The 7 Legacy Franchise Services
Below is a list of Legacy consulting services to help you start or revitalize your existing franchise.
1. Franchise Viability Analysis
This analysis is a low-cost but essential first step before taking the leap into franchising. The Legacy experts analyze your operation and concept to assess the viability of expanding through franchising before you commit to the significant investment required. This analysis gives you a review of your readiness for franchising, budget guidance, and potential outcomes from different exit strategies.
2. Pre-Franchise Business Consulting
This stage of consulting includes a thorough review of all aspects of your business operation to determine any actions you need to take before being ready for franchising. The result is an executive business plan for your franchise rollout. This is key information you will need for your partners, investors, bankers, and advisors for any funding needs, and will lay out a plan to help you prepare to franchise.
3. Franchise Development
This is the most intensive, detail-oriented phase. It includes determining your franchise rollout strategy, including who will sell your franchises, what type of franchises to offer, and what fees to charge. You will need a current Franchise Disclosure (FDD), which is required by the federal government. Although a legal document, it should be written in a way that promotes the marketability of your franchise. In addition, any training manuals for franchisees will need to be consistent with the FDD. Not everyone knows how to do this effectively. Legacy can act as your expert advisor to ensure that you end up with user-friendly and consistent documentation that will help build your franchise.
4. Franchise Launch Preparation
There are many elements in franchising that you probably have not considered. To launch a franchise you need specific marketing materials targeted to potential franchisees, including sales materials, websites, and separate social media and Internet campaigns. If you offer master franchises, you need territory mapping and sales training. For sales people or brokers you need legal contracts and databases to track their efforts. Finally, you need a well-scripted agenda for Discovery Day. The Legacy experts can help create everything you need to go to market.
5. Selling Franchises
The process of selling franchises requires special knowledge and skills. It is different from other sales roles, as it requires strict adherence to federal regulations since it selling an investment opportunity, like stocks. In addition, the sales process can take months to close. The Legacy sales team is experienced in selling franchises, and follows a proven six-step process to ensure that you get the best potential candidates to partner with you as franchisees.
6. Revitalizing Existing Franchises
Existing franchises can hit plateaus in their growth. What you did to achieve your current success may not be enough to get you to the next level. The Legacy team will analyze your current franchising operation from FDD through Discover Day to identify new opportunities for growth. Even small changes can completely revitalize a franchise brand.
7. Capital Sourcing and Deal Structuring
While great business ideas are plentiful, entrepreneurs with the energy, vision, and charisma to attract investors are rare. Legacy can advise you on structuring your concept to attract venture capital from private investors or potential partners. We can help you raise the money you need for a successful franchise rollout, buying an existing franchise brand, building company stores, expanding internationally, going public, or going private.