30: The Do’s and Don’ts of Franchise Discovery Day with Jori Hayes

<p>A franchise discovery day can be daunting to someone just diving into the industry. So what is it all about? What should you expect? What does the process look like leading into discovery day? If you’re trying to prepare and don’t know where to turn, I answer some of your burning questions in this episode of Franchise Secrets.</p> <p>Jori Hayes turns the tables and asks me some of the need-to-know questions when prepping for discovery day. Jori is a multi-unit franchisee and co-owner of STUSS consulting. She has extensive experience in helping launch franchises and improving sales and operations, and I’m excited to have her as co-host of this episode.</p> <h2>Outline of This Episode</h2> <ul> <li>[0:35] Jori Hayes on Discovery Day</li> <li>[1:20] Jori’s background</li> <li>[6:45] When you go to discovery day?</li> <li>[9:50] Item 19: What are some red flags?</li> <li>[14:20] The validation process</li> <li>[18:00] The questions you ask at Discovery Day</li> <li>[25:00] Learn the values of the franchise</li> <li>[31:20] What if your gut is screaming no?</li> <li>[38:40] Find a mentor or consultant</li> </ul> <h2>When do you go to a franchise discovery day?</h2> <p>I believe you should attend discovery day when you are <em>deep into the process</em> of learning about a particular franchise. You should have already conducted extensive research and done your due diligence. Two things need to have taken place before traveling to a discovery day:</p> <ol> <li>The brand overview phone call with the franchisor</li> <li>The Unit Economics call (all about the financials)</li> </ol> <p>Plus, you should have done 4-6 weeks of in-depth research and communication with the franchise and franchisees. By your 3rd call or webinar with the franchisor, it’s time to find out when the next discovery day is and make plans to go. </p> <p>Jori and I both recommend keeping your plans close to your vest. If you are too forthright with current franchisees about your interest, they could scoop up a territory out from under you. </p> <h2>W