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as a franchisor there's nothing more important than onboarding qualified franchisees franchisees that are a good fit franchisees that are going to grow your brand and system so there's nothing more important than your franchise sales Discovery process too many franchisors too many emerging brands are missing out on opportunity because they haven't developed the right franchise sales closing processes presentations and Discovery day and we have a special guest and we're going to dive into all of that Lisa this is probably one of the biggest conversations and issues that come up so often everyone loves and wants to hear from Lisa and today let me just set the table because this is big and I think you're there's probably no bigger expert which is I'm a franchisor I'm spending money on marketing I'm qualifying franchisees I'm getting interest in my brand but what should my process look like those initial Communications my presentation questions about should I review item 19 when should I review the FDD what should my Discovery process look like and how do I overcome hurdles and inertia so like a ton of things I threw out there a ton of things I want to set the table on and how's everything going it's good I think it's a good conversation it's a it surprises me that we have to talk about it in a way because it seems to be that you you should know this stuff but I get it you know there's still there's always people coming into the business and coming into franchising and they think they have a really great widget and nobody else has it or they're doing it a different way and they're all you know hoax and dreams yay yeah we kind of like smack them down and say okay but you get a great perspective because as a as a broker right you're working with hundreds of candidates you're seeing your you get insight into so many franchisors and it's hard when you're in it a lot of franchisors don't see the gaps don't see the holes in their process and they're losing deals and I think losing out an opportunity I think the emerging Brands there's so much opportunity here if you focus on your process so can I create some hypothetical situation here very big So Lisa let's assume uh we have a pretty solid website it's informative there's Brand Story there's good lead capture um a lead comes in let's talk about the process and again look it would be hours if we dove into everything but what should a good process look and feel like from that first Contact and and then you know that those initial what would be the stages they should focus on I mean I truly think what they have to remember is that everyone's Outsourcing everything right now and everything's digital and you need to hit them from a million different channels right even if you're small even if you have one franchise unit and you have a really great brand I mean I think that's what we're always talking about right is that it's the great Brands when they slip through the cracks that just makes us throw our hands up because we want to show them they just didn't even land on our radar so I mean I think the biggest thing and this goes back you know I've been doing this forever right speed delete it's you that lead comes in it doesn't have to be necessarily picking up the phone but you've got to get in front of them with whatever content you have and so if it's digital you're sending them digital brochures and a quick welcome video looking forward here's my calendar if it's from your website of course you know that chat pop-up thing has to happen and somebody's chatting with somebody somewhere about again you're trying to get them on the phone and I get that but remember everyone's trying to get them on the phone so if they're searching for information give them information don't keep it hidden behind some password protected after we talk portal just it drives me crazy there's still franchisors out there saying we need an NDA like are you kidding me no that that's crazy and you just lost them you just lost them and you lost me don't make this hard this has to be just a clear path to how do I get into this thing how do I learn more information stop throwing roadblocks and sticks in their path it's crazy to me that it's still happening yeah no I'm thinking so first step right love your speed to lead yep from all directions but Lisa that's the key there so anyone listening I mean if you listen what Lisa said Is number one don't hide information and we started this conversation with let's assume you have a deep dive website I think on one of our community uh platforms someone asks well how much info should I give and how much should I hold back Lisa's Point don't hold back everything allow them to do a deep dive and research on your site but yeah like I hate to break it y'all y'all but um those fdds are public they're going to find them it's not hard so if you have something to hide we have a problem bigger than you not getting in contact with the people that are interested in in looking at your brand but that's a whole other topic no so speed to lead Lisa I again your point have a welcome video why wouldn't you have one right right this is who I am this is what we do and I mean if it's if you have a widget type brand you know if you have a food brand or that type of thing they've probably already been to your your consumer facing website and now they have found your franchise facing website and that's great but you also can't assume that they went to page 10. right so you can send them just a quick video that says here's information you can find it's right in front of you we're really looking forward to talking to you but in the meantime take a look at our menu take a look at this and it's just enough to keep them engaged until 12 to 24 hours later and you hit them with uh something else what does it I mean gosh this goes so back into some of what I've learned but isn't it seven times you need to touch someone I think that goes back to my fitness days we had to touch them seven different times from a seven different media ways in order to get to talk to you and I get taken that with me into the business I do now too so it's whatever you got to do just to figure out how they want to be talked to I think the key there that welcome video and also explaining the process of