Preparation for Discovery Day
What is Discovery Day?
Definition: A discovery day is an event set up by the franchise company for potential franchisees. This gives the interested buyer of the franchise the chance to meet face to face with the franchisor. This event usually takes place at the franchisor’s main headquarters or in some cases, at an actual franchised location that is usually in the same town/city of the franchisor’s main office. Some discovery days are very structured and will have up to 20 candidates in attendance while others will be on a one to one basis.
What should I expect when I attend a Discovery Day?
At Discovery Day you will have the opportunity to meet the franchisors corporate staff, take a tour of the facility, tour a franchised location, meet existing franchisee’s, and test the products and services. Discovery Day is also known as a Decision Day in the franchise world.
____Reserve hotel room (if necessary)
____Reserve transportation to Franchisor’s corporate headquarters
____Find out what portion of expenses are paid by Franchisor
____Remember to save receipts for reimbursement or taxable expenses
____Bring list of questions that have not yet been answered
____Find out what the appropriate dress is for the Franchisors Discovery Day.
____Certified check-Ask Franchisor what their initial deposit fee or franchise fee is
____All disclosures should be signed and returned to the Franchisor with the appropriate waiting periods met.
____All decision makers should attend Discovery Day.
____Verify all registration forms have been sent to Franchisor (if applicable)