As you search for the right franchise opportunity, you’ll likely hear the term “Discovery Day” mentioned. This is a planned event at a franchisor’s headquarters for candidates who’ve met the company’s financial and experience requirements and demonstrated key qualities of an ideal franchisee. Essentially, a franchise discovery day is an opportunity for both you and the franchisor to meet and learn more about each other to help you decide whether you’re the right fit.
When Does a Candidate Get Invited to Discovery Day?
Franchisors usually only invite serious candidates to a discovery day, and it’s typically one of the last steps a prospective franchisee takes before being awarded a franchise. If you receive such an invitation, you’ll know the franchisor is considering you as a new franchisee, and they’ll expect that you’ve done ample due diligence beforehand and are at the point where you’re ready and able to take the next step into franchise ownership. Before attending a franchise discovery day, you should:
- Know the ins and outs of the franchise opportunity.
- Understand what your responsibilities are as a franchisee.
- Understand how the business model works in general.
- Have reviewed the franchise disclosure document (FDD).
What Takes Place at a Typical Discovery Day?
Most franchisors have a well-planned format or agenda for their discovery days. A usual format includes a mix of one-on-one meetings and group presentations. Other activities scheduled can include tours of one or more nearby franchise locations and/or interviews with current franchisees.
Another aspect of a discovery day is the opportunity to meet with the key support staff members you’ll work with as a franchisee, including those involved in training and support, as well as marketing and promotions. You can also expect to meet and chat with senior company management, and the franchise founder or CEO.
What are the Expected Takeaways from a Franchise Discovery Day?
All the information you glean and the interactions with different individuals should give you a good feel for the company’s culture and values. At the same time, the franchisor is forming an impression of you as a possible franchisee. Both parties should have takeaways from discovery day.
For the franchisor, they can include:
- Having you meet key staff and learn more about the company’s franchise program.
- Asking and answering any pertinent questions.
- Talking to you and reviewing your qualifications to make an informed decision about whether to offer you a franchise.
Discovery day gives you the chance to ask detailed questions about the business and learn exactly what it takes to be successful in the franchisor’s system. Your takeaways should also include:
- Gaining a full understanding of the franchisor’s company ethos and culture.
- The answers to any questions that crop up when you’re talking to other franchisees.
- Meeting and interacting with staff who’ll train and support you as a franchisee.
- Getting the franchisor’s feedback about your business plan and overall strategy.
What Happens After Discovery Day?
Most franchisors don’t use a “hard sell” at a franchise discovery day. Their goal isn’t getting you to sign a franchise agreement and write a check before you head home. Instead, they’ll want time to digest feedback from the key personnel you’ve met and consider their overall impression to make a final decision about whether to award you a franchise.
After attending discovery day, you’ll have an opportunity to discuss the franchise agreement with your attorney, so that you’re comfortable with its contents and ready to take the next step into franchise ownership.
To learn more about the Signarama franchise opportunity, contact us to request more information or call us at 877-959-8087.