what's coming next like hey our team member is going to reach out to you on whatever or they're scheduling so so you make that initial contact create an opportunity there for them to schedule a conversation right you have a welcome video what's next Lisa yeah a little bit of information so they have something to look at before you talk to them and then actually follow up I can't tell you how many people I mean it happens a lot in what we do I think but how many people are they want to get in front of us they want to get in front of us they want to get in front of us and they get in front of us and their schedules booked out for three weeks are you kidding schedule has to be available your development people need to be available I don't even want to believe that's a situation I don't even want to believe that it's completely a situation all right well that's that's crazy and if you're one of the if you're a franchisor and that's what you're doing you need to fire someone so let's assume that cool hire someone if you're that good and you're that busy then hire somebody typically will candidates get on that call right away or they'll they'll meet up on that that scheduled call um it's my opinion that if they schedule it yes they're gonna plan on booking into it you know what I mean like they have booked it but in the meantime it's just nurturing so it's a matter and it can't just be an entire sales pitch the whole pitch can't be a seven drip email of let's call let's call let's call let's call right we have to give them some more information and a reason to connect I mean I have that website we do the same thing it's it's watch these see what you learn we follow up this is what it was about this is what we're going to be talking about next if you want to schedule a call here we are if you just want to keep watching from the wings here's some information because you want them it how we look at it as I want all their franchise roads and questions to lead back to me right they I I will be the person when they are ready to make that call when they are ready to pull that trigger or even just sincerely make an effort to be educated I want to be the one they think of first and I would think the franchisor feels the same way that you have provided enough value as just a franchisor as a business as a brand that they're going to leave with a good taste in their mouth even if nothing ever happens so and I think that's just raise raise the bar a little bit Mr franchisor Mrs franchisor please because it makes us all makes all of our jobs easier when the when when it goes well and it goes smooth and they feel communicated with and they don't feel ignored So Lisa call is scheduled so many franchisors are gonna be like what does Lisa say about this and we have Lisa did an amazing video which I I get comments to this day all the time about your advice which your advice was no one uh wants to buy a franchise they want to buy a business but let's assume we have that first call in an Ideal World what should that call look and feel like how long should it be what should be discussed and then how do you end that call and what's the next step right if it's a schedule I think it's different so some franchisors out there do have that scheduler kind of like I have so I have someone calling out and saying okay you wanted to get connected let's schedule that first call and so you shouldn't really invade their time there with a half hour presentation and that type of thing if they happen to have time we're trained to do that but truly if the call is scheduled the caller and the person they're calling should have an agenda of what we're going to accomplish like yes we're going to get to know each other but you have to give them some value added information it can't just be sniffing around to figure out if we like each other that if it's worthy of another half hour call you're wasting time so give them a little bit of a precursor this is what it's going to be about this is how we're going to get to know each other talk to each other and then I'm hoping you know you're going to be able to understand possibly like the cost of the business to get in make sure it's within your means what kind of our basic product offering is who we're looking for we're going to get to know you what are you looking for in a business after that call it should be mutually determined during the end of that call is it worth our time to talk again so enough has to be shared that you're not just you know if you have a million dollar franchise offering I'm sure that you want them to know it's a million dollar franchise offering because if they can't afford that franchise you don't want to waste another three calls before you get to unit economics and then find out oh this isn't this isn't going to work it's so get in front of some of those big rocks right away to determine okay I think it makes sense for us to continue to get to know each other and go down this path because from what we know of each other right now potentially we have a good fit and and agreeing we don't know yet if it is a good fit but we know enough to know it's going to be worth our next one hour conversation but something has to happen in that first half hour-ish conversation the mutual decision to move forward based on those big rocks are covered how much does it cost and how much time do I have to invest I tell everybody and I'm getting on a soapbox but those are the two Investments it's not just money it's also time how much how much money you have to invest is sometimes played close to the vest but we should have a general understanding how much time do you have to invest in this business if you have five to ten hours a week that's fine fine there's certain things certain brands and the conversation there because they they need owner operators okay so first call big rocks qualifying what the business is time investment what's the next step how do you end that call let's assume they're a good fit and by the way during that call it's a half hour call you went over a basic presentation right what our brand is about maybe some big achievements maybe something about our team and culture and what we're looking for right anything else that stand out for that initial presence doesn't necessarily be a huge slide presentation but slides don't