Transcribed
Why Franchises Fail: 3 Key Mistakes to Dodge for Success
Oct 29, 2024 ·
36m 39s
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Why Franchises Fail: 3 Key Mistakes to Dodge for Success
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Description
Welcome to another episode of The Advisory Board Podcast, where we bring together the best minds in franchising to share real-world insights that help you build a successful franchise brand....
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Welcome to another episode of The Advisory Board Podcast, where we bring together the best minds in franchising to share real-world insights that help you build a successful franchise brand. Big thanks to our episode sponsor, ClientTether, for making today’s conversation possible!
In this episode, we had the pleasure of speaking with John Hewitt, a true legend in the world of franchising. John has spent 55 years in the industry, building not one but two of the top 100 franchise brands—Jackson Hewitt and Liberty Tax. Now leading Loyalty Brands, John is working towards creating a third household name with ventures in tax preparation, construction, and mobile grooming.
John shared his incredible journey, from starting at H&R Block in 1969 to becoming a trailblazer in computerizing tax returns and scaling franchise empires in both the U.S. and Canada. His experience offers unique insights into why some franchise brands thrive, while others fail. We dove into John’s three key reasons franchises often struggle:
Diluted Focus: Many business owners try to grow their franchise while still running their core business, leading to divided attention and suboptimal outcomes in both ventures.
Franchise Management Skills: Managing franchisees is vastly different from managing employees. Franchise owners are independent-minded and require a nuanced leadership approach.
Overly Burdensome Fees and Rules: Excessive fees and onerous regulations can crush a franchisee's ability to succeed. John stressed the importance of prioritizing “happy, successful franchisees” as the cornerstone of any thriving franchise system.
John's honesty was refreshing, as he advised budding franchisors to reconsider their ambitions unless they are fully aware of the financial, managerial, and strategic challenges ahead. With the sobering statistic that 80% of franchises started today won’t last a decade, John’s candid advice offered both a reality check and a roadmap for those determined to succeed.Tune in to hear John’s reflections, lessons learned, and invaluable advice on navigating the franchise world. And once again, thanks to ClientTether for sponsoring today’s insightful episode!
show less
In this episode, we had the pleasure of speaking with John Hewitt, a true legend in the world of franchising. John has spent 55 years in the industry, building not one but two of the top 100 franchise brands—Jackson Hewitt and Liberty Tax. Now leading Loyalty Brands, John is working towards creating a third household name with ventures in tax preparation, construction, and mobile grooming.
John shared his incredible journey, from starting at H&R Block in 1969 to becoming a trailblazer in computerizing tax returns and scaling franchise empires in both the U.S. and Canada. His experience offers unique insights into why some franchise brands thrive, while others fail. We dove into John’s three key reasons franchises often struggle:
Diluted Focus: Many business owners try to grow their franchise while still running their core business, leading to divided attention and suboptimal outcomes in both ventures.
Franchise Management Skills: Managing franchisees is vastly different from managing employees. Franchise owners are independent-minded and require a nuanced leadership approach.
Overly Burdensome Fees and Rules: Excessive fees and onerous regulations can crush a franchisee's ability to succeed. John stressed the importance of prioritizing “happy, successful franchisees” as the cornerstone of any thriving franchise system.
John's honesty was refreshing, as he advised budding franchisors to reconsider their ambitions unless they are fully aware of the financial, managerial, and strategic challenges ahead. With the sobering statistic that 80% of franchises started today won’t last a decade, John’s candid advice offered both a reality check and a roadmap for those determined to succeed.Tune in to hear John’s reflections, lessons learned, and invaluable advice on navigating the franchise world. And once again, thanks to ClientTether for sponsoring today’s insightful episode!
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| Author | Dave Hansen |
| Organization | Dave Hansen |
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