A franchise Discovery Day allows potential franchisees to learn about the franchise directly from the franchisor. Attending a franchise Discovery Day is a great method for franchisees to get a ton of useful information in a short period of time.
What Is A Franchise Discovery Day?
At a typical franchise Discovery Day, a prospect who has obtained a Franchise Disclosure Document (FDD) and has met several initial requirements visits the franchisor's headquarters and tours various departments, as well as talks with franchisor personnel who deal with franchisees. A potential franchisee might attend a Business Discovery Day to ask questions and experience the franchise firsthand.
What Can I Expect On Discovery Day?
Discovery Day is a sales presentation for the franchisor, so there is a natural temptation to make it a "feel good" event. You should not be scared to ask difficult questions or seek clarity as a franchisee. If you're wondering what sorts of questions to ask during your franchise Discovery Day and want some pointers, I've put together a list for you to think about before attending your Discovery Day.
How Do I Prepare For Discovery Day?
These questions are not legal advice but rather observations based on years of experience. In general, before attending your franchise Discovery Day, you should try to obtain as much information about the franchise as possible.
Tips for having a successful franchise Discovery Day include reviewing the FDD, talking to your lawyer, accountant, and franchise consultant, as well as speaking with a number of existing franchisees. The FDD includes their contact information.
Obviously, if you do not receive the FDD until your franchise Discovery Day, you will not be able to fully participate in this process, but you should still ask as many questions as possible. You should also make sure you have a chance to ask the franchisor questions after you have the FDD and gather additional information.
Following my tips for Discovery Day and asking the questions will go a long way in helping you forge a successful path forward as a franchisee.
Find out more about Discovery Day by scheduling a call here.