hurt I mean it doesn't hurt to have even a four-page agenda that you can just share screen and come back to if there's any way to do that on video great but sometimes the first call usually for me even the first call is not going to be on video because everybody's a little too scared you're still sniffing around so I mean that's mostly going to be an audio call half hour make sure it makes sense but let them know from here on out we're on camera it's a lot harder to disappear and ghost someone and just poof into existence when you've had a conversation and you've met them even if it's over video face to face so get it get them serious that second and called call Beyond you should be on camera okay so now that call ends I don't know if we've given them any homework how are we going about what are we doing next if it's been mutually determined set the call up dear franchisors set the next call up don't leave it as if you're interested just reach out and back to me it's lazy and it puts too much Ownage they don't know enough yet to know if they're going to say yes or no all they have learned is if they're still interested they're still interested schedule the next needy call and continue to schedule them but it's death and and truly in in the world I'll put on my broker hat if that's your development process and it's always just leave it up to if they're still interested you're You're Gonna Lose broker deals because of it because there's better developers out you out there that are scheduling that next call and they are Marching that person toward the opportunity for either a discovery day or the opportunity to determine this isn't going to be a good fit but you have to March them forward so as we March forward we're marching toward Discovery day right it seems like Lisa whenever we're speaking we're an imaginary battle this is the world so what how how far when should the next call be three days get it scheduled my guess is it's going to be anywhere from three to five days because most people have their schedule pretty tight three to five days out so usually it's gonna be okay but you're not just gonna say okay the next call we're going to talk about operations and go silent you're gonna say okay so for the next call it really makes sense for you to get a better understanding of the operations and how we support you in executing and and truly support you on making money so that's that's pretty much what we're going to cover next I'll send you a little bit of background so you can prep for that call and then we'll do it and then follow through franchise developer head follow through send them some information so they can prep for the operations call it could be just hey spend 10 minutes looking at our website figuring out our prop product offerings and maybe it's some portion of the operations I don't know photos of your storage sheds if that's your business and whatever it is right but give them something to look at and prep for the call and then because that way you're you're trying to stay front of mind all the time especially in this early process and so when you get to that operations call hopefully you have good enough tracking you know if they've done it so your second call would be focused on operations the how to's of the business right how we do it how you could do it what's our technology what's and before that you be prepping them with that call with yeah I think that's that's that's a great yeah and just as an owner which they look like what I mean so I'm sure the owner of a hamburger place is in in the back padding together the hamburgers but you know that as a franchisor but the franchise owner may not know that the franchise owner may not know what is basic to you so let them oh this business is truly running a business I never need to pound a hammer clean a toilet wash a window I'm gonna be in charge of the scheduling of hiring of marketing of networking whatever that is for the operation but the operation is window washing got it what's one of the biggest or some of the biggest questions that candidates have during this call the operation call is usually time and labor like because if you're not going to do it you need to pay someone else to do it how do I find them how do you support me on finding them that's all part of operations so I think you just have to get I mean right now we need to get in front of Labor right so just let them know this is how we help you know there's some big Brands out there that are doing a lot to help get in front of that question because even if they don't think it's hard I think that's what we forget we especially as a franchise or you're very close to your operation you know finding a CPA for your CPA firm is not as hard as everyone says the world the news said that there's a c a CPA shortage and your person saw that on the news and now is convinced that there's a CPA shortage but when you're in that business you might say yeah it's hard to get someone to hang out their shingle and be a CPA but here's how we're going to help you find that CPA you know we are partners with the blah blah blah college and the blah blah Network and the blah blah this and your as franchise sorry they're so close to it they forget that that's a value add it's just a given and from the perspective of a franchisee that could be their biggest hurdle so just get in front of those operational perceptive hurdles I mean that's what franchise development should be just get in front of the the questions get in front of the the pushback that initial call we'll we'll call it that intro get to know each other yeah right right the next is operations which is your advice get in front of all the questions what is it going to look like and feel like to run and operate this business and address technical questions labor time now during these calls at any point have you started to review with them or would you have started to review with them any part of the FDD I would probably have to if I can get them to the operations call probably at the end of the operations call because the next thing is going to be marketing and so I would say you know at this point you know have you do you know what an FDD is and remember Charles it's different so my a broker referral is going to even have heard that acronym before someone that came in from your