Category: Uncategorized

Business is picking up and people are going back to work, especially College Graduates. The improving employment outlook will increase the likelihood that you will be contacted by a third party recruiter. Some tips to help make that experience effective and help you look like a pro are in order.
Working with most recruiters is a rather straightforward business proposition. Remember, their job is to serve their client, the hiring company. The recruiter is expected to manage the search process, making their client’s job easier and more effective. That means doing all the detail work to validate you as a viable candidate. It is important to understand and appreciate the relationship the recruiter has developed with their client. The goodwill generated by serving the client is a precious asset to the recruiter which they will fight to protect. Be mindful that you are representing the recruiter when you interview with their client. If you present yourself well, you will gain an ally who will help your career.
When contacted by a recruiter, you will be provided with a general description of the position, compensation and location. The name of the company is generally not divulged in the first discussion; their confidentiality is maintained as closely as yours at this stage. You should learn about the recruiter as well as the nature of their relationship with the client. You will want to you understand their process and establish expectations. Check out their website and their references. The first point that you will want to learn is whether the recruiter has an exclusive assignment with the client, or if it is a non-exclusive contingency search. This information will speak to the strength of the recruiter-client relationship. You must do a little homework on your own to understand as much as you can about the recruiter to validate your decision to work with this person.
If mutual interest is established, arrangements will be made for more detailed discussions. This may take place in person, though often it conducted over the telephone. If mutual interest continues, the next step is a personal meeting, after which your credentials will be presented to the client for their review. The recruiter will maintain contact with you throughout the process, even after you are hired. They will answer your questions, schedule meetings and expedite all phases of the process. You will be kept fully informed of the client’s impressions and intentions.
Here are some tips to help you build a relationship with a third-party recruiter
• Never shade the truth. Misstating or exaggerating titles, spans, education, salary, etc. will be discovered and may disqualify you.
• Full disclosure is vital. Errors of omission are potentially as damaging as distorting the truth about information you provide.
• Let the recruiter know if you are not interested or if you have any concerns about the job.
• Respond to the recruiter in a timely manner and provide complete feedback as required.
• Be a resource to the recruiter, offering candidate referrals when requested.
• Do not offer up candidates to your potential employer for other opportunities they may be trying to fill. This will be viewed as an infringement on the recruiter-client relationship making you persona non grata.
• If the process does not go well for you, do not try to circumvent the recruiter.
• Alert your references to expect the recruiter’s call.
• Do keep in touch. LinkedIn is a powerful tool to employ.
Remember, working with a recruiter is not just about the job opportunity she is presenting you today. It is about building a professional relationship that will help you achieve your long-range career goals. Build on that relationship and make it work for you.

New Century Dynamics is pleased to announce the completion of a confidential search assignment; CFO for a Chicago-based Casual Dining Chain.

During the course of this search we vetted a number of highly qualified candidates that may be of interest to you as your needs may require.

Other Search Assignments in process:
• CFO Fine Dining West Coast
• Area Directors of Ops, SE-based Casual Dining
• Employment Attorney/Director of HR, SE based QSR
• HR Generalist/Management Recruiter, SE-based Casual Dining

For more information and for your referrals contact me at:

James E. Weber, President
NEW CENTURY DYNAMICS EXECUTIVE SEARCH
800-846-9729; 770-649-7051
800-953-9729; fax & voice mail
James.Weber@NewCenturyDynamics.com
www.NewCenturyDynamics.net

