What would you do?

Had a three top in while I was at the bank today, when I came back they were finishing up They looked MONEY, couldn't possibly been more over the top effusive about their food. An older woman and 2 older guys. The woman wanted to know if I'd franchise, she lives in, get this, West Palm Beach. She wasn't kidding, left me her phone number, if I was interested...I've had the same question many times over the years, but this one was really legit I believe, I'll be 65 in August, do I want to again reinvent myself, is it worth it, West Palm Beach, hmmmmm! What do you all think?

Tom,  As soon as THEY start talking about steam lining the operation with food service products, you would probably strangle her to death.  So, to keep out of jail and enjoy you golden years, tell her to stuff it!

Toooom, we could make more money if you put less pork in your greens

Unfortunately, whenever awesome food is franchised - quality suffers because your relying on people who are not "owners" to replicate and have the same pride in your product as you do. Col Sanders had this problem. He pulled more than one licensing agreement from franchises because they wouldn't comply with his standards.
 
That being said, it cost's nothing more than your time to explore an opportunity. I always encourage people to explore options and try to go to the next level. You can always explore franchising but still hold on to your existing location/product/methods. Normally people that offer venture capital have the intention of taking your existing operation and "commercializing it" by cutting cost's, having central distribution centers and mass marketing it on the same level as Popeye's, Sonic and Chucky Cheese.
My suggestion would be to keep your recipe's a "trade secret". Make them buy your chili dog sauce by the gallon (made by you in bulk) and/or somehow incorporate your high standards into the franchise. Once you lose control and allow the corporation to dictate cost, quality, materiel's......its but a short slide to obscurity from there.
 
I would explore it......you could always sell your intrest in it in a few years and walk away if you dont like the direction its going in and quietly return to your current position. OR take your gains and go live on a beach somewhere with sippy drinks that have the little umbrella's!
 
Congratulations on what may just be the "opportunity of a lifetime!!" Don t be someone who say's in a year from now " I wonder......if I had just looked into it....'who knows where id be today".  If she offered you an opportunity to franchise, she's looking to franchise SOMEONE....why shouldnt that someone be you?
 
 

CTF:
I would make it a requirement for anyone who wishes to be a franchisee that they work for you in your present location for a minimum of 6 months before they are able to have the opportunity to buy a franchise.  In that length of time, you should be able to determine if they have the proper personality and the skills to duplicate your now world famous operation, without changing it into "their" operation.  You should also have a clause in the franchise stating that at any time that you determine they are changing anything in the preparation or service, the franchise will immediately become null and void.

Hey Chewy,  You know I am only funnin ya.  I don't have to tell you this, but, you food is that good.  Whatever you decide, I am sure you will make everyone live up to your standards.

Hot Dog Empire


Unfortunately, whenever awesome food is franchised - quality suffers because your relying on people who are not "owners" to replicate and have the same pride in your product as you do. Col Sanders had this problem. He pulled more than one licensing agreement from franchises because they wouldn't comply with his standards.

That being said, it cost's nothing more than your time to explore an opportunity. I always encourage people to explore options and try to go to the next level. You can always explore franchising but still hold on to your existing location/product/methods. Normally people that offer venture capital have the intention of taking your existing operation and "commercializing it" by cutting cost's, having central distribution centers and mass marketing it on the same level as Popeye's, Sonic and Chucky Cheese.
My suggestion would be to keep your recipe's a "trade secret". Make them buy your chili dog sauce by the gallon (made by you in bulk) and/or somehow incorporate your high standards into the franchise. Once you lose control and allow the corporation to dictate cost, quality, materiel's......its but a short slide to obscurity from there.

I would explore it......you could always sell your intrest in it in a few years and walk away if you dont like the direction its going in and quietly return to your current position. OR take your gains and go live on a beach somewhere with sippy drinks that have the little umbrella's!

Congratulations on what may just be the "opportunity of a lifetime!!" Don t be someone who say's in a year from now " I wonder......if I had just looked into it....'who knows where id be today".  If she offered you an opportunity to franchise, she's looking to franchise SOMEONE....why shouldnt that someone be you?

Good advice, well said!

Tom---you would lose your individuality, your being who you are.  Immediately you would become "part of the team" and the rest of the team will out number you--they will be lawyers and accountants and you will just be the cook.  I happened to me in my business---I no longer was boss,  I had 3 others to answer to.  
 
 They set the guide lines I had to adhere to.  If my profit for a period was 32 1/2 percent when they wanted 33% I was called onto the carpet. 
I walked away.  Then I found I could not go back into business within so many miles etc, etc.   Lots of little small print in the contract.
 
From what I know of Tom, Tom The Doctor's Son ---you would hate it.

You all make great points, I usually not a fence sitter, That said, I'm posting this from a fence!

Tom, if you set your business up for franchise, you need to make everything so a 18 year old can take it out of the freezer and microwave it to perfection............Thats a nice thought isn't it ????????????

Chewie, West Palm Beach is an ordinary community on the mainland, not to be confused with the super-wealthy Palm Beach which is on a barrier island.

MiamiDon


Chewie, West Palm Beach is an ordinary community on the mainland, not to be confused with the super-wealthy Palm Beach which is on a barrier island.

I didn't know that Don, now that makes it a little easier...that said, how do you think a place like mine would go over in WPB?