Execution Beats Perfection

Hello! Who are you and what business did you start?

 Hello, my name is Andrew Hoffman. I am the founder of My Franchise Partners.

My Franchise Partners is a consulting agency focused on helping people understand the franchise industry before they take the plunge and invest their life savings or re-mortgage the family home.

I help people find the best franchise for them through in-depth research, analysis and due diligence. The best choice is always an informed choice.

Educating a franchise candidate is the primary focus of my business. Some people only need to slow down and expand their horizons to be made aware of comparable options, benefits and pitfalls.

I work with franchise options at all investment levels and in virtually every industry one could think of. I offer a no-fee service to clients investigating purchasing a franchise.

Franchise options include work from home, mobile, bricks and mortar, retail, IT, service, B2B, B2C, single unit, area developer or master franchises for the empire builder.

There are times a client is focused on a business that is perfect for them, right from the start. Others may have the desire and will but not the experience or education to make an informed decision.

Selecting a franchise is a big decision and it can involve a tidy sum of money. The goal is to help every candidate make the most informed decision possible.

The quality of my work has enabled me to grow my business through collaborative strategic partnerships with lawyers, accountants, immigration consultants, business coaches, bankers, past and present clients and franchisors.

Consistently delivering outstanding service is the best way to grow my business. It is rewarding to regularly hear comments that I consistently deliver at the upper level of my industry peer group.

My Franchise Partners works with the sales and development of franchises. Sales is actually a bit of a misnomer as the process is more about education and awarding. In-depth research, analysis and due diligence helps people find the right fit for them. The goal is for every client to be awarded their first choice.

The education process begins with a five step in-depth discussion of skills, experience, passions, desired lifestyle and finances. We develop an understanding of the best fit, their motivation, goals, needs and succession plans.

We discuss their likes and dislikes about their current job, have they run a business before, why franchising, what motivates their search at the present time, is their family supportive, will they be hands-on or more of a semi-passive owner.

Candidates are introduced to financing, accounting and marketing experts who can help them in the immediate and long term. This part of the dialogue and education that will inevitably lead us to what should be a natural conclusion.

We also discuss their management style and core values. Will their personal style and values match the requirements of a given franchisor. Are they a farmer, hunter, builder, follower, risk averse or social personality?

Every client is invited to follow the link to the Business Owner Profile that can be found on my website. Business Owner Profile This is a series of well-formed questions designed by Zorakle, that have proven to offer valuable insights into a person’s management style, tendencies and values.

Clients are also educated in the process of awarding a franchise. They need to understand their rights, obligations and costs.  

What's your backstory? 

My background includes varied experiences within the finance, operations and business development of retail, wholesale, manufacturing, distribution, importing, exporting, sales and consulting companies.  

Throughout my career, I was very fortunate to enjoy many challenges with start-up, turnaround and fast-paced opportunities. This includes multiple locations, union and non-union shops, international commerce, restructuring and defining roles, policies and procedures 

My background in finance, operations and business development have benefitted me tremendously. People fail to realize there is actually a fair degree of sales oriented thinking in most senior management roles; selling budgets to the ownership group or the board of directors, developing capital acquisition proposals, integrating new technology, enveloping new processes, developing new product lines, developing new markets, being a change agent.

Take us through the process of designing, prototyping, and manufacturing your first product.

 Fortunately, there is no manufacturing. My inventory is comprised of franchisors.  

My obligation is to learn about franchise rules and regulations, related industries such as financing and marketing and identify a niche of franchisors that match my experience and comfort zone. 

As much as I could present over 800 franchisors to candidates, it serves everyone better if I focus on a particular niche with tremendous confidence.

 On the flip side of the coin, my years of experience in finance, operations and developing business growth strategies help me tremendously when discussing growth strategies with entrepreneurs who are considering franchising their business or growing their franchise. 

My franchise development process taps into business development experience that extends beyond franchises. This includes an array of industries and companies in various stages of development from $5M to $85M. 

Business development successes include emerging brands with a small, single location, developing the re-birth of a company that is rose from the ashes of bankruptcy and taking a firm from a domestic market to an international presence. 

