next four years I immersed myself in franchise law. When New York State passed a new franchise registration law in 1981, I decided that it was time for me to become a solo franchise attorney and resigned my position. I have been practicing franchise law ever since.

Based on my years of franchise experience, I wrote a book, So, You Want to Franchise Your Business, that delves into the opportunity a company embarks on the franchise path. It includes the dos and the don’ts of how to franchise your business. In my book, my co-author, Adina Genn, and I discuss what makes a company have the right opportunity for franchising and how to go about turning a successful business into a franchise company. Here are a few key tips from my book:

1. Have a successful model. It is impossible to create a franchise program without having at least one successful operation, a pilot, if you will. It is not feasible to think that if your core business loses money and is unsuccessful, that a franchisee will be any different. It is imperative that your franchisees be successful, otherwise franchising opportunities will not work.

2. Make sure your business model is replicable. You must be able to build clones of your operation, otherwise, the system will not work. Have you ever seen a McDonald’s without the infamous golden arches? That is just one example, but it goes beyond the look. It is the method of operation that must be duplicated in order to have the opportunity to franchise.

3. Attain capital for your franchise. You must have capital in order to roll out the franchise program. You cannot believe that franchising will cure your cash flow issues, you need to have money in order to roll out the program. Do not view the program as a way to fund an undercapitalized business model.

4. Prove your model works! The concept that you are trying to franchise must be lucrative. You must demonstrate that your concept works before you try to offer it to the public as a franchise. If the business model is a failure, your franchisees will inevitably fail as well. Franchising can be a wonderful business opportunity, but your initial model must work first, otherwise franchising will not be possible.

Why franchise your business? That is a very good question. But to those of us in the business, the answer is quite obvious. If you want the opportunity to grow your business beyond one or two stores, and you cannot afford to build more units at, for example, $500,000 each, then what better way to grow than to let a franchisee buy a franchise and build the unit himself or herself for that amount, and you simply receive the weekly royalty of 5% or 6% of gross revenues? Franchising is a vehicle for growth using the capital and human resources of someone else (the franchisee). How great is that? It is simple, yet complex. The franchising relationship goes much deeper than building the unit and collecting royalties. It is a starting place for companies that want to grow but do not have the internal capital or human resources, like Starbucks, to do it by themselves.
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Learn how to FRANCHISE YOUR BUSINESS and collect royalties! www.franchisegrowthsolutions.com

Franchising continues to grow and Millennial founded brands are a driving force.

There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”

Franchising continues to grow and Millennial founded brands are a driving force.

As Millennial Entrepreneurs are coming into their own with new brands that are emerging and growing, the idea of Franchising as a tool for rapid growth has become a prime focus. Understanding the need for Brand Identity and Social Acceptance perhaps better than any generation before it, the Millennials and GenX’rs are turning to franchising as the key method to expand beyond their immediate territories.

Gary Occhiogrosso, Managing Partner of FranGrow, (a franchise development and sales firm www.frangrow.com ), put it this way “as popular as the internet has become, you can’t physically experience your favorite restaurant or have your hair cut, or do a spin class or take care of aging parents “on the internet” or using an “app”. “There is a “real world” element that provides great opportunities for franchising both product and service based businesses.” “In the first six months of 2017 we’ve been approached by double the number companies looking to franchise their business or help them expand compared to the same time last year.”

FRANCHISING GROWS IN TOTAL

Robert Cresanti – President & CEO of the International Franchise Association (IFA) reported “We are forecasting that for the sixth consecutive year, franchise businesses will grow at rates that exceed the economy-wide growth of industries where franchises are concentrated, Franchise businesses are showing tremendous capability to provide new jobs for working families and new businesses for first-time business owners across all sectors in local communities, despite the fact that franchisees are facing many new regulatory threats at all levels of government.”

