First Choice Business brokers is an established business broker franchise system. The organization had originally come to market in 1994 and was unique amongst the myriad of business broker franchises in how they approached customer relationships, the technology and systems incorporated into the business model and the leadership behind the brand. First Choice had immediate success in a number of markets against larger, more established business broker franchises and realized the opportunity to scale the brand through franchising. The First Choice brand was able to expand into several key markets throughout the U.S. and some International markets with good validation and strong unit level financials.
In 2010, First Choice hired Franchise Marketing Systems to develop a structure, create strategy and oversee franchise sales management. Franchise Marketing Systems implemented a franchise sales CRM, created franchise recruitment ads and staffed a franchise sales campaign to oversee both domestic and international franchise sales. The need for a strong franchise sales CRM was evident in that the volume of franchise leads needed better structure, more consistent follow-up and a quicker response time to interested potential buyers. Reporting, record keeping and sales team efficiency were also immediate benefits from a strong technology platform. The franchise marketing materials, brochures and presentation of the First Choice value proposition needed work and updating to accurately present the concept and show the differentiation the brand offered.
The First Choice franchise fits into one of the larger and more established segments in franchising in the business broker category. This is a mature and competitive market segment and requires an excellent presentation in order to take market share from other business broker franchise systems. The overall franchise market since 2010 has benefited from a trend of more “white-collar” franchise investors who would be considered ideal candidates for the business broker franchise offering. These are people who come from the office place, they are accustomed to a professional work environment and generally would choose a franchise brand that fits what they know and are accustomed to as opposed to something such as a food service franchise brand.
What First Choice has done so well and effectively in executing the franchise expansion model is to focus on key performance indicators and sticking with the program in every franchise sale that is made. This means deep qualifying of anyone who is considered as a potential franchisee. They must pass personality tests, financial capability reviews, multiple interviews with leadership team members and sales aptitude testing. The training platforms were developed with great systems in place, checks and balances throughout the process to make sure that each franchisee was getting the information they needed and retaining the key content to be effective. Franchisees are then supported with a sales and management model that has been proven again and again to deliver results.
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