It had to happen eventually. My Editor asked for the obligatory Time Management and “improving your productivity” article. Now, don’t misunderstand, I believe that improving one’s productivity, especially if you are in Job-Search mode, is very important, no question. My hesitation with this topic is that it is difficult to find new and useful tips that will be interesting to the reader. Then it came to me. Let’s approach the issue from a different perspective. Think of becoming more productive and professional by helping others maintain their productivity. Too often we don’t give enough thought to the needs of other people; especially the value of their time.
Early in my career I had the opportunity to help jump-start the career of a Real Estate Agent. This Agent had helped me buy my home. He did a good job for me so I felt confident about sending him referrals. My employer was building a new executive team, all of whom were relocating into this city, so this realtor quickly became the go-to guy for these folks, closing some big deals. His business took off.
As I got to know this agent better and learned about his business, he relayed one fundamental truth to me. He told me, “Jim, all I have is my time.” I understood his point immediately. Time is a precious commodity that should not be wasted. The flip side of the message is “I cannot afford to waste my time, and I don’t appreciate other people wasting my time either.” I can certainly appreciate his sentiment now that I have my own business. If you are in a commission-only profession, you had better understand how to use your time wisely, otherwise you will go hungry. If you grasp this corollary to time management you will be viewed as a savvy professional worthy of my networking efforts.
Believe me when I tell you that most of your networking contacts want to help you. Your job is to help them help you, by making the networking contact smooth and effective. When I am in networking mode there are three things that I ask; make it easy for me to know what you want; make it easy for me to introduce you to my network; and make it easy for me to contact you. If you can accomplish these three demands, you will be viewed as a true professional, generate a lot of referrals and shorten your job search.
Quick Tips:
Make it easy for me to know how to help you:
• Be crystal-clear as to what you are trying to accomplish and how I can be most helpful. Don’t make me guess at what might be a good connection or a viable opportunity for you.
• Your elevator speech must be compelling, so I will remember you.
• Do your homework. Be prepared for our conversation.
Make it easy for me to introduce you to my network:
• Give me a handful of your business cards.
• Connect with me on LinkedIn.
• Send me updates on your progress and what you are trying to accomplish.

Make it easy for me to contact you:
• Your email correspondence must include a complete signature section with all of your contact information. I rely heavily on my IPhone so having the ability to tap your phone number, email address, or website is a critical time saving function.
• Understand your networking contact’s preferred method of communication and comply.
Sallie, a good friend summarized the issue perfectly when she said: “A calendar placeholder, for any type of meeting, should give pause to make sure there is value for all parties involved. If the allotted time was viewed as “billable” would everyone be able to collect on that invoice? If my business development doesn’t yield an ROI, then I’m at a loss.”
Professionals want to work and network with other professionals. Demonstrating respect for the value of other people’s time will clearly position you as a professional worthy of my time.

POSITION OVERVIEW

The Area Director position is responsible for the oversight of restaurant and catering operations, human resources management and development, financial goals achievement, company policy and standards compliance, and facility maintenance.

ESSENTIAL FUNCTIONS

r Restaurant Operations

§ Ensures a Guest-focused and sales driven approach to operations

§ Demonstrates a thorough knowledge of all company policies, standards and procedures and enforces them at all times

§ Provides continual formal and informal feedback to the Operating Partners by celebrating successes and improving sub-standard performance

§ Is fully knowledgeable of and ensures food quality and plate presentation standards

§ Understands and upholds the companies 4P’s culture

§ Ensures Guest complaints are handled by the Operating Partners on the day the complaint is received; personally handles manager complaints

r Catering Operations

§ Oversees catering operations standards and supervises the Catering Sales Managers in the region

§ Conducts bi-monthly conference calls with the Operating Partner and Catering Sales Manager to discuss sales, upcoming events and strategic sales plans

r Human Resource Management

§ Guarantees fair and consistent treatment of all team members

§ Maintains proper management staffing levels. Actively participates in the interview and job preview processes

§ Completes semi-annual reviews and development plans for the Operating Partners and oversees the process for Assistant Managers

r Restaurant Financials

§ Ensures maximum profitability by achieving budgeted sales and controlling all operating expenses including cost of sales, labor and controllable expenses

§ Conducts weekly Monday conference calls with each Operating Partner to discuss restaurant financials and operations in general; requires weekly action plans

§ Ensures management teams are using Decision Logic and Hot schedules accurately, consistently and to their full extent

§ Promotes the business through the execution of a comprehensive marketing plan and ensures each restaurant is utilizing a designated Local Restaurant Marketing person

r Facility Maintenance

§ Completes the Operations Review in each restaurant once each quarter; requires Operating partners to submit a Operations Review each period

§ Oversees all repair and maintenance issues and approves any expenditure over $500

§ Follows up on all health inspections and requires an action plan to correct deficiencies

§ Complies with all applicable regulatory agencies

CANDIDATE PROFILE

The ideal candidate possesses:

A Bachelors Degree in a Business related discipline or 5 years of multi-unit restaurant management experience in casual dining
Personal characteristics that include strong team leadership skills, a high energy level, self-motivated, outstanding organizational and documentation skills, superior written and verbal communication capabilities, results driven and a passion for the service industry
A desire to grow and develop as an integral member of the organization’s management team

QUALIFICATIONS

To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Education/Experience:

Bachelor’s degree in Business or related discipline from a four-year college or university and/or a minimum of 5 years of applicable experience. Demonstrated skill in restaurant operations, P&L management, human resources management, problem solving and project management competency.