It is important to feel comfortable that my experience and skill set bring value to my clients.

Franchise development involves finding the right funding partner, aligning legal advice, evaluating business development structure and options, developing cash flow projections and management of the process and the events therein. 

Just like a prospective franchisee, we evaluate the skills of the business owner, their team and the structure and maturity of the organization. 

Some clients are simply not ready yet, they do not have the all-important proof of concept nor the structure. Other business owners only need the feel of a confident, experienced hand on their shoulder to help them navigate the early steps. 

My franchise development process covers three aspects: 

1. The early development phase is really about building the model the right way with the appropriate legal documents, building processes and procedures, defining the training and support systems, developing support staff, building a marketing focus, establishing fee structures and writing training and operating manuals 
2. Attracting and developing quality applicants and placing them in optimal franchise locations 
3. The last stage focuses on managing and supporting the franchisees once they have opened their business 

The name My Franchise Partners reflects my desire to be a trusted advisor in the process of franchise sales and development. It is about mindset and the level of client engagement. 

My goal is to always act as if I am an invested, collaborative partner with my clients, helping them along their journey. Their success is my success. 

It is also important for me to affiliate with professional organizations within the franchise industry that will enable me to pursue ongoing professional development as needed.

Since launching my business, what has worked to attract and retain clients? 

The most effective method and process for attracting and retaining customers for me has been delivering outstanding quality of service. 

I embrace a number of valued referral contacts with whom we refer clients back and forth. Consistent posts of relevant material on social media have drawn attention over the years. 

When a referral partner asks a question or submits a potential client, it is imperative that I respond in the most timely manner possible. The answer may not necessarily be immediately imminent but they should know that I have received their query and I am working on it. 

My business has been built on word of mouth and referrals. Knowledge, service, communication and being good to people has enabled consistent growth. 

Regularly posting on social media has been very helpful. Clients have consistently found me in that forum. 

Through my posts, I try to add value, not just promote a particular business opportunity like a laser focused salesperson. This value can be general business advice or specifically focus on a specific industry. 

My suggestion to business founders is to do as much as you can yourself but not to be afraid to outsource functions as needed. You do not need to be personally good at everything or even most things. Learning to delegate is an important attribute. 

Just get started and listen to what is happening in your industry. You do not need to be on the leading edge but it is helpful to know where the leading edge is heading. 

You do not need to be the biggest nor the best to succeed. But if you do not take that first step you will never realize your dreams. Execution is key. 

The social media platforms I like are LinkedIn, Instagram, Twitter and Facebook. LinkedIn is my favourite. 

I find each platform requires a slightly modified approach.to attract interest 

Posts should be generally broad based with a smattering of posts specific to a particular product or service.

It is important not to sell, sell, sell. Most people appreciate receiving information and being educated.

What have been the most influential books, podcasts, or other resources?

My reading includes a variety of business books and novels. There are valuable insights to be taken from the writer’s journey in bibliographies.

When reading business-oriented books I keep a pen and paper at my side. I will circle back to the notes to flesh out an idea for later application in social media posts or an upcoming meeting.

For me, the key takeaway from reading is the stimulation of my intellectual process. Reading offers a variety of perspectives, helps initiate creative thinking and develop an appreciation of different aspects of life. 

There is much to be learned from entrepreneurs who stopped talking and launched their idea in an imperfect state. As imperfect as it was, they took what they knew and executed. 

The greatest successes do not necessarily come from the best ideas. The greatest successes come from the best execution and an attitude of continuous improvement.

A few of my favourite books include the Lee Iacocca autobiography, Moby Dick, The Bible, The Power of Habit, Up Your Business, Double Double. 

I also derive value from tapping into webinars offered by various business owner groups, network groups with a special focus and videos offered on social media by a few of my connections. 

My advice is to start small and simple and grow from there. You are not even in the race until you take the first step. 

Take the first step, solicit and listen to feedback, fine-tune quickly, keep moving forward. 

Where can we go to learn more?

●    Website

●    Email

●    Instagram

●    Twitter

●    Facebook