This morning on LinkedIn I posted the following:

Everything we do comes down to choices. We can hoist ourselves up, continue to hang on, or let go. If you believe the latter is the right or only choice, please, talk to someone. I’m available – text or call me at (832) 797-9851.

Well, three business owners reached out to me. I’m glad to say that none were despondent but of course, each felt the weight of the world on their shoulders. I will always keep these types of conversations confidential but I will say that each conversation today was productive. I’m confident each of these individuals felt better after we spoke and I know and we will be talking quite often. Always happy to help, these conversations motivated me to once again share one of my previous articles about entrepreneurs and depression…

Why do entrepreneurs get depressed? Answers needed for both YOU & ME!

The topic of depression and entrepreneurs is one that is being discussed more and more. It was especially the case through the pandemic and again now through challenging times. However, make no mistake about it, the issue has been prevalent for quite some time. Unfortunately, as the topic focuses on depression AND entrepreneurs, it’s not as mainstream an issue as it should be. Is it due to depression being diluted by adding entrepreneurs to the mix?

You see, the reason is due to the misunderstanding, or better said, the lack of understanding when referring to entrepreneurs. It must be understood that when referring to entrepreneurs the reference must also include small business owners, restaurateurs, and a very large number of individuals that only “eat what they kill”. Meaning, being solely responsible for generating their own income. If they don’t earn it (kill it), they don’t eat!

Also fitting the bill are sole practitioners including professional services providers; attorneys, CPA’s as well as the increasing number of coaches. Add to this, real estate agents, insurance agents, stock brokers and essentially, anyone whose position is 100% performance-based. And let’s not forget investor entrepreneurs – stock market, real estate, etc. Essentially, we’re referring to all whose livelihood is based on commissions or return-on-investment income.

Maybe even better said, we’re referring to all whose income is not derived from a regular paycheck. All who need to think and plan long-term, as well as short-term to ensure regular cash flow. All who must ensure there are cash and/or credit reserves for periods when cash flow slows to a trickle – or even to an abrupt stop for unforeseen or unexpected reasons that are totally out of their control. All who wear many hats just to survive, and if all things align just right, possibly they can thrive.

Ultimately, what causes depression is stress, and entrepreneurship, in any of categories listed above is chock full of stress. Compounding it further is the customer/client variable. From expectations to deadlines to less than acceptable personalities, all must be effectively managed by the entrepreneur. An additional factor is the strategizing and decision-making necessary to juggle it all.

An article in Inc. Magazine, Why Entrepreneurship Involves Depression (And How To Overcome It) lists other “potential” reasons why entrepreneurs get depressed as follows:

• Empty successes
• Naturally being prone to high levels of anxiety
• Difficulty not feeling in control
• Large numbers of investor rejections
• Stress and long working hours leading to burnout
• Being sabotaged by partners, staff or investors
• Being fired from your own company
• Struggles gaining and maintaining traction

The article states that the depression can be moderate and fleeting. Or it can be personally bankrupting and may take many years to recover from. Some don’t at all.

Further, the article indicates that entrepreneurs are:

• 2x more likely to suffer from depression
• 6x more likely to have ADHD
• 3x more likely to struggle with addiction
• 11x more likely to receive a bipolar diagnosis

From my perspective, a major concern today is how entrepreneurs, a class of individuals that are considered to be the ones to lead our country through recovery, will be able to do so with so many mental health issues prevalent in their lives. More so, during a time of economic uncertainty.

As I wrapped up last year’s series, Preparing for War: You vs. Recession, I asked the question, how will your mental health hold up during challenging times?

Always looking to be proactive in providing solutions to problems, I feel it’s necessary to also recognize there are problems and identify them as such. It’s imperative to ensure they’re front and center and not ignored.

I despise the proverbial “head in the sand” approach. Yet, as much as I despise it, I need to be better at practicing what I preach. To that end, please understand that as I share my insight and perspective, I do so from personal real-time thoughts and emotions. So, when I point to YOU, I’m also pointing to ME.