Language Ability:

Ability to communicate expectations to managers and employees, conduct meetings; respond to complaints from Guests, regulatory agencies, or members of the business community. Ability to effectively present information.

Math Ability:

Ability to apply concepts such as fractions, percentages, ratios, and proportions to practical situations.

Reasoning Ability:

Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Computer Skills:

To perform this job successfully, an individual needs to be computer literate and be proficient with Excel, Word, PowerPoint and other restaurant related software.

Certificates and Licenses:

ServSafe certified

Supervisory Responsibilities:

Responsible for managing numerous Operating Partners, Managers and hourly employees

Work Environment:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

The noise level in the work environment is moderately high.

Physical Demands:

The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

While performing the duties of this Job, the employee is regularly required to sit; talk; and/or hear. The employee is occasionally required to stand; walk; reach with hands and arms and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision, peripheral vision, depth perception and ability to adjust focus.

Position: EEO Specialist/Human Resources Director
Position Summary:
This position serves as the EEO Specialist to Company and has responsibility for overseeing the Human Resources generalist functions.
Duties and Responsibilities
• Serves as the EEO Specialist. Investigates and responds to inquiries and/or charges by EEOC and other governmental agencies. Represents the Company at hearings.
• Responsible for employee relations. Serves as contact for and provides guidance and counsel on wide range of employee issues. Develops strategies to control and minimize legal exposure.
• Effectively communicates and updates senior management on all employment related matters including development and recommendation of policies and practices.
• Develops and conducts on-site training for managers to promote understanding and compliance with employment laws.
• Formulates and administers human resource policies, programs and practices, including planning, organizing, developing, implementing, coordinating and directing.
• Develops, revises and administers Human Resource policies, documents and handbooks in compliance with state and federal employment laws.
• Prepares, recommends and maintains records and procedures for controlling personnel transactions and reporting personnel data.
• Obtains bids and negotiates pricing for company benefit programs, directs benefits administration, performs open enrollment and benefits meetings, and processes applications.
• Prepares performance review forms, appraises performance, directs supervisory personnel on documentation of performance issues and improvement plans.
• Directly supervises employees and carries out supervisory responsibilities in accordance with the organization’s policies.
• Performs additional related duties as needed.
Knowledge and skills
Extensive knowledge of federal and state laws and regulations in areas of employment relations including Title VII and other civil rights and employment laws. General knowledge of the principles and practices of Human Resource administration; knowledge of sound techniques in all aspects of Human Resource management; knowledge of the organizations and operations of administrative programs; ability to develop long-term plans and programs and to evaluate work accomplishments; ability to apply and adapt practices and techniques to the special requirements of senior management; ability to establish and maintain effective relationships with other management staff, employees, and the general public; ability to present facts and recommendations effectively in oral and written form.
Position Requirements:
Minimum 6 year’s Human Resources experience required with preference for experience in QSR/Restaurant industry. PHR/SHRM certification a plus.
Extensive experience investigating and handling EEOC and other government charges.
A bachelor’s degree in Human Resource Management, Business, Public Administration, Psychology, or related discipline.
JD with 2-3 years experience in employment litigation is required. A Master’s degree in a human resources field is a plus.
Any equivalent combination of experience and training that provides the required knowledge, skills, and abilities.

Position Specification

Vice President & Controller

POSITION SUMMARY

The Controller will be responsible for managing the company’s accounting systems and procedures; and financial reporting requirements. The Controller will provide proactive management of financial performance of entire company and manage relationships with the financial community

RELATIONSHIPS

Reports to: Chief Executive Officer
Manages: The Accounting Department.
Other: All other members of the executive team

MAJOR RESPONSIBILITIES

• Ensure that all Department of Treasury, SEC and other Governmental required filings and reports are completed in a timely and accurate manner.
• Maintain highly effective credit and collections practices and working capital management.
• Develop, implement, and monitor management information systems that provide timely, accurate and useful data for the measurement and improvement of performance.
• Oversee all aspects of insurance and risk management, including broker relationship, loss control and claims reporting.
• Prepare financial projections, monitor operating performance and insure compliance with debt covenants.
• Assist the board and senior management in strategic planning for the brand.
• Ensure that periodic financial reports, such as Profit and Loss Statements, Balance Sheets, Sources and Uses of Cash Statements are prepared in an accurate and timely fashion.
• Ensure that the proper Financialcash control systems are in place and maintained.
• Develop, implement, and monitor management information systems that provide timely, accurate and useful data for the measurement and improvement of performance.
• Directs preparation of budgets, reviews budget proposals, and prepares necessary supporting documentation and justification.
• Maintain the highest possible and consistent levels of customer service throughout the organization.
• Evaluate and employ labor saving and service improvement technologies such as POS and labor scheduling systems.
• Evaluate and employ food-cost control technologies such as POS and ‘Ideal Food Cost’ systems.

