The multi-unit franchising trade has been steadily rising over the previous few years, and for a great purpose. Entrepreneurs are recognizing the potential for achievement in proudly owning and working a number of franchises, and this enterprise mannequin is shortly carving out its personal area of interest within the enterprise world.
Not like extra conventional industries comparable to manufacturing, oil and fuel, or the automotive enterprise, multi-unit franchising provides a novel set of alternatives for entrepreneurs. With the appropriate monetary, operational, and advertising methods, multi-unit franchising is a viable, inventive, and worthwhile enterprise mannequin. Nonetheless, many franchisees overlook a vital factor to operating a profitable multi-unit franchise: succession planning. Although succession planning has gotten a nasty rap prior to now as a result of many assume it solely addresses property planning and making ready for exit or retirement, it’s actually the key sauce to constructing long-term sustainable companies. An efficient succession plan may also help entrepreneurs attain their long-term objectives, whereas permitting their companies to thrive sooner or later.
Succession planning includes creating methods to handle the doable, possible, and potential points impacting achievement of enterprise objectives. In some methods, it’s like state of affairs planning as a result of the method creates methods to make sure that the enterprise can survive any points that will come up, comparable to franchisor public relations disasters, financial downturns, and on the flipside, capitalize on alternatives created by altering environments.
Succession planning additionally helps to make sure that the enterprise stays aggressive and viable, even when client behaviors change, key leaders depart, or the house owners need to focus their time on one thing else. It may possibly additionally assist franchisees develop expertise bench power and establish potential successors to help progress methods. By taking the time to think about the way forward for the enterprise and develop methods to help the imaginative and prescient, multi-unit franchisees can make sure the long-term success of their enterprise and make it possible for it’s well-positioned to face challenges that will come up.
Finally, succession planning is a key a part of any enterprise enterprise, and it may be significantly useful for multi-unit franchisees. It may possibly assist to make sure the long-term success of the enterprise and make it possible for it’s well-positioned to face challenges and capitalize on alternatives that will come up.
Kendall Rawls is aware of and understands the challenges that affect the success of a family-owned enterprise. Her distinctive perspective comes not solely from their academic background; however, extra importantly, from her expertise as a second-generation member of the family worker of The Rawls Group – Enterprise Succession Planners. For extra data, go to rawlsgroup.com or e mail [email protected]