Here’s an excerpt from the series:

I’d like to focus on YOU. That means, YOU the entrepreneur, the founder, the business owner, the leader, the CEO or whomever is charged with business performance and ultimately, the business succeeding according to defined goals. Especially in challenging times, how do we ensure that YOU perform at the highest level possible without stressing out and/or burning out?

At Acceler8Success Cafe, we’ve spent a great deal of time discussing mental health awareness and especially as it relates to entrepreneurship, business ownership, and leadership. Articles I’ve previously shared here about Mental Health are appropriate to share for this final segment of the series.

In late-May 2022 as Mental Health Awareness Month was coming to an end; I shared the following:

Certainly, the past couple of years has had us facing many uncertainties which, quite frankly took us on an emotional roller coaster. Mostly, the driving force has been fear. I’ve realized my own fear once I was able to admit being scared. Hey, at my age and the fact I’m not in good shape, I must be realistic. So, I’ve worked through my fear and in doing so, maybe I can overcome it. As fear is such a strong emotion that easily grips the soul, it will take time and patience to overcome such a grip.

Little by little I look forward to continuing to pry it away as fear is replaced by courage gained from confidence that fear is just a challenge to be conquered. The great thing is that some of the challenges don’t have to be tackled alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that ultimately conquers fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, I’ve recognized is not living.

Read the complete article HERE.

I’ll leave you with this to ponder as I reflect upon the same…

Why, with all the challenges listed above driving ridiculous levels of stress, do individuals decide that entrepreneurship is for them – and their chosen path for their livelihood, to support and provide for their families, and to achieve long-term goals for their later years?

And, why is entrepreneurship so popular – so damn popular that despite just the known obstacles, caution is thrown to the wind?

In upcoming articles at Acceler8Success Cafe, I hope to answer these questions while also presenting solutions and resources that may help both YOU & ME!

Together we can make it happen. Together we can make it count. Have a great day!

A popular contributor to Acceler8Success Cafe, Franchise Attorney, Wayne Bunch, Jr. helps our subscribers and readers by providing timely and easy-to-read franchise advice, reminders and tips that will help our readers fortify and expand their knowledge of franchising.

Representing franchisor companies as partner in the Franchise Practice Group of FisherBroyles, LLP, Wayne has extensive experience in assisting franchise brands expand through franchising both domestically and internationally.

Just as Wayne’s previous article at Acceler8Success Cafe was popular with both legacy and emerging franchise brands, I firmly believe today’s information should be of significant interest to ALL franchisors. However, I suggest emerging brand franchisors give this extra attention. As well, this information should be of significant interest to entrepreneurs exploring or already moving toward franchising their business.

Updating Your Franchise Disclosure Document (FDD)

With the new year well underway, it is time to start focusing on the annual update to your Franchise Disclosure Document (“FDD”). Your annual update must be finalized on or before April 30, 2023, or 120 days after your fiscal year ends. The following are things you can begin working on to streamline the updating process:

• Begin working with your CPA to obtain your audited financial statements. This can take longer than expected, and it helps to begin the conversation earlier rather than later.
• If you have brought on additional principal officers or individuals that have management responsibility related to the sale or operation of franchises, be prepared to provide biographical information on these individuals to your attorney for updates to Item 2.
• If there has been any recent litigation, be prepared to share this information with your attorney for updates to Item 3.
• If you wish to alter your royalty or advertising fee structure, this will result in updates not only to your FDD, but also to your Franchise Agreement. Be prepared to discuss this in detail with your attorney.
• Make sure to review your start-up costs in Item 7 and provide your attorney with any changes.
• Be prepared to provide your attorney with very specific information regarding all revenue derived from supplier rebates or from sales directly to franchisees.
• Be prepared to provide your attorney with any changes to your computer system/point of sale system specifications and costs.
• If your FDD contains a Financial Performance Representation or you wish to include one, prepare the necessary information for your attorney to update or include in Item 19.
• Be prepared to assist your attorney with the completion of the tables in Item 20, and to provide an updated list of current and past franchisees.

