Your Franchise Matchmaker: what to expect when working with us

Almost ready to make that first call to, but want to know what to expect? To help you get the ball rolling (without making you feel like you’re stepping into the unknown), we speak to Meredith Taylor, from Iridium Partners. She shares how franchise candidates are chosen and what goes into finding the perfect franchisee-franchisor match.

What’s one thing you would like everyone to know about what you do?

MT: At Iridium, we take a recruitment approach, not a sales approach. So, for us, it’s about getting to know the brand, then getting to know our candidates so we can find the best match.

We don’t do transactions here, it’s relationships first.

What stage would you like franchisee candidates to come to you? Are there any prerequisites?

MT: The one thing I would say is to do your research before you get in touch with us. And by that, I mean knowing about the brand you are interested in buying into, and the industry you would like to enter, as well as having a good understanding of the franchise model itself.

As far as engaging with your bank, accountant, and legal advisor, these important steps come later but we always say it’s good to get a head start, especially when it comes to building a good relationship with your bank provider.

What happens when I first reach out?

MT: First things first we will set up a phone call so we can get to know you and learn where you’re at. We want to know what drives you before we touch on the business opportunity. We will also ask you about your investment level and budget early on just so we can make sure everyone is on the same page.

As we move further down the line with our qualifying chats, we are wanting to learn what type of businessperson you are so we can make sure you have a franchise mindset.

What do you mean by ‘franchise mindset’?

MT: Buying into a franchise means you are buying into years’ worth of testing and already-implemented systems and processes. You are joining a team and working alongside lots of different people. Not everyone is suited to this style of business, so it’s our job to coach you through your decision to make sure you buy into a business system that best suits you, and you have the best chance of success.

What happens after you have qualified a candidate as a good match?

MT: We set up a face-to-face meeting or video call. This will involve all parties, ie husband and wife team or multiple business partners. Depending on the brand, this stage may involve a franchise combability test or other brand requirements. While this is happening, we are keeping our brand partners in the loop because some prefer to meet candidates earlier or later in our selection process.

How long does the process take?

MT: Anywhere from three-four months, to up to a year.

It’s all dependent on whether the business is a brick-and-mortar site, whether it’s ready to go, or if it needs to be built. The process will be quicker if it’s an existing single-unit franchise versus if it’s a greenfield investment (start-up) or master franchise opportunity.

Do you only work with franchises?

MT:  We work exclusively in the franchise sector. We work closely with the brands we represent, and in many cases, we’re able to present either start-up or existing (resale) opportunities to potential franchisees. We also help international franchises enter the New Zealand market for the first time.

What’s your one piece of advice to anyone considering buying into a franchise?

MT:

Be Prepared. Do your research. Speak to us early on and be sure to seek advice from legal and financial franchise specialists along the way.