I am chomping at the bit. If you read Franchise Me a couple of months ago you know that I have been researching the possibility of purchasing a franchise for several months now. Well I’ve signed on and I can’t wait to get started. The whole process began when my wife had a rare lunch out of the office, with a former colleague. The next thing I know I’m contacting Gary Prenevost at Frannet. I didn’t know there was such a thing as a Franchise Broker, but Gary is one and a damn good one at that.
There are many questionnaire’s and phone calls to go through before meeting with Gary for a three hour assessment that results in three options for franchise opportunities that look like a good fit for both sides. Alarm bells go off when I have not heard of any of the three. After all, buying a franchise rather than starting from scratch is usually done to benefit from an established name. However, these were all business to business companies, so mass market awareness is not entirely essential. What followed was a rather intense period of research, reading through massive and mind numbing documentation and many, many phone calls and discussions. I talked to a lot of Franchisee’s – as Gary put it regarding how many one needs to contact, “keep going until you start getting the same answers.” There were discussions with President’s and CEO’s, CFO’s, CLO’s and Franchise Support Executives. The Franchise Disclosure Documents can run into the hundreds of pages and are filled with legalese. Another great Gary quote, “Just keep one of those baby’s by your bedside and you’ll never have trouble getting to sleep.”
I eliminated an internet marketing opportunity fairly early on because I started to get the same answers from Franchisee’s after about four phone calls. Lots of work, long hours, weekend work necessary, cold calls required and a marketing company no one had ever heard of. Hey, I don’t mind working hard, but my wife already puts in a ton of hours and our family couldn’t handle the stress of both parents doing that. Plus, it’s tough to sell marketing services for a company that doesn’t market itself very well. Finally, I hate cold calling.
I thought long and hard about a sign company. Not the ones you see on a major street or in a mall, but a large format sign company that would be located in an industrial park and provides signs to businesses for in store promotion, vehicle wrapping, postering, that sort of thing. A bricks and mortar opportunity with absolute control over the manufacturing and great resale opportunity down the road. However, the initial outlay is huge, there is significant overhead and the recession seemed to really hit the local Franchisee’s hard. I saw no growth opportunity for the industry and franchise growth looked possible mostly via cannibalization.
That left me with the opportunity that was the most intriguing from the moment Gary brought it up, Keylingo Translations. A company offering businesses one stop shopping for over 80 languages with access to more than 5,000 highly trained and tested translation professionals with great computer and desktop publishing skills. I learned that the translation industry has been growing steadily, even through the recession and that it has tremendous growth potential over the next five to ten years. The industry is incredibly fragmented with most of the work being done by small operations and individuals and as one study pointed out, the top 30 translation companies worldwide control less than a quarter of the entire translation market. It’s an industry without a true leader. All that, plus fantastic conversations with five Franchisee’s – I think there were only seven Franchise’s at the time – led me and my wife to a Meet the Team day in Atlanta, the home base for Keylingo and it’s Executive team. I came out of that with a complete understanding of what each and every one of the Franchisee’s told me, they ultimately chose Keylingo because of the leadership. Keylingo is in a very strong growth position. That growth has to be managed carefully and the new Franchisee’s are going to need a fair bit of support from the Executive team at the outset, so strong, focussed leadership is a necessity. Keylingo has it and now Keylingo has me.
It’s not a difficult process to open a franchise, but it’s a time consuming one. Lawyers, Accountants, banks, insurance, home office, new software; incorporation, registration, regulations, agreements, assignments, allotments, deductibles, loans, shares, names, titles, numbers, contacts, and so on. This is all before the training. Although having done all that and still being a week away from training and another from officially opening, I’m really chomping at the bit.
As you reach the end of this chapter in my tale I want you to think long and hard about something. Do you or does anyone you know have a need for translation services? If so, let me know. Thanks!