This is not an exhaustive list of necessary updates, however, having this information readily available for your attorney will not only expedite the updating process, but also save your attorney time and effort resulting in reduced legal cost.

Lastly, going through the annual updating process is a very good opportunity to re-acquaint yourself and your salespeople with the contents of your FDD.

Remember, your FDD must be accurate and not miss any important information about you, your franchise company, or the franchise opportunity.

Knowing the full content of your FDD is critical because in any franchise sales process, information provided to a prospect must be completely consistent with the information found in your FDD.

To learn more about Wayne P. Bunch, Jr., please check out his LinkedIn profile or if you’d like to speak with Wayne, he may be contacted directly via email to Wayne.Bunch@fisherbroyles.com.

Thank you, Wayne for your contributions to Acceler8Success Cafe.

Seeking Guest Bloggers for Acceler8Success Cafe!

Interested in writing about your brand or an entrepreneurial story? That’s great, provided it’s about a distinct point of differentiation from a typical promotional piece.

Maybe you’d like to provide insight into a skillset that benefits entrepreneurs and small business owners? That’s fine, as well. As is sharing perspective and opinion on issues of the day. Self-help and mental health? About a specific demographic group? Success and failure experiences? Yes! Definitely, yes!

Of course, in all instances, I will approve accordingly. If not approved, it will not be the case without first discussing with the author to possibly see if an edit or two would make the article more appropriate.

If you’re interested in submitting articles, of any length, and graphics, quotes, etc., or would just like to have a chat about my plans for Acceler8Success Cafe, please contact me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward to speaking with you and exploring possibilities.

If you’ve already inquired about Guest Blogger opportunities at Acceler8Success Cafe, I apologize if I’ve not responded to you. If you’re still interested, please nudge me via email or LinkedIn message.

Have a great day. Make it happen. Make it count!

According to a recent story at Axios.com… We often hear the American Dream is dead. But whatever you think of immigration, every year people come to the U.S. from around the world in pursuit of that dream.

Why it matters: People across borders and oceans still view the U.S. as the place to come to build a better life for their children.

• And 70% of U.S. adults — across race, gender, political party and income — say the American Dream is achievable, Gallup polling found.

Three stats to chew on:

1. Founder frenzy: 44% of Fortune 500 companies have at least one founder who is an immigrant or the child of immigrants, according to stats from New American Economy, founded by Michael Bloomberg.
2. Upward mobility: Even the children of immigrants who fall in the poorest quarter of the U.S. end up in the middle class, Princeton researchers found.
3. Self-made wealth: 80% of America’s millionaires — foreign- and U.S.-born — are first-generation.

The bottom line: The U.S. remains the leading destination for immigrants with big dreams. 20% of all the world’s immigrants are in the U.S., according to Pew Research Center.

Historian James Truslow Adams gave an eloquent interpretation of the American Dream in his 1931 book Epic of America:

But there has been also the American dream, that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.

Resources are Available

Aligned with all aspects of Acceler8Success Group comprehensive services & resources is a select team of highly experienced multi-lingual business development professionals led by Acceler8Success Group president, Erik Premont.

With a focus on Spanish, Portuguese & French speaking clientele, Erik and our team work directly with international entrepreneurs and investment groups interested in exploring development and acquisition opportunities within the United States.

In addition, we provide assistance & guidance in introducing international brands to American franchising, either as a proven brand prepared for growth or as a business model primed for launch as an emerging franchise brand. We also work with American brands interested in exploring international franchise development.

For more information, please reach out directly to Erik Premont at erik@acceler8success.com. To learn more about Acceler8Success Group, please visit our website at Acceler8Success.com.

Have a great day. Make it happen. Make it count!

Quite often, and again several times over the past few weeks I’ve been asked about the Acceler8Success mantra…

Act swiftly. Act decisively. Make it happen. Make it count! 

Apparently, there’s some confusion as to what it actually means and how it has anything to do with succeeding.

