by UFG | Mar 23, 2023 | News
Participants can learn what their business is worth and take steps to get maximum value
Exit Factor™, a business consulting firm that specializes in succession planning for small to mid-sized companies, announced today the launch of its EF1 Prep to Sell program, designed specifically for businesses that desire to sell in one year or less.
Available for purchase now, EF1 will provide business owners with access to top experts in the industry who can advise on how to resolve financial, administrative, and other issues that may affect the sale. It’s the newest offering in Exit Factor’s suite of services to help owners boost their business’ value by 50% or more.
“We have helped hundreds of experienced business owners maximize their profits at sale with our proven methodology and deep knowledge of the industry,” said Jessica Fialkovich, Founder and President of Exit Factor. “Knowing some business owners have special concerns and need to sell quickly, we decided to launch the EF1 Prep program just for them.”
Exit Factor’s programs develop tailored exit plans that safeguard the long-term value of a business now and in the future and aim to help owners take control of their business by maximizing profit, efficiency, and value from day one, even if a sale isn’t uppermost on the owner’s mind. Participants in Exit Factor’s program also earn back an average $2,700 in exit value for every hour they spend in the program.
In addition to the new EF1 Prep to Sell, Exit Factor programs also include EF2 Value Acceleration to realize up to a 50% increase in value and EF3 Maximization to achieve an increase in value of 50% or more, which have proven to yield immediate results. Within the first year, clients have seen a 25% increase in profit with a 56.7% increase in the value of the business and for those that have decided to sell, they’ve done so at a 100% success rate.
Exit Factor is part of the United Franchise Group (UFG) family of affiliated brands and consultants, giving its clients access to the resources and expertise of a global network and almost four decades of experience in the franchising industry.
For more information about Exit Factor, EF1 and other programs and services, visit www.exitfactor.com.
About Exit Factor
Founded by Jessica Fialkovich, a top expert in the business brokerage industry, Exit Factor™ offers a proven method that helps small to mid-size business owners maximize their company’s value. Through one-on-one consulting services and online programs, the trusted advisors at Exit Factor teach entrepreneurs how to successfully navigate and fully leverage strategies when buying, building, and selling their business. Exit Factor is part of the consulting division within the United Franchise Group™ (UFG) family of brands. For more information, visit www.ExitFactor.com.
About United Franchise Group
Led by CEO Ray Titus, United Franchise Group™ (UFG) is home to an affiliated family of brands and consultants including Accurate Franchising Inc.™, Exit Factor™, FranchiseMart®, and Franchise Real Estate™, as well as the Starpoint Brands™ division consisting of Signarama®, Fully Promoted®, Transworld Business Advisors®, Venture X®, Office Evolution® (OE), Network Lead Exchange™ (NLX), The Great Greek Mediterranean Grill®, and Graze Craze®. UFG affiliated brands include over 1600 franchises in more than 60 countries, with consultants that have helped develop over 350 brands into franchises, in over 80 countries with more than 2500 franchisees. With over three decades in the franchising industry United Franchise Group offers unprecedented leadership and solid business opportunities for entrepreneurs.
by UFG | Mar 7, 2023 | News
Ray Titus is CEO of United Franchise Group (UFG), a global leader for entrepreneurs with brands in over 1,600 locations in 80 countries.
Franchising is a proven model for growing a business, and today is the best time I have personally seen in more than 35 years to consider franchising a business.
Franchising can allow you to rapidly grow and scale your business model. It allows franchisees to benefit from the good work you’ve already done, establishing operations and brand recognition. The franchisee covers the cost of opening their location and turns it into a thriving new business as you focus on growing the brand and securing recurring revenue.
Whether you are curious about ways to scale growth in your business or are already thinking about transforming your business into a franchise opportunity, here are some things to consider.
Determine If Your Business Is Franchise-able
What are you doing that is different or better than other businesses offering similar products or services? Is what you are doing teachable? Can it be replicated? Is your existing business successful?
If you can clearly answer “yes” to these questions, then franchising might be right for you.
Benefits Of Becoming A Franchise Business
Opening additional business locations is a time-consuming process and can take a lot of resources. Franchising can offer a way to grow quickly without depleting resources from existing or original locations.
Converting to a franchise model can be expensive, but so can adding locations. Franchising shifts the terms of the investment because the franchisee takes responsibility for costs associated with opening and operating the new location.
In turn, franchisees save on the costs and the time associated with the initial setup of a business such as operational systems, training materials, manuals, documents and sourcing while also benefiting from marketing collateral and brand recognition.
Since franchisees have made an investment and have a stake in the profits, they are also more likely to stick it out during tough times. As a franchisor, the royalties you receive are a direct reflection of the success of your franchisees. You both have a vested interest in each other’s ongoing success.
Hire A Company To Turn Your Business Into A Franchise
While it’s not required, it is a very good idea to hire a franchising expert to help you. Avoiding one problem could pay for this service. Make sure you hire an expert consultant that understands franchising and has experience running and, best yet, owning a franchise company.
