Franchise Strategic and Legal Experts See Light at End of Restaurant Industry's Economic Tunnel
Executives at iFranchise Group, the nation's leading franchise consulting firm, and attorneys from Gray Plant Mooty, one of the premier U.S. law firms specializing in franchise law, believe that now is the right time for restaurant owners to consider expanding their businesses through franchising.
After facing immense challenges over the last two years, including lower customer volume and slumping sales, the restaurant industry is believed to be finally turning the corner. Numerous industry sources and media outlets now report that in 2010, consumer confidence is improving and that spending at restaurants - though still not where it was prior to the recession - appears to be making a comeback.
The recession and resulting higher unemployment numbers have also led more people to consider independent business ownership; meaning a greater number of potential franchise owners are in the marketplace. There are even signs of business lending loosening, after a months-long credit crunch.
All of these factors lead franchising experts to believe that this is a perfect time for many restaurant owners to consider developing their own franchise programs.
David E. Hood, President of iFranchise Group, and Gaylen L. Knack, franchise attorney with Gray Plant Mooty, together with Paul Rocchio of the International Franchise Association, will be presenting their views on how restaurant concepts can expand during this economic recovery period at a seminar entitled, "You've Built a Great Business, Now Grow Through Franchising." The seminar will be delivered at the National Restaurant Association's Restaurant Hotel & Motel Show in Chicago on May 22, 2010.
The seminar will include an overview of franchising and franchise legal issues in today's market, as well as discussions on why restaurants franchise, how to determine if a restaurant concept is franchisable, and the proper steps to take.
"A lot of companies are cautious about making any plans for growth and expansion when the economic times are tough," observes Hood. "They are focused primarily on survival. But for some companies, intelligently preparing for expansion during even the most difficult times is the smartest move they can make."
"Franchising a restaurant or any other business requires a completely different focus by the business owner," adds Knack. "New legal entities must be formed, your franchisees become your customers, and proper documentation must be developed to comply with federal and state franchise regulations. But when done right, franchising can be one of the most powerful means of expansion available."
Restaurant owners interested in learning about whether franchising is a viable option and how to franchise their businesses can find out more by contacting iFranchise Group, Gray Plant Mooty, or by attending the seminar at the NRA show in Chicago.