Always excited to talk about our process, I explain that acting swiftly and decisively does not mean throwing caution to the wind or making a rash or abrupt decision. Being prepared is essential when working toward a goal. So is due diligence, understanding the lay of the land, realizing potential consequences of actions to be taken, and thinking through the what ifs.

Think about the big cats. Whether it be a tiger, lion, jaguar, leopard, snow leopard, cheetah or cougar, their instincts, combined with their skills enable them to succeed. Instinct is something that all are born with, while skills are developed over time. The two together make for a lethal force practiced again and again. Essentially, it’s the big cats’ education, their preparation for survival.

From a human perspective, we all have instincts – some more acute than others. Over time, those instincts are honed by developing skills to complement and enhance instincts. Entrepreneurs are cases in point.

Actually, most anyone considering entrepreneurship must have similar characteristics as others with an entrepreneurial mindset. Of course, all have a unique mix of instinct and skill – some better than others. Thus, some succeed at a higher rate despite starting out with similar traits and abilities.

Just as big cats are educated by their parents, they’re also self-educated by perfecting their skills again and again. Their instincts minimize their failure rates, but still the process is mostly trial and error. However, their motivation remains in tact – they must succeed in order to survive. I’m sure all will agree, survival is a very strong motivation.

And, just like big cats, in order to survive, entrepreneurs must rely on eating what they kill. In fact, in entrepreneurial circles from Silicon Valley to Wall Street, the phrase “Eat what you kill” has taken on a metaphorical meaning:

Don’t rely on an hourly wage for protection. Instead, survive on your business successes alone.

With instincts fine-tuned and skills having been developed and perfected, the big cat goes on the prowl for its next meal, and as such, its next set of challenges. This is when the big cat does its form of due diligence.

It scopes out its prey. Once a potential goal is in sight, it evaluates the lay of the land – What’s between the big cat and its prey? Where can the prey run? Where should the big cat direct the prey toward to make the capture easier?

Consequences are also evaluated. Are there other predators in sight? Are they part of a larger group? If the prey is caught, how will other predators be prevented from taking it?

The big cat is ready. Let the stalking begin…

Is it any different for an entrepreneur as he or she explores possibilities and flushes out opportunities, all for the sake of achieving one’s goals and objectives? The entrepreneur’s due diligence is essential to his or her success. There can never be too much due diligence provided perfection over progression doesn’t set in. Worse still is procrastination.

So, here’s where the Acceler8Success mantra kicks in.

With preparation and due diligence in place, it’s time to act. And just as the big cat is ready to attack in a split-second, with full confidence it will achieve its goal, the entrepreneur must act swiftly and decisively, and without hesitation or trepidation. He or she must make it happen, AND make it count!

Are you an entrepreneur looking to take things to the next level, or an aspiring entrepreneur considering [finally] taking action to move you toward your goals. If either is the case, I’ll leave you with the following:

Do you have the self confidence to succeed? Do you believe in yourself enough to ignore those who do not have your best interests at heart? Do you have commitment in your decisions that you don’t need approval or praise from others?

The quote by Peter Drucker, “The best way to predict the future is to create it” may have more relevance today than ever before. Yet, there’s more trepidation than ever before to leave what’s presumed to be a safe, secure space.

Whether deciding to start or buy a business, to expand a business, or even to change jobs and/or move to another city, fear of the unknown is an extremely heavy obstacle to move. Combined with procrastination in researching and educating one’s self of possibilities and opportunities, the obstacle appears to get heavier by the minute.

Only with full commitment to achieving a goal can the obstacle be challenged, navigated or moved. It’s not as impossible as it seems, provided commitments extend to preparation and due diligence, and to developing and honing the skills necessary to succeed. Once all are in place, key to success is to act swiftly and decisively, and to make it happen, and to make it count.

Making it count is the ultimate achievement as it addresses the Why that drives the entrepreneur’s mindset just the same as the big cat’s Why of survival for another day.

Have a great day. Make it happen. Make it count!