CANDIDATE SPECIFICATION

CONTROLLER

IDEAL EXPERIENCE
The successful candidate is a CPA with an MBA or equivalent and approximately 10 to 15 years of related experience in the service, retail, restaurant or hospitality industries. Full Service Restaurant Industry experience is very desirable. Familiarity with accounting for Subchapter S, and Limited Liability Corporations is required. Experience with a Public Company is a plus. A strong background in IT is very desirable. Experience in a multi-unit franchise or retail environment with 100 or more locations is desirable, as is the demonstrated ability to develop and lead major strategic initiatives. Experience achieving and maintaining high levels of customer service in a retail environment are required, as well as experience with operating control technologies such as POS and labor scheduling systems, including Aloha and Radiant Systems.

IDEAL PERSONAL PROFILE
We are seeking a results oriented individual with an entrepreneurial spirit who has proven leadership skills. The successful candidate will be a strategic thinker, a change agent, and a team player that can lead this organization to “best in class” status while maintaining high levels of morale and customer service. Exceptional skills in written and oral communications, problem-solving, and decision-making are required, as are the highest ethical standards of behavior.

This document is presented to you in confidence. All communication, whether written, oral or electronic should be addressed to:

James E. Weber, President
New Century Dynamics Executive Search
9370 Stoney Ridge Ln.
Johns Creek, GA 30022

Tel. 770-649-7051; Fax 770-649-7051; e-mail; jimweber@newcenturydynamics.com

I am beginning a search for a VP Finance and Controller for a mid-western based full service restaurant chain. Details to follow.

