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How potential franchisees can make the most of “Discovery Day”

On Behalf of | Apr 23, 2024 | Franchise Law

If you’re considering becoming a franchisee, you may have the opportunity to participate in a “Discovery Day” with a franchisor. Discovery Days are an opportunity to find out if a franchisor is the right fit for you before you enter into an agreement. To make the most of a Discovery Day

Attend prepared to ask insightful questions

It is important to do some research and perform some due diligence about the franchisor before Discovery Day. Use the time during Discovery Day to ask questions and learn things that you could not easily “discover” on your own. Some questions you might ask include:

  • What are the key reasons for your success?
  • How do you differentiate yourselves from your competitors?
  • What are your greatest challenges?
  • What are you looking for in a franchisee?
  • How much support can I expect as a new franchisee?
  • What customer feedback has caused you to change your business model?
  • How do you see the company changing in the next five years?

If you think the franchise might be the right fit for you, gather as much information as possible, and then discuss next steps with your legal and financial advisors.