I’m excited to introduce one of many Guest Bloggers that will be contributing to Acceler8Success Cafe as we start expanding what has become a very popular platform for current and aspiring entrepreneurs alike.

Our Guest Bloggers all have extensive experience related to all aspects of entrepreneurship, franchising, business ownership, and restaurants. With expertise across a multitude of business functions and topics, all will help us achieve our objective to provide information and resources necessary to succeed, and especially in today’s challenging business environment.

Today I’m proud to introduce Wayne P. Bunch, Jr. As a partner in the Franchise Practice Group of FisherBroyles, LLP, Wayne represents franchisor companies in connection with their efforts to expand through franchising both domestically and internationally.

Wayne’s participation at Acceler8Success Cafe will be to provide timely and easy-to-read franchise advice, reminders and tips that will help our readers fortify and expand their knowledge of franchising.

Franchise Sales Methodologies

As the new year is upon us, many franchisors will have set ambitious goals related to the sale of many new franchises. There are many methodologies related to increasing franchise sales; however, I would argue that the best franchise sales tool is the development of a system full of happy and successful franchisees.

So, what makes a happy and successful franchisee?

Clearly, being profitable is important. However, I would answer this question in the following way. Most franchisees want two things:

1) positive brand recognition and awareness, and 2) efficient operating systems, which insure adequate profit margins and a consistently compelling customer experience.

Building a powerful brand image is done through the use of a smart growth strategy, an effective marketing strategy, and by consistently meeting customer expectations.

The development of high quality operating systems is the result of a determined franchisor who is focused on excellence. The operating systems will provide your franchisees with the tools for success, and generally include systems related to site selection, training, customer service, advertising, branding, purchasing, pricing, merchandising, employer/employee relationship, managing, accounting/bookkeeping and quality control, among others.

A franchisor focused on building brand recognition and creating great operating systems will develop a very healthy system of franchisees, each of which will be the best ally during any franchise sales process.

To learn more about Wayne P. Bunch, Jr., please check out his LinkedIn profile or if you’d like to speak with Wayne, he may be contacted directly via email to Wayne.Bunch@fisherbroyles.com.

Thank you, Wayne for your contribution to Acceler8Success Cafe.

I will be introducing additional Guest Bloggers in the coming days. If you’re interested in contributing as a Guest Blogger, please reach out to me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward to hearing from you. If you have already submitted your request, I will be in touch very soon.

Have a great day. Make it happen. Make it count!

Validation and multi-unit ownership are strong indicators that positively memorable experiences exist within your franchise system. Another way to confirm the existence of these experiences is simply to ask your franchisees: Would you do it all over again? However, as a franchisor you must first earn the right to even be taken seriously before asking this question.

As you head down the path of creating positively memorable experiences with each and every franchisee, be sure to consider ALL touch points – even those beyond the obvious interactions of in-person, by phone and via email. Think digitally!

How do you interact with franchisees on social media? How do you come across to your franchisees in LinkedIn discussion groups? Is there common courtesy? Are you proud of each other’s actions within these platforms?

Many will refer to all of this as being great in theory, and not really practical. But just think what could happen if every touch point were seen as another opportunity to create or enhance a positively memorable experience. How would that change the culture of your franchise system? How would that lend towards growing your brand? Think of the [positive] ripple effect.

When interacting with your franchisees, keep the famous Maya Angelou quote in mind…

“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

Here are six key points to creating positively memorable experiences in a franchise organization – all are essential the right culture within a franchise organization:

1. Understanding the true meaning AND spirit of interdependent franchise relationships. This must be shared and exemplified at every point of contact with franchisees.
2. Developing the right culture at all levels. Be careful- culture is also defined as bacteria! This takes time and commitment, and is a reflection of how people, whether franchisees, employees, suppliers or others, are treated at all times.
3. Creating an environment of truth, trust and transparency based upon open, two-way communications – the cornerstone of creating the right culture. Think of a three-legged stool that could hold a great deal of weight when fully intact, yet would immediately fall under its own weight if one leg was compromised.
4. Establishing your franchise system as family. Treat them as such but understand that this is not the typical type of family of yesteryear with subservience to the head of the household. Mutual respect is paramount!
5. Building an environment of bottom-up profitability and growth with ALL parties to the franchise agreement and other related agreements focused on mutual goals and objectives. All must sing out of the same hymnal, and not just for dress rehearsal – so be sure to give them the hymn book.
6. Positively Memorable Experiences – Live it and breathe it every day for optimum results!

