The first Franchisor Briefing Day

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It's been an exciting week for FAN as we held our first Franchisor Briefing Day on Thursday. FAN members from all around Australia gathered in Sydney to hear 5 franchisors present details of their business and business model. FAN accountants and Tiffany Spiers from Mortgage Choice

The Franchisor Briefing Day came about as a result of hearing from franchisors that accountants sometimes 'torpedo' franchise sales due to not understanding the business model. On the accountant side, FAN members are keen to learn more about franchise systems so they can better help potential and established franchisee clients.

Evan Foster from UFG explains the ins and outs of Signarama and Embroidme

A few weeks ago, Peter and I decided to do something about this. We invited 5 very diverse franchisors to come along and present to members of the FAN.

The aim of the Franchisor Briefing Day was to help FAN accountants and lawyers better understand each franchise system and so work with existing franchisees and prospects more effectively. 

FAN members heard from some of Australia's long established and large franchise networks, Mortgage Choice, Domino's Pizza, and the United Franchise Group (Signarama, Embroidme). Each have been going for 20 years or more. And for Evan Foster from UFG, this was his second visit to a FAN event as he spoke at our very first FAN training day in 2014.

We also heard from the CFO of relative newcomer but well known brand, Anytime Fitness Australia.

Kirk Hardy from TDDA briefs members of FAN

Kirk Hardy, the founder of The Drug Detection Agency and his colleague Glenn Dobson kept the FAN members so engaged they gave up their lunch break to hear more about this innovative franchise which originated in New Zealand. We got to know the folks from TDDA at the recent Sydney Franchise Expo. They are in the very important business of helping workplaces be safe by providing workplace drug and alcohol testing, education and risk management based prevention.

The information and understanding that the FAN accountants and lawyers gained will help them with pre-purchase reviews and financial projections, overcoming some of the challenges that franchisors have when prospects prepare unrealistic initial budgets and plans. It will also help them guide franchisees on how to plan for franchise specific matters such as franchise refurbishments, and in situations where business may not be performing as well as they would like.

The Franchise Briefing Day was really well received by FAN members and franchisors, and we'll be running them regularly through the year.