TOP CATEGORY IN FRANCHISING

According to Entrepreneur’s Franchise 500, the top growth sector both domestically and internationally is Quick Service Restaurants. As this stat relates to Millennials, they are particularly fond of the build your own concepts that feature fresh, made to order items, using sustainable ingredients and “built” to the customer’s specifications. Occhiogrosso who also teaches restaurant concept development and entrepreneurship at NYU says that his students aim their creativity on either launching or purchasing a quick casual brand that focus on the quality and social responsibility of the concept. He went on to say, “regarding founders and entrepreneurs that engage us to expand their brand, the franchise model is the primary form of expansion. Our client list has grown to the point whereby we’ve had to go to a waiting list. There is no doubt in my mind that the “Franchise Prototype Model” has revolutionized the way people take a small local business and turn it into a regional or national brand.”

For follow up information please contact [email protected]

Why Qualifying For Timeline Is Important

As we got to the end of the call, I was positive I’d be getting on a plane in the next couple of weeks to work with this prospect. And that’s when I asked a qualifying question that I neglected to ask upfront: “What is your timeline for this training?” He told me, “Sometime in the Fall.”

Why Qualifying For Timeline Is Important
By Mike Brooks

Okay. So I’ve been in sales longer than some of my clients have been on the planet.

I’ve made thousands and thousands of prospecting calls, and thousands and thousands of closing calls.

I teach, train, write books on phone scripts, and develop customized phone scripts and inside sales training programs for sales teams worldwide.

You’d think that I would never get tripped up by or neglect the fundamentals of sales, right?

Wrong.

Just this morning (April 28, 2017), I was on the phone with a new prospect and he was asking me about my background, my training methods, etc. We had good rapport. He was an inbound lead. We really connected and he was interested. This was a slam dunk, right?

As we got to the end of the call, I was positive I’d be getting on a plane in the next couple of weeks to work with this prospect. And that’s when I asked a qualifying question that I neglected to ask upfront: “What is your timeline for this training?” He told me, “Sometime in the Fall.”

So, after a ½ hour on the phone, this call went….nowhere. Where did I go wrong? When he asked me what my process was when working with companies, I should not have assumed he was ready to go. Instead, I should have done what I teach: Qualify.

And the first thing I should have qualified for was his urgency to make a decision. By the way, I normally do this, but because the rapport was so strong, and, again, he was a call in lead, I assumed he was all set. He wasn’t…

Here are some ways to qualify for timeline:

For an inbound call, what I should have done (and will not be skipping again!) is ask:

“First off, I generally book several months in advance, so let’s talk about when you need this training – if everything goes well during your discovery process, when is the soonest you’d like to have this training delivered to your team?”

If he then told me it was six months off (“in the Fall”), I’d have given him an abbreviated pitch, and then told him I’d circle around with him in September.

If you are prospecting to set an appointment or a demo, then the following scripts to qualify for timeline are what you use:

“If you like what you see after the demo, what would be the next steps on your side?”

OR

“If you think this solution is what you’re looking for, what would be your timeline for putting something like this to work for you?”

AND

“If after the demo this is something you’re interested in taking advantage of, could you implement this in the next couple of weeks?”

Qualifying for timeline upfront is crucial to not only closing more sales, but also to avoiding objections at the end like, “I want to think about it…”

Use any of the scripts above, or rewrite them to fit your personality, product or service.

Take my word for it: It’s MUCH better to know in advance when your prospect is thinking of buying.


Mike is the go-to inside sales trainer and phone script writer in the industry. He is hired by business owners to implement proven sales processes that help them immediately scale and grow Multi-Million Dollar Inside Sales Teams. If you’re looking to catapult your sales, or create a sales team that actually makes their monthly revenues, then learn how by visiting: http://www.MrInsideSales.com

http://articles.submityourarticle.com/why-qualifying-for-timeline-is-important-372473

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Franchise your Business today! www.frangrow.com

LEARN MORE ABOUT THE EXPLOSIVE AND UNTAPPED LATINO MARKET

Franchises provide a stable foundation and guidance:
Franchises are a proven business model.
They have established brand identity, effective marketing, and consumer research.
You will have access to business reports and key performance indicators.
As part of a franchise, you will have the experience and knowledge of the franchisor backing you up.
As a Los Taxes Tax Center Owner you are part of a “family” of Tax Professionals who together serve the community with honesty and integrity, utilizing tools to operate their businesses within the ever-changing guidelines of the industry.