Have a great day. Make it happen. Make it count!

The most effective way to start the week off on the right foot is to plan before the week starts. It’s definitely one of the things I do every Sunday night when my phone is quiet and my email has slowed to a trickle, mostly of spam.

I also believe it’s effective to do so on Sunday evening as it’s one of the few times that I can look at my calendar with more than a glance. It affords me the opportunity to plan and shuffle calls and meetings, as necessary.

Also, as I review commitments for the week ahead, including completion of deliverables, it enables me schedule blocks of time to focus on time-consuming projects and especially ones that command undivided attention.

Here Are 6 Ways to Start Your Week Off On the Right Foot (credit to Inc.com)

An article at Inc.com in 2019 focused on starting the week on the right foot. I’ve shared the 6 ways outlined in the article below:

1. Do a mind sweep.

The first thing is to think about the bigger picture and trying to plan a mind sweep to clear thoughts. This process walks through a list of prompts in different categories, looking for things to be remembered and commitments that have been made. The goal is to get them all on paper. This minimizes distractions so focus may be directed on the day and week ahead.

2. Review the week to come.

The next step is to review the coming week’s schedule. It’s recommended to use a Defensible Calendar strategy, which improves productivity by organizing a schedule into large chunks of time with tasks grouped by importance and urgency. This will make it easier to organize and manage work.

If the plan is not well organized, request changes to free up continuous time in the calendar to create focused time and to optimize travel and logistics. This is also the time to identify any prep work or reviews required for the week.

3. Look forward to three to five weeks out.

Once the week is under control, look ahead three to five more weeks for anything that requires any kind of action in the next seven days. Look for things like travel arrangements, larger project work, and creative development. Doing this prevents surprises that create fire drills for you and/or your team.

4. Reflect on the last week.

Once there’s a good grasp on the future, look back at the last week or two and see if there are any open items or actions from previous events that may have been missed. Look for opportunities to write quick thank-you notes and to confirm any actions or plans coming out of previous meetings. Also take this time to reflect on what went well and what didn’t, and how to improve your schedule and planning going forward.

5. Check your longer-term goals.

Next, check quarterly objectives and key results. Based on where you may want to be at the end of the quarter, check to see areas where progress needs to be made and set tasks for the coming week. Also reach out to people with whom you’ll need to coordinate or collaborate to schedule time or set up meetings.

6. Sort by urgency and impact.

Once tasks and reminders are written down, begin to sort and organize. Make notes on complexity and size and then sort them by two major criteria. First is urgency, which is how critical the task is to this week. Basically, pushing it off to next week will it cause problems for you and/or for others. The second criteria is impact, which is how much value this task creates in the short and long term.

If things are correctly, your schedule will be well-structured and you will have a plan for how the week will unfold. You will have several time blocks for focused work, grouping similar tasks so that you can stay in the same mindset and minimize task-switching.

Of course, life happens, and on Monday morning something unexpected could come up and you’ll need to replan everything. And that’s fine. Just don’t procrastinate making the necessary changes.

Have a great week. Make it happen. Make it count!

“Just because something isn’t happening for you right now doesn’t mean that it will never happen.”

The quote above is one that I have come across quite often on various social media sites. It’s what originally spurred my thinking about how many individuals put off taking a step into entrepreneurship, maybe waiting for the perfect time, and the perfect opportunity. Or, if already a business owner, putting off the necessary next steps to grow their business.

I thought, is it procrastination? Or, is it that they’re just ill-informed or do not know where to turn to for resources and support?