website may not so you might have a slightly different process based on where that person came from I mean that's why people work with Brokers is because they're vetted and they're prepared and they're just hopefully more educated that type of thing but after that UPS call it's probably time to start at least talking about enfranchising there's an FDD it's 250 Pages it's lawyers talking to lawyers it's a disclosure the first hundred pages is going to really disclose a relationship and the end of it is going to be a sample of our agreement it can be very overwhelming now is the time that we want to bring it out because on our next call we're starting to talk about unit economics and a lot of the unit economics for a franchise system are laid out in the in the FDD so you don't need to read out 250 pages but unit economics dictates that we're probably going to talk through five six seven nineteen so why don't I get this into your hands give it a look and let's talk on the next call about Union economics does that sound good yes it does schedule the call follow through send the FDD send them then a little piece of here's what's in the FDD I mean I share your outline this is Charles this is an FDD this is It's 250 Pages it's lawyers talking to lawyers it's broken down exactly that's my favorite part I just imagine a room of unproductive lawyers they took an easy 10-page documented 250 Pages way to go but oh and let them know you know on the next one we are going to talk more about the money the money parts of this are here and then that way you've really presented this is real numbers this is a real number this is because they don't know they don't know that in franchising the item seven breaks it down and the item 19 they don't especially if they're not coming from a broker they don't know that so they could think you're just pulling numbers out of the sky that you're just you're allowed to say how much money you can make if this happens and if that happens and if magical unicorns fall from the sky they don't know the legality behind everything we do and so you need to bring it into conversation early to give them peace of mind so Lisa up into so we had our intro call our operations call we're about to schedule unit economics we've introduced the FDD at the end of the second call that operations call and so up until now you haven't or wouldn't have talked about item 19 yet that's for the next call that's for the unit economics call I mean chances are on that operations call they're starting to wonder hey how much money can I make in this and I have to tell you your call is not the only information they're getting they've been on your website they've been on your consumer they've been on your YouTube If you have a decent item 19 my guess is they have a pretty good understanding of what it looks like okay right so we're gonna at the end of operations we're gonna start teeing up the FDD and the unit economic story for the next call okay right and kind of the formality around it that you may have seen on our website that you can you know our average owner makes you know Nets 200 on a million dollar whatever it is you probably saw that on the next call we're really going to be able to break that down because you're going to have our disclosure so then we can really get into the nitty-gritty so basically again you're just kind of helping them become educated to figure out if this is a good fit there's probably not surprises there's just details I I you know I I when I'm when we're working with our clients and and the advice you give right I you know I some of my favorite advice is you gave me was Charles they want to know can I do it and how do I do it and what's the technology and all this right and you're going over the presentations we have that intro operations unit economics I tell our clients almost Envision as you're doing these presentations that you're using your own website to walk them through all of this because that's going to be a good sign you're providing a deep dive into the website doesn't mean you're working off the site but like you said when at midnight or on a holiday when they're looking at this and doing that deep dive you know what are the franchising testimonials videos look like what is the the the substance of the unit economic story what's found so build it out on your website almost to the point where your presentation is a screen share of different sections of the website right you're just kind of pointing out you're you're pointing out what they have already had access to you're just giving it you're giving it the backlight that it needs in order to oh now I understand now I understand what that means now I understand where you pulled that our average our average franchise I see who's been in the business for three years is you know grossing a million dollars or whatever that number is now I see where you're getting it from and I can see where I can get my path to get there so right and and I think that's a great focal point for for these conversations which is how do we remove these obstacles what our Solutions are and how we help you get to that destination right so taking your advice naturally the good friend deaf person scheduled a call right then in there yes you can't but well they scheduled it and you have to at least ask right and the candidate does it's scheduled there's a confirmation in between the next call which is unit economics there's maybe a small email or a video or information and for sure the FDD okay so let's so now at this point before the unit so when we get off that operations call fdd's out and it's going to the franchisee candidate yeah and you've let them know you know again if they're not coming if they're coming from a broker they're probably already know this but um you know you're gonna need to sign this FTD it's called item 23 it doesn't hold you to anything I always tell people I've signed probably 1500 of them right so it's it's the franchisor's responsibility to have you sign that receipt page and then on the next call we're going to go through uh you know we're going to go through the unit economics talk about how you know how how much it costs to get into the business and then also how much money is being generated how to generate the profits whatever you can say within your item 19. um I think