Once you have conducted your preliminary research and found a potential franchise you're genuinely interested in, the next step in your research process is to attend a Discovery Session.
What is a franchise Discovery session?
A Discovery session gives a potential franchisee the chance to gather more information about the franchise they're about to purchase. It also is an opportunity for both the franchisee and franchisor to explore the potential and possibilities of the partnership to ensure all goals and values align on both sides.
Traditionally, these Discovery sessions were conducted in person at the franchisor's office but in the post-covid era, a lot of franchisors have moved to virtual presentations. These sessions can last from an hour to an entire day or more depending on the franchisor.
At TaxAssist Accountants, we offer 45-minute Discovery sessions where we will take you through the background of TaxAssist Accountants, the Canadian accounting Sector, the franchise package, the Accounting and Tax Helpdesk support, Marketing, and Business Development support. After the Discovery session, if both parties think they are the right fit for each other, we will send over the Franchise Disclosure Document to you.
In this session, you can ask questions about the franchise opportunity, about the company culture and values in order to understand if the fit is there for you.
How to have a successful Discovery Session?
- Research the franchisor before the meeting. You don't want to be wasting time asking questions that you could have found online. Read through the franchisor's website, social media pages, and prospectus which is generally available for downloading on their website. This will save you much time and allow you to focus on what’s really important to you.
- Consider your goals, finances, and skills. It is essential that you assess your goals, skills, and finances before the meeting. Only then will you be able to explain to the franchisor why you are the right fit. Reviewing your goals will also reassure you if the franchisor can help you achieve them.
During this session, the franchisor will also want to know how well you can finance the franchise. It would be worthwhile for you to review your numbers beforehand.
- Prepare your questions - Always be ready with a set of questions that you would ask the franchisor. Some of the things you can ask are:
- How much support will I get?
- Can I talk to your existing franchisees?
- What do you teach in your training course?
- Do I have exclusive rights over my territory?
These just cover some of the questions you can ask. Make an exhaustive list but there might always be some questions that might pop up only while you're having a conversation with the franchisor.
- Be ready to talk about your skills and experience. Discovery sessions are also somewhat like an interview where the franchisor is assessing whether your skills and experiences align with who they are looking for. You should be prepared to explain how and why you are the right fit as a franchisee.
- Absorb the company culture and values. You get the chance to meet the VP, Director and sometimes even the CEO at a Discovery Session. Carefully listen to how they are talking about the company values, culture and vision. Do they inspire you? Also, you should be able to assess if your values align with the company's values. This is a long-term, high investment decision, and these things matter.
A Discovery Session is a key part of the franchise buying process. So, put your best foot forward and be open to learning new things. It should provide an open and transparent dialogue for both parties to make an educated and confident decision on next steps.
If the TaxAssist Accountants opportunity appeals to you, take the next step and request to book a free 45-minute Discovery session with us by clicking here. We recognize that investing in a franchise is a big decision not just for you but also your family. You are welcome to invite your spouse/partner or other family member so they also become familiar with our model.