Prospective franchisees assess many different opportunities. At a certain point, they will also perform due diligence and narrow down their options – an important step to make sure they’re getting into the right business for them, which will maximize their skills, opportunities and ultimately, their profits.
Part of the process is learning more about the franchise company. Is the company credible? Do they have successful franchisees? Are the franchisees happy with the support, leadership and training they receive? Have they been recognized in the industry as a leading franchise?
Designations and awards that truly matter are a sign that a healthy franchise organization will be well positioned to foster prosperous franchisees for years to come.
Franchisees’ Choice Designation
For Liquid Capital, those designations and awards are an important symbol of their thriving franchise system.
The company was honoured as a recipient of the Franchisees’ Choice designation this year by the Canadian Franchise Association (CFA), handed out at the organization’s 26th annual National Convention in Niagara Falls, Ontario on April 3, 2017.
This is the seventh year for the annual Franchisees’ Choice designation program and Liquid Capital was recognized for its accomplishment in receiving the designation every year since 2012.
Why is this award important?
“A successful franchise organization is a partnership between the franchisor and the franchisee.
At Liquid Capital, we understand that important axiom. We are proud to receive the Franchise Choice Designation for the sixth consecutive year,” said Brian Birnbaum, Co-Founder and President at Liquid Capital of America and Liquid Capital of Canada.
In the due diligence process of investigating a franchise opportunity, speaking with existing franchisees about the opportunity being explored is essential. For prospective franchisees, the Franchisees’ Choice designation identifies that a franchise brand has received solid endorsement and ratings from its franchisees.
Because the 2017 Franchisees’ Choice designees are representative of the range of franchise opportunities that exist in the market, along with the diversity and excellence of CFA members, this designation is that much more significant.
Franchisee opinions matter
“The true strength of a franchise system lies in the mutually-rewarding relationship between a franchisor and its franchisees,” says Lorraine McLachlan, CFA President and Chief Executive Officer.
Franchisee opinions are a direct reflection of the organization’s impact and development efforts. That’s especially valuable for prospective franchisees looking to find the right business venture. It’s also why prospective franchisees are encouraged to talk with franchisees who are already part of the system. Those interviews commonly part of due diligence, can be among the most beneficial conversations in the process.
McLachlan went on to explain the significance current franchisee opinions, saying that, “Being a Franchisees’ Choice designee is an honour and a vote of confidence because the high rankings in franchisee satisfaction come directly from the franchisees themselves.”
Assessments on business model to training & support
For the Franchisees’ Choice designation, more than 60 CFA member franchise systems voluntarily took part in the independently-administered survey.
Franchisees were then asked to assess their franchisor in key areas of the franchise business model, which factored in every area important to a business owner. Those main areas included the franchisee selection process, franchisee information package, leadership, business planning/marketing, training/support, ongoing operations, and the relationship between the franchisor and franchisee.
At least 10% of every brand’s franchisees were required to participate in order to qualify for the designation, and in many cases, franchisee responses were significantly higher. Feedback such as this helps develop outstanding franchise systems and encourage new franchisees to take part in a high-quality business venture.
About the Canadian Franchise Association
The Canadian Franchise Association (CFA) is the recognized authority on franchising in Canada. With over 600 corporate members representing many of Canada’s best- and lesser-known brands and 40,000 franchisees nationwide, CFA is the indispensable resource for the franchise community and advocates on behalf of franchisors and franchisees in Canada to enhance and protect the franchise business model.
CFA promotes excellence in franchising and educates Canadians about franchising, specific franchise opportunities and proper due diligence through its many events, programs, publications, and websites (www.cfa.ca, www.LookforaFranchise.ca, and www.FranchiseAwareness.ca).