What is Franchise Discovery Day? With Jeff Herr

Explicit content warning

06/11/24 • 42 min

Discovery days, also referred to as “Meet The Team Day” or “Decision Day,” have been a marketing tool for franchisors for many years, and for some franchisors, they are the most crucial element in closing the sale.

Join Over 5,500 Franchisees and Franchisors in our FREE Private Facebook Community HERE: https://www.facebook.com/groups/franchisesecretsfb?_rdc=1&_rdr

What exactly happens during this event? If you're a candidate, what can you expect? Who should join this event? When is the best time to hold a discovery day?

In this episode, Erik and his business partner, Jeff Herr, discuss why this event is a critical success factor in business partnerships. As Erik and Jeff share their experiences as advisors and partners to different brands, you will gain valuable insight from these two industry experts.

Whether you're a franchisor or a potential franchisee, this conversation will give you The Discovery Day Blueprint and show you how to take advantage of this significant day.

“When you're a franchisor, every decision you make has to be for the betterment of the brand.” - Jeff Herr

In This Episode:

What is franchise discovery day?

What should franchisors and franchisees be doing during discovery day?

Who should join the discovery process?

What decisions must a franchisor make?

What happens during the actual event?

How do you structure the event?

What must a brand do if a candidate delays making a decision?

Resources:

🌐 Consult with Erik - https://form.jotform.com/222685728939070

🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/

Connect with Jeff Herr:

💼 LinkedIn - https://www.linkedin.com/in/jeffrey-herr-606b74a/

🌐 Website - https://www.frontstreetep.com/

Connect with Erik Van Horn:

🌐 Website - https://franchisesecrets.com/

📷 Instagram - https://www.instagram.com/erikvanhorn/

👍 Facebook - https://www.facebook.com/erik.v.horn/

💼 LinkedIn - https://www.linkedin.com/in/evanhorn/

Join Over 5,500 Franchisees and Franchisors in our FREE Private Facebook Community HERE: https://www.facebook.com/groups/franchisesecretsfb?_rdc=1&_rdr

What exactly happens during this event? If you're a candidate, what can you expect? Who should join this event? When is the best time to hold a discovery day?

Whether you're a franchisor or a potential franchisee, this conversation will give you The Discovery Day Blueprint and show you how to take advantage of this significant day.

“When you're a franchisor, every decision you make has to be for the betterment of the brand.” - Jeff Herr

In This Episode:

What is franchise discovery day?

What should franchisors and franchisees be doing during discovery day?

Who should join the discovery process?

What decisions must a franchisor make?

What happens during the actual event?

How do you structure the event?

What must a brand do if a candidate delays making a decision?

Resources:

🌐 Consult with Erik - https://form.jotform.com/222685728939070

🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/

Connect with Jeff Herr:

💼 LinkedIn - https://www.linkedin.com/in/jeffrey-herr-606b74a/

🌐 Website - https://www.frontstreetep.com/

Connect with Erik Van Horn:

🌐 Website - https://franchisesecrets.com/

📷 Instagram - https://www.instagram.com/erikvanhorn/

👍 Facebook - https://www.facebook.com/erik.v.horn/

💼 LinkedIn - https://www.linkedin.com/in/evanhorn/

Previous Episode

How to Build Wealth: From $5.5M Debt to $65M Revenue With Aaron Stokes

Ever wondered how a lesson in leadership and perseverance can transform a business? Join us as Aaron Stokes, a 25-year veteran of the automotive repair industry and founder of Shop Fix Academy, reveals his journey from a challenging upbringing to building a thriving business empire.

Join Over 5,500 Franchisees and Franchisors in our FREE Private Facebook Community HERE: https://www.facebook.com/groups/franchisesecretsfb?_rdc=1&_rdr

Aaron shares the pivotal moments that shaped his career, including overcoming theft, financial stress, and debt. He discusses how pain can be a powerful catalyst for growth and the importance of mentors in his journey. Discover his insights on leadership, asset protection, investing, and business scaling, along with the vital roles of discipline, accountability, and effective communication.

Tune in for actionable advice and inspiring stories every entrepreneur can learn from. Unlock the secrets to achieving business success today!

“Perseverance is hanging on by your fingernails on a cliff for years—that's what perseverance is.” - Aaron Stokes

In This Episode:

Aaron's background

Facing financial challenges and learning from mistakes

Experiencing deep pain and transforming it into lessons

Discovering a new path and building a consulting company

The role of mentors and confidence in overcoming obstacles

The power of perseverance

Confidence as a critical ingredient to business success

Aaron's current status and next steps

Business, finance, and leadership lessons from Aaron

Resources:

🌐 Consult with Erik - https://form.jotform.com/222685728939070

🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617

🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/

🌐 The Obstacle Is the Way by Ryan Holiday - https://www.amazon.com/Obstacle-Way-Timeless-Turning-Triumph/dp/1591846358

Connect with Aaron Stokes:

💼 LinkedIn - https://www.linkedin.com/in/aaron-stokes-969012109/

🌐 Website - https://shopfixacademy.com/

Connect with Erik Van Horn:

🌐 Website - https://franchisesecrets.com/

📷 Instagram - https://www.instagram.com/erikvanhorn/

👍 Facebook - https://www.facebook.com/erik.v.horn/

💼 LinkedIn - https://www.linkedin.com/in/evanhorn/

Next Episode

How an EBITDA-Focused Franchisee Scaled From 1 to 100+ Units With Raj Patel

Is investing in the food industry a wise move? Does owning multiple locations guarantee profitability? In today's episode of Franchise Secrets, Erik and his guest, Raj Patel, tackle these crucial questions and more. They explore the intricacies of the food industry, highlighting the significance of unit economics and how franchisors can support their franchisees in achieving success.

Join Over 5,500 Franchisees and Franchisors in our FREE Private Facebook Community HERE: https://www.facebook.com/groups/franchisesecretsfb?_rdc=1&_rdr

Raj Patel, the President of The Hari Group, knew early on that the corporate desk wasn't for him. Co-founding The Hari Group, Raj dedicated himself to transforming his community by opening new restaurants and spearheading real estate development projects.

His efforts have not gone unnoticed—Raj was named Dealmaker of the Year by Franchise Times and recognized as a Young Leader to Watch by QSR Magazine. Serving on the Board Advisory Committee for Dunkin’ and other subcommittees, Raj owns nearly a hundred locations across brands like Dunkin' and Dave's Hot Chicken.

Ready to uncover the secrets to thriving in the competitive restaurant industry? Join us as we reveal the strategies that turn challenges into profitable opportunities, featuring insights from a franchise profitability expert.

“We don't want to open a location just to open a location. If we're going to open a location, it's got to make money financially.” - Raj Patel

In This Episode:

How Raj and his family got involved in franchising

Balancing the number of locations with profitability

Exit strategy and using the money to accelerate your growth

Identifying your superpowers and hiring top talent

How brands help their franchisees with unit economics

Things to consider when choosing a brand to invest in

Pros and cons of investing in the food industry

Resources:

🌐 Consult with Erik - https://form.jotform.com/222685728939070

🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617