Many times it takes being able to find useful information and resources that will help a person along, whether to inspire and motivate them and/or to provide them with insight and perspective so that they may make an informed decision – one in which they are confident. Often, it’s just something that becomes an eye-opener to possibilities or potential solutions.

So, I had decided to help, and continue to do so today. Mostly, it’s a passion but of course, as an entrepreneur, I also want to grow a business – a business helping others succeed!

My mission is clear – to help individuals, families, and partners from all walks of life understand various aspects of entrepreneurship, whether expanding upon current business ownership or exploring opportunities. Since 2014, I had developed and deployed a plan to do just that and created Acceler8Success.

From a philosophy to a methodology to a business model, Acceler8Success, and subsequently, Acceler8Success Group was developed and has evolved to assist todays and tomorrow’s entrepreneurs succeed. Along the way, Acceler8Success Cafe was developed as a resource and platform from which to share information.

Acceler8Success Group

My objective remains steadfast to provide information, insight, perspective, services and resources about entrepreneurship – whether to explore possibilities, expand upon ideas or build upon current business ownership. All as may be applicable across various business platforms and distribution models including:

• Franchising – growth strategies for current business & franchise models; single, multi-unit, area development & enterprise opportunities; management consulting; investment & capital raise projects; assist individuals explore franchising & business ownership as the next step in career growth.
• Small Business & Restaurants – startup or acquisition; improve business operations; develop and execute expansion & growth strategies including franchising; explore exit strategies.
• Freelancing – assist in turning creative skills into a business and how to grow that business; explore growth strategies including transition to a bricks & mortar and/or franchise model.
• Professional Services – work with sole practitioners in law, health & wellness, insurance or financial services; improve and expand current business practice; explore business expansion.
• Comprehensive Consulting & Coaching Services – sales & business development, business management, digital marketing, branding, personal branding, and social media. Coaching entrepreneurs, business owners & partners, and brand executives.

International Consulting Services – Since 2020 with the addition of my partner, Erik Premont, Acceler8Success Group has successfully expanded to serving entrepreneurs and investment groups conducting business within international markets in exploring development opportunities and acquisitions within the U.S. 

Erik leads a select team of highly experienced multi-lingual franchise & business development professionals whose primary focus is specific to Spanish, Portuguese & French speaking clientele as well as spearheading efforts with other non-English speaking clientele. 

Learn more about Acceler8Success Group by previewing the following websites:

Acceler8Success OwnABizness Entrepreneurship411

For more information, please contact me or Erik Premont at the following email addresses:

Paul@Acceler8Success.com Erik@Acceler8Success.com

Have a great day. Make it happen. Make it count!

Real estate, insurance and financial services industries all fall into the category of highly regulated and policed industries. In some way, fashion, or form, all involve transactions stemming from individuals’ personal savings and investments.

Licensing, including comprehensive testing, are required for all sales representatives in these industries. Continuing education is also mandatory. Each industry has some type of regulatory board with enforcement powers whose primary focus is to maintain the integrity of the respective industry. Each industry maintains some type of bonding or minimal cash position requirements to ensure economic stability.

If franchising adopted a similar structure, or a portion thereof, what would be the pros and cons? What would the effects be over the next twenty years?

Recent discussions in various franchise groups eluded to the fact that there are too many franchisors and franchise brokers (in some organizations also referred to as coaches and consultants) within franchising today, a result of it being “too easy” to enter franchising. There’s been talk of less than ethical practices by various parties within franchising and poor business practices by others. Of course, most comments focus on franchise sales.

Would tighter controls and stricter requirements strengthen the franchise model and franchising itself? But what about problems caused or driven by franchisors with weak financial positions? Should franchisors be subject to one level of requirements with frontline franchise salespeople subject to another level, yet interdependent much like the relationship between real estate broker and real estate agents?

And are problems occurring because those on the front line with candidates are essentially “invisible” after the fact… meaning, by not being listed in the Franchise Disclosure Document, whether as a broker or franchise salesperson it’s hard to prove who was responsible for illicit financial claims and other misrepresentations that come to light several years into the franchise relationship and with a franchisee failing.