I have always subscribed to the belief that experience is the best teacher. In fact, many of the most important lessons I have learned have been from my real-world experiences. When I started my business in 1999, I got a crash course in entrepreneurship, learning a great sum in short order. The most important lesson I learned was the importance of building flexibility into my business model. I learned that ultimately, market forces will guide us to a place where our talents and skills are in demand. The challenge is to be able to listen to what the market is saying and to demonstrate the flexibility to satisfy the needs of the market. It was a lesson that I learned the hard way and none too soon. Recently, this dynamic played itself out with a new client. More about that shortly, but first a little background.
After graduating from college, I went to work for a Billion Dollar Conglomerate, first as a financial analyst, then later I moved into strategic planning for the retail group. My job was to help the division presidents craft their business plans, and then help my boss, the group president, monitor their progress against key metrics. Part of my responsibility was evaluating capital project requests submitted by those divisions. In that role, I watched division executives build their businesses by working their plans as drafted, and also by responding to opportunities that presented themselves along the way. At first, many of these opportunities did not seem to fit their business models, which raised serious questions for me. But, upon closer scrutiny, when evaluated in context with the capabilities of the division and the over-arching mission for the brand, they made perfect sense and resulted in new growth. With this in mind, I began to work with the division presidents to draft plans that addressed opportunistic investments. In other words, I learned to be aware of signals the market is sending to serve unmet needs.
When I began my executive search business, I partnered with an established retained search firm. As you may know, retained search firms get an upfront fee to begin the search, one-third of the fee after candidate presentation, and the final fee when the assignment is complete. Contingency search firms only get paid if their candidate is hired. I turned down a lot of contingency assignments to stay true to my business model. That was a big mistake. If I had paid attention to what the market was trying to tell me, I would have taken many of those contingency assignments. Had I done so, I would have developed more clients sooner and had a much better cash flow. Eventually I did catch on and my business thrived. That is how I learned to listen to the market and be flexible. Recently, that lesson played out again for me.
Last year, a long-time CEO friend contacted me to say that he was moving his company to Atlanta and needed my help. He is not well connected in the area so he reached out to me. In order to build on our relationship, I connected him with people who I knew could be helpful: attorneys, commercial leasing professionals, accountants and others. Ultimately this is what I do, connect people.
Last fall, my friend and I got together for lunch to catch up on his progress. Almost immediately, he told me that his CFO was looking for a director of human resources but he was not making progress. They had discussed using a recruiter and planned to call me the following week to initiate the search. It was welcomed news, but not really a surprise. I knew it was just a matter of time before their staffing needs would require my services. The following week, my CEO friend, his CFO and I met for another lunch to close the deal. In the process they told me of an internal candidate who they thought could do the job. This guy is currently in a supervisory position in operations, managing six restaurants. They wanted to know how I would assess his capabilities among my other candidates and how that might affect my fee if they decided to offer him the job. This is really not an unusual question, so I took it in stride, explaining my process. When we left the restaurant, I had instructions to prepare the necessary documents to initiate the search. We had a deal.
After a few days, the CFO and I talked again. He told me that after further consideration they thought their internal candidate may be the best candidate for the job after all. They were not certain, however, and asked if I would be willing to evaluate him up front before considering other candidates. They offered to pay me a third of my fee for this evaluation, to be applied to my full search fee if they decided not to promote this candidate. At first, I was disappointed that I would not be conducting a search for my full fee. The more I thought about it, I came to realize that this was a win-win opportunity. It may not have been my usual model, but it was within my capabilities and did not require much of my time. I heard that familiar little voice telling me to heed the message from the market and go with the flow. That was indeed a good decision. I accepted the project and we scheduled a meeting with the internal candidate. In the interest of privacy, let’s call him David.
While preparing for our meeting, I poured over David’s resume. He had a lot of valuable operations experience with some very good companies, including prior experience working for my clients. Additionally, he had held director-level human resources positions before focusing on training and development. Clearly, David is not a human resources generalist, but operations is largely about managing human resources on the front lines, and he had worked in a human resources department. I was beginning to have a good feeling about this candidate. Fundamentally, there are three questions that must be answered in the affirmative before a client will hire one of my candidates. Can he do the job? Will he do the job? Is he a fit for the client’s culture? I knew that he would have the support of management so he could likely do the job. Based on his prior experience with the management and their consideration of him for this job, I was confident that fit was not an issue either. So, I was left with the question of “Will he do the job?” More importantly, I was curious as to why he wanted this job. That became my focus.
I found David to be very engaging, a people person. It was clear that he had a passion for the restaurant industry and the ambition to be a greater part of the decision-making process at a strategic level. I discovered that he was frustrated in his current career path and was looking for another alternative that would contribute to his growth and advancement. He viewed the director of human resources position as a viable alternative. That made sense to me. By moving in this direction he could fulfill his ambition to work closer to the strategic level while staying close to his passion. David was smart to build flexibility into his career and pursuing an option for continued growth and development. The market was telling him that his capabilities were needed in a different place. He got the message. You should too.

New Century Dynamics Executive Search is please to announce a new Retained Search assignment for a Vice President of Operations, reporting directly to the CEO

The ideal candidate is an “Operators, Operator” and exceptional Leader. We are seeking a results-oriented restaurant operations professional with an entrepreneurial spirit and a proven track record building restaurant sales. The successful candidate will be self-motivated, a team player with a “selling personality” that can immediately contribute to the team. Exceptional customer relations and decision-making skills, combined with the highest level of morale, are required. The candidate will have exceptional communication and problem solving skills and will meaningfully contribute to the overall operation of The Brand.

For more information please contact me directly. Your referrals are appreciated.

Jim Weber

Experts in the Confidential Search!
James E. Weber, President
770-649-7051
JimWeber@newcenturydynamics.com
www.newcenturydynamics.com