at that point it's probably a little too soon to say we're gonna go through the FDD with you I think it should just be like a step in the process of so you know where the numbers came from and possibly you're going to go through item seven you're just going to pull it right up because that is how much it costs to get into the business and so that's what you're going to use as the basis for your presentation you might pull up item 19 to use the basis where this is how we make money these are Income streams that type of thing you know do you have do you have a pretty good understanding at the end of that call do you know have a good understand of how much it costs to get in and then how our owners are doing it how they're making money great okay next call we're gonna you know determine what your territory looks like and then we're also going to do a deep dive if you have any questions we'll probably spend 45 minutes just going through that FDD so take some time go through it make some highlights here's a couple things you might want to look out for and then that's where you're going to get into it a little bit you know on item seven for us make sure you notice that on the working capital line we actually have six months built in or we have 12 months built in just from you know remember that when you're looking at it so you might bring some things up to them to draw their attention to but then the next call is going to be laying out some territory this is what it looks like and question you know and it can't be you always hate got any questions on the FDD you guys they've never read an FDD before and if they have maybe they've read two they don't even know what questions to ask yet so plan some time to say okay item one through five you know here's what it's kind of talked about in there did you have any questions about Brian's background in that previous business okay you know five six and seven did you have any questions about that National ad fee where that goes that marketing the fact that we're going to do this and we have a call center and yeah there's a fee Associated but we're going to be following up booking calls into your into your schedule there's this dashboard do you see all that happening yes I mean that's how you go through the FDD it's not did you have any questions no okay um you tell them where they should have questions clarify they understand where your fees are coming from and the value proposition for that fee and if you don't have one take the damn fee out um no that that's a key point right what's the value proposition right the So Lisa the we have the unit economics call right which is is a conversation about Roi right so your point what's item seven uh explain you know hey we have reserved Capital assets what is our item 19 look like what that potential could look like and then unit economics and operations um during that unit economic conversation also you've tipped into item 19 item seven just Roi purposes okay and then your last call the last call before Discovery you're doing a deeper dive what does your territory look like how would we go about you know what would your operations look like and let's go into to more thorough evaluation of things we think you should be aware of in the FDD your point if there's a fee what's the value proposition associated with it what do you call that last call what category would you put that in that's probably the FDD review call okay FDD and territory review I think because that is pulling in the FDD and it's pulling in a less of a hammer down type of conversation how much territory are you getting what is the expectation within your territory if there's a development schedule all of it is coming from the FDD so you're you're now able to marry the fact that what the FDD is and and expectation from both parties based on it and then from there I think you really are you know do you have more questions at this point anything that we went over you know you have a good understanding of everything super duper um let's get you into you know and you're asking them do you think you're ready to start having some conversations with some of our owners if there's owners in this system okay so the goal of the FDD and territory review call is the next step Discovery day and before disc or is it personally I think the next step would be some validation okay because that's where the rubber meets the road so um and and there can be franchisors out there that agree or disagree with me and that's okay so if the next step there is Discovery day and then you let them do validation that's fine it's it's my personal opinion that the deal is either made or killed in validation not at Discovery day so get it out of the way so so you your the introductions are made validations happening you're communicating with the candidate and you're managing that validation I think that that's an important tip to um so many times I think that this is definitely where everyone has their own way of doing it so as a broker this is when we really I tell people like this is when I do my brokering I make sure franchise developer yes shared the list maybe they're not scheduling calls but they've reached out to the franchisees that they introduced to said this is this here's the background like there's some work happening it's not just there's 150 owners in the back of our FDD and in your case I think the franchise stores are smaller so there's probably maybe there's only a handful right I mean I know you have some much larger Brands out there but I think the people that are maybe watching this video are still getting started and so possibly you have some um recorded validation videos too to let to kind of protect the time of your owners you're not saying you can't reach out but if you want to know you know Doug and Linda and how long they've been in business and some of their background before they got into the business here's here they are um and then and that way You're Gonna Save everybody a little bit of time in validation and the same thing I think at that point you're really starting to marry your business to your potential franchisee so I've had Brands and it's gone really well say okay I'm ready to introduce you to my owners share some info like I would love to put a bio sheet together on you because it's gonna solidify