June 30, 2006, Newsletter Issue #22: Advisory Board for a Cheap Franchise

Tip of the Week

It's probably not a matter of whether it's a cheap franchise or not, but rather a matter of caring about keeping all franchisees happy. An advisory board can indicate a willingness to listen and learn from franchisees. However, if the franchisees on the board are hand-picked by the franchisor, they may do nothing of any consequence.

A well-rounded franchise advisory board should include people who own multiple franchises as well as people that only own a single franchise. The entire spectrum (inclusive of both large and small markets) needs to be represented. The diversity of the board ensures that as many voices are heard as possible, regardless of the cost of the franchise itself.

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