Mind you, before chastising me about all of the above, believing it is my intent to propose more regulation and the requirements that come along with regulation, please understand it is not [yet] my firm position that any of the above be entertained. Instead, I believe issues need to be discussed, problems need to be identified, and solutions need to be implemented to fortify franchising sooner by the industry itself, rather than later when it’s out of our hands.

I look forward to anyone willing to share their perspective on this topic – especially, those on the franchisor side who typically remain quiet while franchisee attorneys speak their minds. To clarify my thoughts, this is a discussion that should be occurring amongst all in franchising, regardless of your position as it relates to the franchise relationship.

Have a great day. Make it happen. Make it count!

Between building a brand and the awareness that goes with it, adding additional revenue streams, and the plethora of other advantages to turning your business into a franchise, it may seem like the obvious next step for business owners that are anxious to further growth and expansion of their business.

However…

While franchising can provide immense success, achieving better business margins and successful growth is not guaranteed.

To determine if your business is ready to be franchised, prompt an honest conversation with yourself, starting with these four questions:

1. Have you realized consistent success?

While there are no rules about the required years of experience, revenue dollars, etc. before you can franchise your business, owners should be able to demonstrate that their concept is successful enough to take on a second and third location.

Think about how you will pitch to potential franchisees when that day comes – you should be able to communicate the true value of the business and the success they can reasonably expect from buying in. You must be able to share your vision and ensure potential franchisees are able to follow through on your vision.

2. Can your success be replicated?

Realizing business success is promising, but the revenue of the company doesn’t multiply just because the number of storefronts does. If your business gets boosts from a local event or based upon customers specific to your current neighborhood, attempting to replicate that might be challenging.

However, if your operations isn’t dependent upon specific local events and you believe a new region will benefit from your business because of X, that’s a good sign that expanding will be a positive move.

Of course, if your business is extremely dependent upon you, a honest evaluation is necessary to determine how the same efforts could possibly be replicated by your franchisees. After all, a business model could be franchised but unless you’re operating within the National Football League, a person cannot be franchised.

3. Are you ready to invest in your franchisees?

In large companies, the responsibility of providing training and resources doesn’t typically fall on the owner’s shoulders. Being a new franchisor means building that support network from scratch. Providing continuous support to franchisees is an investment in not only their success, but the success of the franchise as a whole – therefore it’s a responsibility that should not be taken lightly.

Yes, even if it means you will be spending a significant amount of time with new franchisees in a training capacity. To that point, the franchisor-franchisee relationship is equal parts manager and mentor, and you need to be ready to provide the guidance and support they will seek, and without fail.

You must realize the relationship is one of interdependence much like a marriage. It’s at this juncture that you must realize you’re no longer just in the X business, but now also in the franchise business.

4. Would your own balance sheet qualify you to buy a franchise within your own franchise system?

This is really an eye-opening question that most individuals never even think about when considering to franchise their business. The bottom line is the adequate financial resources necessary to franchise your business AND sustain the ramp up period to being an organization that is able to operate successfully on the royalty stream only.

That’s correct, but maybe a better way of stressing this is to emphasize, your organization cannot rely on franchise fees to survive. Attempting to do so would be a kiss of death for your brand, and your franchisees. It cannot be stressed enough to be adequately capitalized before dipping your toe into the franchising pool.

If you’re considering franchising your business, I’ll leave you with a statement in a local publication about a recently shuttered restaurant – one of a few company-operated locations. The article shared the following from an apparent interview with the brand owner which in my mind definitely raises cause for concern:

“… he wants to begin franchising this year. Perhaps the right franchisee will feel more comfortable with the costs of operating inside the [city] than he does.”

If you’d like to learn more about franchising your business, please visit our website at Acceler8Success.com. For additional information, please reach out to me on LinkedIn or via email to Paul@Acceler8Success.com. I look forward discussing with you what proper franchising can do for your business.

Have a great day. Make it happen. Make it count!