that relationship a little bit you know this is Brad and Lisa this is what they do right now this is why they're looking at the business we've been through these calls they've asked great questions they're in Appleton Wisconsin so and then be ready for their phone call and that's in the mutual introduction and how they're connecting them yeah yeah I've had there are franchisors out there that set that call up um I I don't know that that's good or bad I mean right it just depends on the size of your system and that type of thing I mean those franchise stores that do group calls which I totally understand I mean you've got a brand out here that's just on fire and you've got 10 franchise owners and they're like okay just so you know my full-time job can't be to sell more franchises for you and tell you how great y'all are so I mean there's a there's a spot for some of those recorded calls too but giving them the opportunity to have a one-on-one is I in my opinion it's important so so naturally the next step in goal is the Discovery day yes where do you see things start unwinding at this stage Lisa where a candidate is hesitant to go to a discovery day or things start slipping what's usually the commonality or cause of what's going on well now it's getting serious so something along the way didn't get answered and it got swept under the rug and it's got to be brought to the light so at this point it really does have to be okay we've we've been through operations and and unit economics and you understand our brand you've talked to our owners we're ready to invite you to come in and meet the founder and if they slam on the brakes you missed something you missed some sort of red flag somewhere that they're oh no I I just thought I was still learning well if they still thought they were still learning you miscommunicated something along the way something along the path they missed that the conversations were getting more serious that it it's it's time this is naturally The Next Step the next step right this is naturally the next step is that we're going to meet face to face we're going to sit down for dinner make sure we are who we say we are we are franchise or what we say we are your franchise see who you say you are and that there's there's nothing major left to ask except do you see yourself in this business and becoming part of this organization and so during because so many new franchisors have questions about what a good Discovery day is and and I think the way you framed everything which is you need to be doing the work well before the discovery day right but what what would be some parameters or checklists that franchisors should be hitting during Discovery day um I think it's touch taste feel right so it's it's you've already asked other questions there's no reason to go through the item 19 and no reason to go through I mean you've already done all that stuff so now I mean my agenda that I usually see is dinner with the management team usually happens the night before if they're getting in on time if not it's breakfast with the management team you know you've told them which hotel to go to we're going to pick you up we're gonna have breakfast as a team get to know each other face-to-face developers going to be there some of your major c-suite people are going to be there but then we're gonna go visit so we're gonna go visit a location see it up and running see the back end you know if it's a big tech company and there's not much to see that's a different story but in most of these you know service-based Indus businesses food-based businesses there's something to see there's some sort of corporate office to get a feel for to get within the four walls so do that you know if it's insulation business I went to a um consultant discovered ask brand insulation like look at me I'm the girliest girl on the planet and I'm spraying insulation so how hard can it be but that's an experience where even as an owner I may never spray insulation again but I know I was able to figure it out I pressed the right buttons I suit it up and I got to experience that I also got to see the call center shake hands with the marketing department see how they're going to support me in my business because no matter what Market you're in you feel that your Market is different so if you've been super successful in Omaha can I be successful in Appleton well when I meet Bill from the digital marketing department how he's going to support me and work with me so it has that kind of culture of support that's what I need to see at that point so it's got to be I mean you have to bring the people in let them know it's a big deal it's not just a dog and pony show you're actually you're you're making human contact to determine if you should get married for the next 10 years it's a 10-year franchise agreement and it's that connection and relationship what are there any things you're like I wish franchisors would not do this at Discovery day um sometimes I think they almost try to make it too entertaining uh you know and then we're gonna go have massages and it's an ice cream shop right right right okay how come are you going like or go to the racetrack or you know I mean I get that you want to be casual and that type of thing and have it be entertaining but I think you have to you have to keep in mind what we're trying to do and keep it business and then you know dinner and and off they go and I think that what franchisors sometimes Miss is they'll have them come to the corporate office and they spend all this time at the corporate office and they kind of do a drive-by of whatever the store is I think Discovery should be a discovery of the business itself corporate office is great but it's not necessarily it that part is already kind of been discussed the call center is over here the marketing Department's over here and you know there's a deep bench of support so you're having some meetings there but I think um the best Discovery days are letting the owners see what their office and envision themselves in that business looks like So Lisa Discovery day goes great yep it's a good fit how do we lock this up yeah so within 24 hours of Discovery day there's usually a formality of sending out a letter of approval calls made by the developer person but there's also a formal letter of approval saying