What is old in new again. The Hosts at GoogleLM on Roy Hibberd

Franchise Interviews

Did you know Franchise Interviews started off as a newsletter? Thanks to technology, the hosts at GoogleLM review one of our first newsletter interview with Roy Hibberd. The interview with franchise expert and attorney Roy Hibberd focuses on crucial advice for prospective franchisees. Hibberd emphasizes the importance of self-reflection to assess whether one is suited for entrepreneurship, noting that owning a franchise requires a 24/7 commitment. He also highlights that franchisees must often wear many hats, as they lack the same support found in corporate environments. Hibberd discusses franchise brokers, noting that while some brokers provide valuable guidance, others may push certain franchises due to commission incentives. He advises thorough research and diligence, encouraging prospective franchisees to speak with both current and former franchisees to gain insights into the system. Additionally, Hibberd stresses the value of the Franchise Disclosure Document (FDD) as a critical tool for making informed decisions. He encourages franchisees to consult franchise experts for deeper evaluations of the systems they are considering. Finally, Hibberd explains that some elements of franchise agreements are negotiable, contrary to popular belief, particularly in smaller or newer franchise systems.