A Day in the Life of an Axxiom Advisor (Axxiom Process)
Step 1: The Initial Client Contact
The Axxiom Advisor will spend time answering any of the prospects questions about franchising. The Advisor explains the benefits they will receive from working with Axxiom, how Axxiom works with their clients and the process that they will experience. The Axxiom Advisor will schedule an appointment with the prospect, their spouse and any partners to have an initial interview.
Step 2: The Introduction
Many of the people considering a franchise don’t have a thorough understanding of the pros and cons of business ownership and need an education on the details of franchise ownership. During this introduction, the Axxiom Advisor will explain the Axxiom consultative process to insure that the most appropriate franchises are ultimately presented to the prospect.
Step 3: Needs Assessment and Qualifications
In order to present franchises that will be the best fit for the prospect, it is imperative that the Axxiom Advisor explains that the prospect should provide as much detailed information as possible. The more and better quality information will always yield a better match for the client. Among the qualifying questions and discussion topics they will include:
Why are you looking to make a change? Buying a job? Wanting to control your future destiny?
Professional history; sales, marketing, management, business development, etc.
Other decision makers & influences; i.e. spouse, partners, etc.
Personal and Business goals and objectives; Timelines, expectations, etc.
Business search to date; What have you considered and with whom? Start-up, existing business, franchise?
Lifestyle considerations; Quality of life issues, etc.
Financial considerations; i.e. Total investment, cash required, operating capital, living expenses?
Other?
STEP 4 – Complete the Axxiom Confidential Questionnaire (CQ)
After the needs assessment is completed the Axxiom Advisor will provide the prospect with the Axxiom Confidential Questionnaire. This questionnaire will provide the Advisor with additional information needed to find the franchises that will be matched and introduced to the prospect. The Axxiom Confidential Questionnaire also includes a financial statement. The franchise companies require that Axxiom provide qualified prospects, and this includes being qualified financially. The financial statement will also insure that the Axxiom Advisor doesn’t waste time presenting franchises that the prospect can’t afford. The better the information provided to the Axxiom Advisor, the better selection of franchises they will introduce to the prospect. The Axxiom Advisor is also is required to ask for a resume on the prospect.
STEP 5 – Researching Franchises
Once the Axxiom Advisor receives the completed Axxiom Confidential Questionnaire, they can begin researching franchises for the prospect. Given that detailed information has been obtained, the Axxiom Advisor should be able to set an appointment within 2 -3 days of qualifying the client to present 2-4 franchises meeting his or her criteria. The database for all the franchise companies Axxiom represents is maintained on a proprietary Advisor website. The Axxiom Advisor can quickly determine which franchise companies match the most important requirements of the prospect. The Axxiom Advisor will contact the selected franchise companies to obtain more detailed information and territory availability
STEP 6 – Presentation of Selected Franchises
The Axxiom Advisor will present the prospect with the opportunities that were identified in the research and that best match his or her criteria. It is important for the Axxiom Advisor to relate to the prospect how these franchises have met the prospect’s goals and requirements established in the initial interview. The Axxiom Advisor should determine any reservations or concerns that the prospect may express and address these with the franchisor before making any decision whether to go forward or not with a specific company.
STEP 7 – Introduction to the Franchisor
The Axxiom Advisor will introduce the prospect directly to the appropriate person at the franchise company. Generally, these are best done with a three-way call, but if not possible then notify the prospect who will be contacting them and when the franchisor will call. After the call, if there is mutual interest by both the prospect and the franchisor, the franchisor will send materials to acquaint the with their franchise. This will include the Franchise Disclosure Document (FDD) - the beginning of the Due Diligence process.
STEP 8 – Client Review of the FDD
The Axxiom Advisor should inform the prospect that it is important to review the FDD, a document every franchise is required to provide according to the FTC. The prospect will learn the history of the company, the training and marketing programs, and what costs, royalties and fees will be required as well as other valuable information. Some franchisors, but not all, will provide earnings claims in the FDD that will help the prospect estimate the financial potential of the business. The FDD is full of information about the franchise and clearly explains the responsibilities of the franchisee and the franchisor. The Axxiom Advisor should inform the prospect that there may be information in the FDD that will eliminate franchises that don't measure up. Some warning signs of a franchise that is facing challenges are extensive litigation or a high failure rate of franchisees.
STEP 9 – Franchisee Validation Calls
Calling franchisees is a major step in deciding if the franchise system meets the client’s requirements and is consistent with the information in the franchisor’s FDD document. The Axxiom Advisor should make sure that the prospect never hesitates to make these calls. The Axxiom Advisor should make the prospect comfortable by explaining the process, setting expectations, and providing an overview of questions that should be asked.
STEP 10 – Narrow down choices, consult with your Attorney, and attend Discovery Day
The Axxiom Advisor should always recommend that the prospect consult with a franchise attorney, CPA or other advisers at the appropriate time in the overall process. The Axxiom Advisor should always recommend the prospect visit the franchise company before making any final decision. After all of the questions are answered to the prospect’s satisfaction, it's time to go to Discovery Day (an on-site meeting with a franchisor). Discovery Days are very interesting and exciting. At this meeting, the prospect will be introduced to the leadership of the company, to the trainers, and the support staff. While the franchisee is evaluating the franchisor, the franchisor will be evaluating the prospect. When the prospect leaves, they will have a good understanding of the franchise, its people and the opportunity.
STEP 11 – Final Decision
The last step, of course, is making the final decision. Like any major decision, the prospect will be filled with anticipation, anxiety, excitement and fear. If the Axxiom Advisor has done their job, they will have informed the prospect in advance to anticipate these emotions, and they are very normal feelings experienced by almost everyone in this situation. Congratulations – you have helped them realize their dream through a very well organized Axxiom consulting process.
STEP 12 – Receive Your Commission
Once your client signs a franchise agreement with the franchisor a pre-negotiated commission is paid to Axxiom Franchise Advisors. Usually this is paid within 3 days of the client’s funds clearing banking channels. When these funds are received and cleared by Axxiom we immediately forward the commission check. It’s simple and it’s a rewarding experience to be an Axxiom Advisor.
