Elite Franchise is a valuable resource for franchisees and after two years of working on new projects I am delighted to be welcomed back as a regular guest contributor!
When I looked back at previous articles I had written, I saw that my very last article, published in 2024, was entitled Commitment to Change. This is perhaps somewhat ironic, as at the time I was CEO of the Belvoir Group and although I didn’t mention it in the article, I was working on some very exciting changes that were fast coming to fruition. In early 2024 the Belvoir Group was successfully acquired by The Property Franchise Group (TPFG), bringing together two businesses that were each worth around £100m. The merger created an entity worth around £300m, whose shares are being successfully traded on the London Stock Exchange today. Importantly, the merger also provided huge benefits to franchisees in terms of scale, support, technology and opportunities. If you are currently considering investing in a franchise, it is worth looking for evidence of a franchisor’s willingness to embrace changes that will benefit franchisees and facilitate business growth.
Once the TPFG merger had completed, I decided this was the perfect opportunity for me to consider what I wanted to do next. With this in mind I purposefully took some time out to review my options and embark on something of a career reset.
My passion for the franchise business model remained strong as strong as ever, and I realised that being able to help grow businesses and add value to them was what I found to be most fulfilling. During my time at Belvoir, I had successfully led an IPO that would transform it from a relatively small family business worth £1m to a FTSE AIM-listed business with a value of over £100m. I wanted to use my skills and experience to help other businesses and franchises achieve their full potential and started to look for ways to achieve this.
Which brings me to the current day. Two years after writing that Elite Franchise Commitment to Change feature, I find myself working as a non-executive chairman, non-executive director and strategic advisor to a carefully selected group of private clients, CEOs and entrepreneurs. I love working with new start-ups, as well as more established brands, and it is refreshing to have the freedom to work with a range of businesses, without the restrictions of being affiliated to one particular brand.
Change, whether this be in our personal lives or in business, is inevitable. Perhaps you are currently an employee, or you’ve been self-employed for a while, and you are thinking of a new challenge? You could already be a franchisee who is considering moving into a new sector or going back into employment. What stops most people from making a move is the fear of change and worrying about the risks of failure. This is understandable, but one of the reasons I am so passionate about franchising is that I’ve seen first-hand how it can change people’s lives for the better. Whilst being an employee and possibly having the chance to climb a career ladder can seem attractive, franchising has the potential to provide long-term security and build a saleable asset.
If you find yourself weighed down by indecision, it is worth bearing in mind that when you work for someone else, you really just become a name on their HR payroll. You can be loyal to a company for many years, but if circumstances change, new technology makes your role redundant or the business owner no longer needs your services, you could find yourself out of a job. When you take on a franchise with a proven business model, and a track record of success, you are also able to take charge of your destiny. And you will not be doing it on your own. Depending on the size of your chosen franchise business, there may be tens or possibly hundreds of people in the franchise support team who will be working with you to help mitigate risks and ensure your business succeeds.
According to a member survey by the British Franchise Association (bfa) earlier this year, franchising has had a historically low failure rate of less than 6% for over 20 years. This resilience is reflected in the fact that banks are much more likely to lend to a franchise business than an independent start-up.
So, are you ready to take stock, and undertake a new challenge? I hope over the coming months, as I share my insights and advice, I can help you press the reset button and enjoy a successful new career in franchising.