Blog: Innovative Employment Strategies

PRESS RELEASE: http://www.prweb.com/releases/2007/05/prweb526275.htm

In the new normal, job seekers must think differently about their employment options, including self-employment, starting or buying a business, or buying a franchise, in addition to traditional job search. Recently I had a very interesting experience putting a former Chemical Industry CEO in contact with an intriguing Business to Business Franchise Concept. I thought it would have been a perfect fit. Unfortunately, it did not go well.
The breadth of options to invest in a franchise business concept is staggering; from Ice Cream Parlors, to Spas, Hotels, and Automobile Dealerships. The upfront investments can range accordingly from low five to high eight figures, depending on the nature of the business. Like buying a home, or any other business, it is a big transaction that most people don’t fully understand. Franchise acquisition is a process with a lot of steps, governed by Federal and State Regulations. Franchisers utilize a Franchise Disclosure Document (FDD) to formally offer and educate you on all aspects of their business. FDDs are similar to a Prospectus given to investors contemplating the purchase of public securities but unlike a Prospectus, FDDs are often not up to date or always accurate. The good news is that a simple Google search will reveal a lot of relevant information to get you started. Better yet, I recommend that you begin by visiting www.franchise.org. This website, sponsored by the International Franchise Association, IFA, provides a wealth of information to help you evaluate options and navigate the process. Additionally, LinkedIn has a number of franchise related groups worth your consideration.
Before getting too deep into the process of evaluating franchise options, I recommend that you take stock of your personal situation, including a personality assessment. You may have the financial resources to buy a franchise, but you also need to assess your risk tolerance. It would be well worth your while to see a professional to help you understand your psychology as it relates to entrepreneurship and managing your own business. Some people are meant to be entrepreneurs, but most are not. You can save yourself a lot of money and headaches if you understand your suitability, for business ownership.
If you want to buy into a franchise you must be prepared to do a lot of research to find an affordable opportunity that fits your goals and aspirations. Understanding the opportunity and the acquisition process early on is vital to a successful outcome. Talking with existing franchisees, visiting multiple locations, and understanding how to achieve success with the franchise is recommended. Due to the nature of the transaction and due-diligence required, the prospective franchisee must consider the value of other professionals for help. Franchise Consultants/Brokers, Financial advisers, Attorneys, and Accountants should be employed to help the prospect.
The franchiser will manage the process, and the expectations of the prospect, including time-frame to closing, financial return, training, life-style, and on-going marketing and operations support. Franchisers want to ensure that the prospective franchisee has a full and realistic picture of their business. You must become confident that the franchiser has a commitment to the success of the franchisee. Fundamentally, this is what you are buying. Larry Bader, a Chief Development Officer candidate advises that; “Failed closings are usually due to a lack of confidence in the executive team.” Understanding the culture and competence of the management team providing stewardship over the franchise brand is an essential part of your due-diligence. As a prospective franchisee, you must be confident that management shares your values, goals, and ethics. You should gain an understanding of the system-wide relationship; are the franchisees generally happy and successful, or pursuing lawsuits against the franchiser. Calls to existing franchisees are a very helpful activity in this connection. The process needs some structure, but it must provide an honest representation about the concept, its viability, and current business climate.
My CEO friend added that, “Franchise attorneys are critical in the due diligence phase of evaluating a franchise. An experienced franchise attorney will recognize FDD’s that are written well and fair. They will advise you about areas you need to discuss/negotiate with the franchiser. Listen to your attorney’s input.” According to Jim Squire, a highly respected franchising professional; “The prospect needs to be careful about the legal adviser they choose. Some things are negotiable, like leases, buildings, and equipment costs, but some things are not. Franchise agreements are generally not negotiable. The agreement is designed to protect the brand.” You are well advised to hire an attorney who has expertise in franchise law.
To summarize, you must have the financial wherewithal and personal characteristics of a successful entrepreneur. You must be comfortable with risk and have confidence in you abilities. You will be expected to be good partner to the franchiser, so you must be a team player too. Extensive research is required to find the right concept for you. Using professionals to help you along the way, like hiring a lawyer who knows franchising and employing franchise brokers among others is another step toward successful franchise acquisition. Speaking with existing franchisees working the brand is highly recommended.
So, what killed my deal? Well, after discussions with representatives from the franchising brand, and the prospective franchisee, I learned that some things went well and some did not. There was clearly a clash of values and styles as the franchiser employed high-pressure sales tactics that did not go over well. Eventually the prospect became comfortable with the opportunity having done his due-diligence correctly and arrived at a clear understanding of the potential sales within his professional network. Furthermore, he chose an attorney well-versed in franchising. This attorney pointed out a number of questionable stipulations which my CEO friend attempted to negotiate. I was told that just prior to the scheduled closing date, the franchiser advised of their refusal to discuss changes to the Franchise Agreement. This was a big surprise to my CEO friend, who decided not to proceed to closing.
The fundamental lesson I learned was to direct people to a franchise broker/consultant as opposed to sending them directly to the franchiser. If I had done that originally, a lot of time and effort would have been saved. Fortunately it was not a costly lesson for any of us, and we are all still friends.