Local Organizations Partner and Host Franchising 101

Local Organizations Partner and Host Franchising 101
During this three-hour information session, nearly 20 individuals interested in becoming franchisees, were taught the procedural, legal, financial and strategic planning aspects of researching, evaluating and then purchasing a franchise operation.

The Hampton Roads Chamber of Commerce, Small Business Development Center of Hampton Roads, Kauffman & Canoles P.C., FranNet and the Hampton Roads Veterans Business Outreach Center presented, “Franchising 101,” part one of the Hampton Roads Franchise Forum, on September 17 at the Hampton Roads Chamber. The intent for this workshop, as well as the second, being held on October 13, is to educate potential franchise owners.

During this three-hour information session, nearly 20 individuals interested in becoming franchisees, were taught the procedural, legal, financial and strategic planning aspects of researching, evaluating and then purchasing a franchise operation.

Speakers at the forum included Jim Carroll, Vice President of Small Business for the Hampton Roads Chamber and executive director of the Small Business Development Center of Hampton Roads; Marc Steiner, Principal and Franchise Consultant at FranNet of Southeastern Virginia; and Steve Story, Chairman of the Franchise Practice Group at Kaufman & Canoles, P.C.

“People are worried about the stability of their careers and uncertain about the future,” said Marc Steiner of FranNet of Southeastern Virginia. He added, “Opening a franchise provides a viable and stable option for a large number of people in today’s market and many franchise companies are expanding into Hampton Roads.”

“Becoming a franchisee always entails a significant investment. This seminar advised potential franchisees on the basics of their own due diligence – including legal, accounting and business issues so potential franchisees can invest wisely,” said Steve Story, Chairman of the Franchise Practice Group at Kaufman & Canoles, P.C.

Eric Stanley attended the class and is looking forward to the next workshop on October 13. “I'm in the commercial real estate business so I've seen firsthand some serious success stories and some serious failures. I've always been intrigued with owning a franchise. With not knowing a lot about the franchise world, I found the workshop informative and could tell that the experienced franchisees/business owners in the room also found it helpful.”

Another attendee, Jonathan Reas, said, “My brother and I really enjoyed the Franchise Forum and look forward to the next one in October,” said Reas. “We attended this workshop because we’ve been a franchisee of a brand for 28 years and working on becoming a franchisee of a different brand. Since we’ve stayed with a brand for so long, we were curious about what to look for on our next endeavor. We learned a lot about what it takes for personal and financial growth and what to look for when choosing a franchise. It was great to learn what the lenders are looking for when it comes to financial support, and how important it is to have a business plan.”

The second workshop, “Meet the Franchisor,” will take place on Monday, October 13, from 8:30am-12pm at Old Dominion University’s Webb Center (1301 49th Street, Norfolk). Attendees will learn the different franchise models, hear from franchisers and network. Several franchisors from the region will be on-hand to discuss all aspects of their respective businesses. Attendees will also learn about veterans’ business resources and incentives. Register here. 

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