FranChoice, Inc. Profile
If you were to ask Lori Kiser-Block, president of FranChoice, what she feels is the best part of her job, she'd answer that it's the ability to positively impact the lives of hundreds of people every month.
FranChoice is a franchise consulting firm that helps match would-be entrepreneurs with a franchise opportunity that best matches their needs, skills and interests. The home office, located in Eden Prairie, Minnesota, provides training to franchise-savvy consultants who currently number over 100. These consultants, who work all over the U.S., take a detailed history of each person who chooses to use the service and then matches them with several franchise opportunities from a select group of pre-screened opportunities that fit the candidate's profile.
"The key to making a great match," says Kiser-Block, "is really listening to the person so we know what motivates them. We have relationships with franchise companies from dozens of areas, including coffee houses, business services, automotive care, children's learning, cleaning services and many, many more. Whatever the person's interests or previous experience, we have a stable, growth-oriented, franchisee-friendly company that we can introduce. More times than not, it is a company that the candidate has never considered. Our service expands both the possibilities for our candidates and the potential franchisee base for our franchisees."
How does it work? "The first thing that usually happens," says Kiser-Block, "is that someone looking for new employment horizons types words like 'own a franchise' into a search engine. After clicking on the link to FranChoice, the information seeker will learn about what we do, how we do it and, very importantly, that the service we provide is free."
The next step, says Kiser-Block, is for the potential franchise owner to fill out a short form to request a free consultation. "After the inquiry is sent to one of our consultants, the person will receive a call right away," says Kiser-Block. "From there, the consultant will work with the person to find out what they want in a franchise business."
There are several reasons why FranChoice is considered the premier franchise broker. "One of the keys to our success," says Kiser-Block, "is that we have carefully hand-picked each of the franchise companies in our inventory. We only work with companies that have successful franchisees in their systems. They must validate well and have a strong operations model in place.
"We have frustrated many franchisors who want to work with us by making them wait while we go through our validation process," she adds. "But FranChoice was not built on making a sale; it was built by making a genuine match between a franchisor and a franchisee."
A second reason for the success at FranChoice is the strength of their consultant network. "Our independent franchise consultants represent our brand to the public and we work diligently and continually to make sure they are serving their candidates in the best possible way," says Kiser-Block.
"First we work only with men and women who have extensive franchise experience. They have either worked for a franchise company or been a franchise owner - and many have done both," says Kiser-Block. "This means they can really relate to a candidate and provide tried and true advice.
"Our consultants must go through a thorough and rigorous training program over a six-week period," adds Kiser-Block. "Again, it is not enough that they can make a sale. They must be trusted advisors to their candidates and to do that, they need to truly understand each of our franchise companies so they can represent the business accurately."
As franchise companies are added at regular intervals, the training never stops. FranChoice offers many opportunities for consultants and franchise companies to interact, including semi-annual conferences, weekly conference calls, and an extranet site.
"We work very much like a realtor," says Kiser-Block. "First we find out what the candidate is looking for and then we do research to find those companies that will provide the lifestyle, income potential and long-term equity the person is looking for. Personality and job skills are equally important because just as a person must select the franchise, the franchisor must approve the person and then 'award' the franchise."
A FranChoice consultant will then present a selection of companies to the candidate. It is up to the candidate to then do his own research by calling existing franchisees in the system, talking to people in the franchisor's home office and, if there is interest by both parties, to schedule a "discovery day" to visit the home office.
If a candidate is awarded a franchise, the franchisor pays FranChoice a commission, which is why the service is completely free to the candidate.
"This is totally a win-win situation," says Kiser-Block. "Franchisors love working with us because our consultants present them with people who are well-qualified and well-prepared to learn about their business. Candidates love working with us because we do so much of the work for them."
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