Franchisor Profile: Jania Bailey, FranNet
For more than 28 years, FranNet has been helping individuals find their ideal franchise and has helped hundreds of franchise systems grow strategically.
Currently, with more than 130 locally-based franchise consultants across the US, Canada, Germany and the UK (and expanding), FranNet uses a proprietary profiling process to expertly match individuals with ideal franchise opportunities.
Under Jania’s leadership, FranNet has been named to the prestigious Inc. 5000 list five years in a row, including two years on the Inc 500 list. The list represents the most comprehensive look at the most important segment of the economy – America's independent-minded entrepreneurs.
FranNet’s growth can be attributed to focusing on helping candidates find the “right” franchise opportunity – not just selling a concept without consideration for whether it's the right fit.
The FranNet culture established under Jania’s leadership is one of constant improvement, taking risks to improve, believing in the company’s future, and having fun.
Lessons Learned: Jania Bailey
My background includes 18 years in the banking industry, with over 16 years in commercial lending. I have seen many businesses succeed and many fail. I have always been a supporter of the franchise industry. Good franchisors provide a proven business model that works. The transparent due diligence process with the franchisor and existing franchisees allows prospective franchisees the opportunity to really understand the concept.
I was attracted to FranNet because of the company’s history of thoroughly vetting Franchisors and prospective Franchisees. The reputation of FranNet has always been stellar.
FranNet guides the candidate through the process of evaluating franchising concepts. We give the candidates information on how to read the Franchise Disclosure Document (FDD), as well as what questions they should be asking of the franchisor and franchisees. By being locally focused, the FranNet consultant can introduce the candidate to qualified franchise attorneys to assist in the review of the franchise documents. It is essential that prospective franchisees understand their obligations to the franchisor, and the franchisor’s obligations to the franchisee.
Due diligence is key in making the right decision when purchasing a franchise. The more research you do, the more you improve the odds of your success. We advise our candidates to talk to 15-20 franchisees in the system they are evaluating. They need to talk to people that are doing well, some that are doing, okay and some that are struggling. It is important to understand what separates the superstars and the failures.
You should never settle for a concept that does not meet your goals, budget, transferable skills, and lifestyle needs. Take your time and do the homework.
In reviewing franchise concepts, we see several that should have never been franchised, and we see several that are not ready for fast growth. Taking a fee and agreeing to represent or launch a brand that is not ready would be a injustice to the franchisor and the candidates that would be introduced to the concept.
FranNet's Continued Growth
2016 has been an incredible year at FranNet. By continuing to focus on growing local economies through local consultants, we are on track to have a record-setting year.
The future is looking extremely bright as we continue to expand our consultant territories in the U.S., as well as the Germany markets — with our current U.S., Canada and Germany businesses continuing to grow and excel in their industries.
Pinnacle Franchise Development, a company dedicated to helping brands grow into thriving franchising systems, has already become a vital tool to the industry since its conception earlier this year. From sales and legal to branding and marketing, Pinnacle combines more than 28 years of franchise development and consulting experience to help brands reach new heights.
For more information about IFA and franchising in general, visit the IFA’s website at franchise.org.