Recruiting high quality franchisees is something that every reputable franchisor will consider to be a priority. After all, franchisees are the public face of a national brand in their local area, and their success or lack of it, undoubtedly impacts other franchisees within the network. This is why so much effort is put into interviewing candidates, and why the process can seem quite lengthy. A franchise that is willing to rapidly recruit an individual without going to great lengths to ensure that both parties are a good fit for each other, and that their business goals and ethos are in alignment, is probably one that is best avoided.
The Belvoir Group consists of several brands, and each has its own rigorous and carefully thought-out recruitment process. We want our franchisees to have successful businesses, and we look for potential franchisees who are committed, ambitious and dedicated. We are also looking for people who express a willingness to follow the proven business model and embrace everything that a franchise can offer to help them achieve their business goals.
Although our most successful franchisees come from many different backgrounds, and are of different ages and levels of experience, we are particularly delighted when a former employee expresses a desire to make the transition from employee to business owner. Former employees will have the experience, the know-how and the drive to take that business to the next level.
I personally always find these stories inspiring, and one of our franchisees – Lloyd Rumbold, is a case in point. Since joining Belvoir as a franchisee in 2014, having previously worked in the business for five years, Lloyd has utilised his business skills and his insights as an employee to the maximum and this has enabled him to become an exceptional leader. This month Lloyd completed on the resale of another office and is now the owner of the Belvoir Mansfield, Belvoir Nottingham Central, Belvoir Nottingham West and Belvoir West Bridgford offices, as well as a dedicated student lets business. Lloyd is a young, highly driven, and incredibly professional lettings and sales agent, who is regarded as one of the best in the Belvoir network and I have no doubt that he will continue to grow his business as time goes on.
Again and again, acquisitions and resales have proved themselves to be a great way for franchisees to grow their business. Having the opportunity to make acquisitions and being encouraged to do so when the time is right, is in my mind, a key factor to consider when buying into a franchise business. Before committing to investing in a franchise, I would strongly advise that you ask what is the likelihood and potential for future business growth, and how does the franchisor support this?
The Belvoir Group has a dedicated Assisted Acquisition team who are continually assessing opportunities for our franchisees. When an opportunity shows sufficient potential, and due diligence has been applied, we encourage interested franchisees to take advantage. In many cases we are also able to offer some financial support and we will always put franchisees in touch with the right people to provide the very best legal advice. It is also important to provide ongoing support when an acquisition has completed, as sometimes the level of business growth can be dramatic. It’s not unusual for a franchisee to double the size of his or her business overnight, so having professional support to ensure that compliance is observed, and the brand’s reputation is preserved, is extremely helpful.
Finally, I thought it would be interesting to take a quick look at the Belvoir rankings of our most successful offices. It’s no coincidence that that eight of the top ten franchises have all acquired businesses in the last six years. I used this six-year timescale as we know that investment in an acquisition can take up to three years to stabilise and realise its full growth potential. The right acquisition opportunity, whether that is buying out a local competitor and absorbing this business into an existing one, or, as Lloyd did recently, taking on a resale, can provide the potential to turbo charge a business. It can also help to secure the future of the business much more quickly than reliance on pure organic growth.