Franchise Discovery Day is an important step in the buying process. It marks the end of the pre-sales journey for most franchise owners. The event allows you, the invited franchise candidate, to get a true feel for the franchise company you’re considering. It’s an opportunity to spend time with their top executives. Plus, it can be a critical opportunity to understand their core values and what they believe will make you a successful business owner. Conversely, Discovery Day is an important way for franchisors to size up their top candidates and determine who is best qualified to help them grow their brand.
Here are our tips for how to prepare for Franchise Discovery Day
Get Ready to Meet
You should block out time in your schedule – and budget extra money—to travel to your Discovery Day. Bring your spouse or business partner, or someone you trust to help you make an educated decision.
For example, restaurant franchise Chicken Salad Chick begins their Hospitality Day with a three-hour meeting with Chicken Salad Chick executives. They will ask the candidate to share their personal story about how they came to know the brand. Additionally, they’ll want to know how it aligns with their long-term goals.
The CEO, Chief Development Officer, COO, and Chief Marketing Officer then speak about site selection and construction processes, the training program and operations model, and your grand opening and marketing plan. The meeting concludes with a presentation that features Chicken Salad Chick’s catering program and lunch with the executive team.
Anticipate a Quick Decision
You may walk out of Discovery Day feeling excited and eager to open your business. On the other hand, you could feel apprehensive. The good news: you will learn quickly after Discovery Day whether you’ve been recommended for business ownership.
After Hospitality Day, Chicken Salad Chick may notify candidates of their decision within hours.
TWO MEN AND A TRUCK executives meet quickly and consider feedback from other franchise owners after they finish Discovery Days with candidates—who are typically notified within three to five days if they’ve been selected to join the team. They also receive a congratulations video that features the executive team.
At tutoring business Mathnasium, you can also expect to be notified right away. “Candidates typically sign within a week of Discovery Day,” Adelstein said. “The contracts have already been sent out to them and training is the next step.”
Be Sure to Come to Franchise Discovery Day With Your Questions
Discovery Day is your final chance to ask any questions you still might have before you enter into a multi-year franchise agreement. While many of your general questions were likely answered earlier in the process, use your Discovery Day experience to ask bigger picture questions.
“We ask every group of candidates if we addressed their questions prior to signing a franchise agreement,” said Carrie Evans, vice president for franchise development at Chicken Salad Chick said. “Buying a franchise is a life-altering decision that requires a great deal of education and thought.”
TWO MEN AND A TRUCK seeks to attract a diverse group of franchise owners from all walks of life who are interested in demonstrating their core values. Ackley suggests that candidates ask the leadership team the following questions to show their enthusiasm for the brand:
- What are some keys to your success?
- What are the biggest differences between TWO MEN AND A TRUCK and its competitors?
- How do I get to the current 96% referral rating with customers and exceed their expectations?
- How will the franchisor support me in the first year and after?
Mathnasium also expects candidates to view Discovery Day as an opportunity to ask questions about the benefits—and pitfalls – of operating a Mathnasium center. Adelstein suggests candidates consider asking the following questions:
- What are the greatest challenges Mathnasium has faced??
- How many children are you working with individually?
- In what ways can corporations help grow my business?
Know What the Leadership Team is Looking For
At Chicken Salad Chick, executives are looking to gauge how well your personality aligns with their brand. They want to make sure you are interested in living the restaurant’s core values and that you’ve gotten all your questions answered.
“I always tell candidates that it’s important for them to feel comfortable with us and vice versa—because this is like a 10-year marriage at the minimum,” Evans said.
At TWO MEN AND A TRUCK, the executive team seeks to understand what led you to their brand.. In addition to seeking answers to operational questions, Ackley suggests that candidates prepare to answer the following questions:
- Are you excited about the future, and why?
- Do you like who you have met along the way?
- Have you connected well with other franchisees and others you’ve met from the home office team?
- The customer experience is our mission statement—what steps will you take to achieve customer satisfaction while you continue to grow your business?
- Where do you see yourself in five years—and how can we help?
“During the review process, we ask our candidates many questions about each of these (core values) and how they personally feel about them,” Ackley said. “We look for leadership qualities related to how they work with customers and employees. We also want to know how they will create a customer experience through employee engagement.”
Mathnasium, meanwhile, looks for positive candidates who are passionate about math and helping children succeed — and who want to get involved in their communities. If candidates don’t ask many questions, that can be cause for concern, Adelstein said. Likewise, it might be a red flag if someone comes back after Discovery Day with suggestions to make a lot of changes to the business model.
Be on the alert if the franchisor tries to pressure you into signing the franchise agreement at “Discovery Day” or tells you that ‘There are several people that are ready to take the territory that you are interested in, so you need to sign the franchise agreement within the next three days.’