LEARN MORE ABOUT THE EXPLOSIVE AND UNTAPPED LATINO MARKET
By Gary Occhiogrosso

Watch and Listen to this video as we describe the explosive Latino Market and a unique franchise opportunity. Contact me at [email protected]

Become part of the nation’s First and Only Latino Network of Tax Centers in America

Los Taxes can offer you the following opportunity for Success:

Servicing the fastest growing population base in the country….the Latino population
An established and recognized brand in the industry
Hands on initial training and on-going training
Utilize state-of-the-art tax preparation software to service your clients
Ongoing technical support
Receive up-to-date advancements, adjustments and compliance guidelines within the industry
Have at your disposal a team of experienced staff to assist you in establishing and reaching your business goals
Experience the satisfaction of being part of a “Family of Businesses” that share the common goal of excellence in service to the client.

“Los Taxes helped me to take my home business with over 1,200 clients to a professional office and continue serving more clients.”

Santa Los Taxes Franchisee in Queens, NY

We partner with you to service the needs of a community that is ready to be serviced with integrity and honesty in relation to tax preparation.

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Why Los Taxes

Los Taxes is known as the fastest growing Network of Tax Centers with over 50 tax centers in only five years.

Firm Foundation

Javier Solis, Los Taxes’ Founder & CEO has been a tax practitioner since 1990. In 2000, Javier opened his first Brooklyn office where he started with no clients or support. During those years, Javier developed an effective and aggressive marketing strategy, as well as an administrative structure that helped him bring his practice over 5,000 clients in 8 years and to the national level it is now. These Marketing and Administrative strategies combined with a state-of-the-art web management system are the key features available to all Los Taxes Tax Center Owners. Javier strongly believes that education and expert guidance are the keys to a productive and profitable tax preparation business.

Constant Support

One of the benefits of being a Los Taxes Tax Center Owner is the understanding that “you are not alone” in your business. From the initiation of your Tax Center business a team of professionals are standing by to offer support as needed in all areas of tax preparation:

Tax business operations
Compliance guideline adjustments
Industry updates, community integration processes
Brand exposure techniques
Initial training and ongoing training
This support extends beyond the Tax Center Owner and encompasses the tax preparation staff and/or administrative staff working for the Tax Center Owner.
Year-Round Training

Los Taxes Business Support Team stands ready to supply support and assistance to its Tax Center Owners both in tax season, and throughout the year.

State-of-the-art tax preparation software
Regularly scheduled webinars
Training sessions
Tax schools
Assistance with IRS registration and certification
Boot camps and workshops
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Opportunity for Success

Our Success is Driven by Your Success, and we are equipped and ready to assist in Your Success.

Why the Tax Industry

As tax guidelines are continually being adjusted the need for the use of a Tax Professional increases. Quite simply, the Tax Industry is positioned for continued growth in years to come.

More than 240,000,000 individual tax returns are filed each year
56% of individual tax returns filed are filed by paid preparers
90% of individual tax returns filed are e-filed
Any tax preparation business that intends to file eleven (11) tax returns or more in a calendar year must use the IRS E-File System to do so
More than 120,000,000 individual tax returns filed in a year receive tax refunds
The average individual tax refund received was $2,872.00
27,900,000 individual returns received Earned Income Tax Credit
Individual Tax Return Filing is increasing by at least 1% per year

The Latino Market

Service the fastest growing population base in the country….the Latino population.

In addition to the above statistics, there are also over 12 million undocumented Hispanics who will request the ITINs (Individual Tax Identification Number) and file income tax returns as a sign of good faith in furtherance of any future amnesty possibilities. These individuals comprise an untapped segment of the market thereby resulting in a tremendously profitable opportunity for a business catering to the Latino Community.

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No one can guarantee success but when a franchise company supplies you with the tools and knowledge, all you need to do is follow the system.