okay this is you know you've been approved welcome to the family um this would be your next step so we want to determine if you've already had the funding conversation because you probably pinged that around the unit economics call um but now you're saying get your funding in place we're going to hold this territory for the next however long you're willing to hold it three to four weeks probably based on whatever um maybe two to three weeks you're gonna get you know get some things in order answer any further questions that you have that came up from Discovery but as far as we're concerned we're ready to bring you into the family you know and you raise a good point Lisa so for for franchising candidates that are going to obtain financing or use their 401K what stage would you start connecting them with with suppliers and advisors especially back at unit economics because now you have to know how much it costs to get into the business and so it's a natural kind of it's It's a natural segue so it's a natural of okay we talked about the fact that this business costs approximately two hundred thousand dollars to stand up any have you given some thought on how you're going to fund the business again if they've talked with a broker chances are they have given it some thought and they've probably had a call so they know what their what they should be looking at and that they're within their economic reach um if they came in through your website or something like that still that unit economics call probably your initial call you talked about the big rock so they said yeah yeah no no problem we got that covered unit economics calls when that gets a little bit more serious so now okay we went through the item seven you see it's anywhere from 150 to 300 300 000 to stand one up we're already thinking that you're going to be a two territory market so you're going to be closer to that 250 range do you know how you're going to fund the business okay well we've got you know several funding partners that we work with so go ahead have a call with you know Wendy or Eric or Christine or whoever your person is um make a couple introductions probably just to give that candidate the owner's ownership of choosing who they work with um but then it's probably been predetermined because you're following up with them also then on the FDD call how did that call go with funding any problems how do you think you're going to do it okay it's still conversational but when you start talking about money you're infusing the sincerity of of the Venture So Lisa what if you had a guess what percentage of deals great discovery day Everything feels right they're approved but the deals fall off the tracks I don't know what the stats are on it um I know when I first started so tennis years ago if they were at Discovery day chances are this was going to happen it would have had to be a big deal I think what one of the biggest things that I've seen change in the business and there's been a couple that's a whole other conversation for us but one of the biggest things is the amount of Discovery days that a candidate will attend so it used to be one Discovery day chances are they were gonna go forward if anything you know what I mean by then it was pretty much a done deal and I think now we're seeing that and I don't know if it's from the franchise or perspective I don't know if kovid with the whole virtual Discovery day did it became a heck of a lot easier to do a virtual Discovery day on a Friday afternoon than get in a plane fly to a location shake hands with someone so I I guess I don't know that I'm the best person to ask on that I I will say I've had more candidates last year was my best year ever so I it went I had a really good year had an and this one is starting pretty great too but I did have candidates let's go to Discovery day and not not move forward with the business any insights there um they it's my opinion that the franchisor actually got them to Discovery day a little too soon and so the franchise or the the my candidates were a little bit surprised at kind of the non-negotiable okay and I mean that could have been on me too okay that that's a fair statement it was you know they kind of thought okay I like it now I'm going to come back and I'm going to try to negotiate for more territory and again that my busy my biggest year can also equate to my busiest year and so I might have let things fall through but I think it was that had something to do with it the fact that the franchisor and the franchisee hadn't gotten some of those difficult conversations out and I think that possibly they thought after meeting Discovery day you know oh they're gonna love me and and they're going to be willing to negotiate that or franchise or all they'll be willing to maybe understand that fee once they see us and it should have probably just been discussed in the beginning but Lisa those are amazing insights and I I think I mean you make my job easier because we're working with so many amazing franchisors at least I I appreciate the amazing advice right there's so many franchisors out there emerging large Brands they're spending a ton of dollars and sometimes they're not converting the deals and everyone or so many people have questions about a great process and I think now is the time to upgrade the process and really take advantage of a competitive position provide information provide a detailed process but Lisa I absolutely know no one on this planet uh would give better advice than you just gave for franchisors so thank you so much you're welcome I and I think to the thing to remember for the franchisors is that you do something that's repeatable yep be a franchisor franchise franchising is creating a success and being able to replicate replicate replicate so do that in your process it may seem like a lot and it may seem like a a dress rehearsal and and all of this type of thing that you're doing but if you get it right then you can repeat it tweak a little bit repeat it so it's not a waste of time and it's not a waste of effort um if the end is successful and so I think that's the biggest thing too is that sometimes the franchise starts think well maybe once I get to 10 locations then I'll worry about that and you think you ain't gonna get to ten right so Lisa thank you so much thank you