Successfully Scaling Your Franchise with Pivotal Growth Partners
Introduction
Jeremy: Thanks everyone for joining us. As always, I don’t take your time for granted. We know there are many things you could be doing on the internet, so we appreciate you spending time with us. Today, we’re in for a fun conversation. I’ll let Casey dig in here in just a second. But Casey, before we delve into your work, why don’t you give our listeners some background on who you are?
Meet Casey Cooley
Casey Cooley: Thanks, Jeremy! I’m the president of Pivotal Growth Partners and the director of franchising and development for Jeremiah’s Italian Ice. I also work with other brands we manage. My day-to-day involves focusing on Jeremiah’s and developing the franchise business, recruiting new franchisees, and finding the right locations for our franchisees. It’s a critical component to growing an emerging franchise brand.
Vetting Franchise Partners
Jeremy: Lots of emerging franchise brands are trying to figure out what scale looks like. Tell us about your process when taking on a new brand. How do you vet potential franchise partners?
Casey Cooley: We use a phased approach. Our phase one is initial due diligence, where we assess whether the concept can grow as an emerging franchise. Not all good concepts should be franchised. We then look at the foundations we need for growth from supply chains to training. This ensures that when we announce franchising opportunities, the necessary components are in place.
Common Franchising Mistakes
Jeremy: Talk to me about some common mistakes brands make when they think they’re ready to franchise.
Casey Cooley: One big mistake is underestimating the complexity of franchising. Franchising is not an easy way to grow. Running a corporate store is very different from running a franchise. Some brands don’t realize that they’ll need to transition people or hire new support staff. It’s about replication of successful processes, but with franchisees executing them.
Accountability and Support
Jeremy: How do you handle competing priorities between franchisors and franchisees?
Casey Cooley: We foster a culture of accountability. Both the franchisor and the franchisee must be accountable for success. We focus on systems of development, training, operations, and marketing. This setup helps franchisees move from opening their first store to becoming a multi-unit franchisee.
Technology and Standards
Jeremy: What role does technology play in supporting a successful franchise?
Casey Cooley: Technology should drive business results for franchisees. We assess whether a tech stack is right for the brand and franchisees. It should support operations from supply chain to loyalty systems. It’s crucial that everything works together efficiently to drive profitability.
Finding the Right Locations
Jeremy: Talk to me about how you help franchisees find the right locations.
Casey Cooley: Real estate is both an art and a science. It’s important to balance traditional and non-traditional locations. We look at demographics, traffic counts, and trade patterns. We start by assessing locations in person and then back up our observations with data. It’s vital to own your backyard but also identify cities where the brand can thrive.
Expanding Beyond Core Markets
Jeremy: How do you decide when to expand outside of a brand’s core market?
Casey Cooley: It’s about experience and data. We typically grow within a 4-6 hour radius but also identify hot markets based on our experience. It’s essential to achieve scale quickly when expanding to new markets. You can’t just open one store in various distant markets and expect success.
Success Stories
Jeremy: Share some success stories about brands you’ve helped grow.
Casey Cooley: Jeremiah’s Italian Ice is a great example. Founded by Jeremy Litwack in 1996, we helped transition them from a corporate store model to successful franchising. Another exciting brand is Vicious Biscuit, which has doubled its store count this year and offers franchisees a balanced lifestyle with a single daypart operation.
Conclusion
Jeremy: Thank you for the insights, Casey. You’ve provided our listeners with valuable information about successful franchising.
Casey Cooley: Thank you, Jeremy. I hope the listeners found it helpful. For those interested in franchising, whether as a franchisor or franchisee, you can learn more by visiting Pivotal Growth Partners at PivotalGrowthPartners.com.
Final Thoughts
Jeremy: We appreciate everyone for tuning in. If you haven’t already, subscribe to the show. Check us out on YouTube as well. Casey, thank you so much, and to our listeners, make it a great day!