Franchises provide a stable foundation and guidance:

Franchises are a proven business model.
They have established brand identity, effective marketing, and consumer research.
You will have access to business reports and key performance indicators.
As part of a franchise, you will have the experience and knowledge of the franchisor backing you up.
As a Los Taxes Tax Center Owner you are part of a “family” of Tax Professionals who together serve the community with honesty and integrity, utilizing tools to operate their businesses within the ever-changing guidelines of the industry.

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To learn more about this explosive market and untapped franchise potential, Contact me at [email protected]
www.lostaxes.com

So You Want To Be An Entrepreneur? Start Here!

Want to be an entrepreneur? It’s the first question everyone asks: where do I start? Well, if you want to be an entrepreneur but you wonder what’s been holding you back, I have the perfect place to start: the mirror.

Want To Be An Entrepreneur? Start Here!
By Bubba Mills

It’s the first question everyone asks: where do I start?

Well, if you want to be an entrepreneur but you wonder what’s been holding you back, I have the perfect place to start: the mirror.

Yes, if you want to know what’s holding you back in your professional life, grab a mirror, and after you get over all the admiring, notice what’s between your ears. That’s right, it’s your head.

Everything your life is today is a direct result of what’s been going on between your ears. Henry Ford said it well, “Whether you think you can, or you think you can’t, you’re right.”

If you think your problems come from outside of your head, please move on. I can’t help you. And ironically, you won’t be able to help yourself. Because all change comes directly from you and the understanding that you’re responsible for your life – no one else – nothing else.

Now, if you’re still with me and you’re willing to accept what I’ve written so far, good. You’re on the right track – the track to a better, more fulfilling life.

Your mindset – in essence – how you think, determines outcomes. Accept this and you’re on your way to being not just any entrepreneur, but a successful entrepreneur.

The next step: overcoming fear. We all have it – and for good reason. Sometimes fear saves your life. Long ago, fear served us well when we heard the growl of a hungry tiger. And unfortunately for many would-be entrepreneurs today, the fear they feel is equivalent to hearing that tiger – even though it’s not a life-threatening situation. So instead of moving forward , they end up frozen with fear. Realize this to overcome any fear: the absolute worst thing that can happen is that you fail. Big deal. Get up, dust yourself off and go at it again.

And the next step: weigh the gains. The safe route is the 9-to5 J.O.B. (Just Over Broke) — The world of mediocrity and the false security of “knowing” that they show up to work and they get paid for that day. The fact is people get fired from “secure” jobs every day. Why not weigh the gain of living the life of your dreams using your new-found mindset of knowing you can succeed?

Here are the other gains of entering entrepreneurial waters:

Freedom: Yes, the positives include the freedom to set your own hours, leave the office when you want, and vacation on a whim. You not only have 100 percent control of your schedule, but also freedom from the negatives of normal jobs: dealing with boneheads, having to show up at a certain time every day, sitting in pointless meetings. On and on.

Control: You and you alone sit in front of the control panel of your business. You decide what products or services to offer. You choose your ideal customer. In short, you control every aspect of your business instead of someone else telling what to do.

Unlimited Income: No one will tell you your salary. You and your new mindset get to create your income. And let me tell you from personal experience, the sky truly is the limit. Just be sure not to set your goal too low and settle for good, when great is achievable. Business guru Jim Collins said it best: “Good is the enemy of great.”

Work/Life Balance: What’s my favorite characteristic of being an entrepreneur? Let me start with the end in sight — you get to attend every one of your kids’ school events or family get-togethers. Yes, that is the blessing of not working for someone else. You don’t have to submit a time-off request or wonder if you have accumulated time-off to take a vacation.

I’ll leave you with this: “You can’t teach hunger. You either have it or you don’t.”

You still with me? You still willing to give your new life a shot? To be bold? Adventurous?

Bubba Mills is the CEO of Corcoran Consulting and Coaching Inc. (www.corcorancoaching.com/programs, 800-957-8353), an international Real Estate, Mortgage, and Small Business coaching company. Mills is a nationally recognized speaker, coach and mentor to the top real estate agents and mortgage companies. Visit us at www.CorcoranCoaching.com.

Visit www.frangrow.com and put your idea into orbit!
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