When looking for a company, find one that has been around for more than 10 years and has proven experience in the states you wish to franchise. Check to make sure they have reliable resources for your annual legal disclosure documents. If you want to grow outside of the U.S., find out in advance about their capabilities for international expansion, and choose an advisor that is both well-connected and has proven experience in many countries.
Hire a dedicated manager for the franchising company you create. Pro tip: Make sure to have two LLCs—one for your business and one for your franchising company.
Build And Protect Your Brand
As a franchisor, your most important asset is your brand. Your brand is not just your logo; it’s your culture, your beliefs and your attitude toward your customers.
If you do franchise your business, you’re giving people the ability—and responsibility—to represent your brand. Whether it will be you who screens and selects the franchisees or someone else, it is important to have a rigorous qualification process.
Also, keep in mind that your company will essentially have two very different customers—your franchisees and their customers. Having clear guidelines in place for the use of brand assets as well as consistent messaging internally to support teams and externally to customers, will be a significant change from how your original business operated.
Accelerate Your Business’s Growth Through Franchising
When done right, business growth can be much faster through franchising.
Franchising your business can accelerate expansion and build a stronger business foundation through the process. In addition, franchising allows franchisors to compete with much bigger businesses—saturating markets before non-franchise companies can respond.
All in all, to be a successful franchisor, you have two priorities. First, stay focused on ensuring each franchisee is successful. Second, keep selling more franchises. Nobody wants to be a franchise of one. Always think of your franchisees first because you’re helping them achieve their dreams, and they’re helping you accomplish yours.
by UFG | Mar 6, 2023 | News
I’ve learned a lot from playing and coaching basketball and believe a lot of my business success has come from what I’ve learned on the court. Here are seven winning strategies I’ve brought to my business game.
Basketball is a thrilling game that has been a big part of my family’s life together. My father played and taught the game to me, and I taught it to my three sons. I played for my high school team, got a basketball scholarship in college and later coached the junior varsity team at my son’s high school.
I’ve learned a lot from playing and coaching this great game, and I believe a lot of my business success has come from what I’ve learned on the court. So, here are seven winning strategies I’ve brought to my business game:
1. Show up early every day, and work harder than the other team
No team starts a game without hours and days of solid practice. They work on layups, passing and grueling workouts so everybody’s ready when the referee tosses the ball for the opening tip-off. Missing a day can mean missing a shot in the game.
In business, successful teams see every task in the workday as an opportunity to hone their skills and rack up game-changing stats. As a result, victory often comes down to whoever has focused more and worked harder than the competition to drive home results.
2. Celebrate your wins
Many of us have seen the joy that fills the locker room of a team that just won the NBA Championship. But players mark the smaller wins and take a moment to celebrate every basket.
Celebration is integral to reaching a goal; it’s not just a reward for accomplishment but provides closure so you are mentally prepared to start the next task. The celebration can be small, too. You don’t have to dump a cooler full of Gatorade on your sales team when they hit a target; a few minutes of public recognition will do.
3. Admit when you make a mistake, and move on
Players don’t stop in the middle of the game and blame their teammates if they make a mistake, like passing the ball straight into the other team’s hands. Instead, they accept their mistake and keep going. On the court, when I was playing, we’d say, “My bad,” and get back in the game.
No one expects business leaders to be perfect and never make a mistake. I believe employees are more comfortable when they see you’re human, too. It is important to admit you made the error, figure out how to keep it from happening again and move on. And remember — you can always get it on the rebound.
4. Remember you’re here for the team, not the other way around
Like every other team sport, basketball has its stars who stand out and lead the team to victory. But “team” is still the operative word. Not even Lebron James or Breanna Stewart win the game single-handedly; their teammates set the conditions allowing the star to shine.
For me, it’s all about the team. I strive to be a servant leader, where nothing is above or below me doing it. When I support my team and set them up for success, that’s exactly what I get from them.
5. Build a strong company culture
Here in South Florida, the Miami Heat is our team. They’re known for Heat culture: They work harder, promote toughness and play defense, which is not always done in the NBA.
I believe culture is one of the most critical factors in a company’s success or failure. It helps employees and managers identify their mission and values, and it helps them fulfill the mission. But culture must grow and develop naturally from the team members’ traits and personalities — it can’t be forced. Getting the Heat to start playing more offensively probably won’t work, and a casual company can’t suddenly become formal and bureaucratic.
6. Watch and learn from the instant replay
Teams don’t watch videos of the game for entertainment. They want to know — they need to know — what went right and what went wrong so they can perform better next time.
Like an NBA player or any other athlete, you must sit down after any business experience and review your performance. Write down everything you learned, pay attention to how your team executed your plan, and apply the lessons immediately. Having a post-meeting with the group involved is mandatory.
7. Believe in your success
Michael Jordan famously talks about all the shots he missed in his legendary career. I know he has never stood at the free-throw line or under the basket and told himself he was going to miss the shot. I feel safe saying no player who’s made it even as far as the high school level would ever pick up the ball and expect to fail.
You must always believe the next shot is going in, just like the next call will bring an appointment, and the next meeting will yield a sale. These seven lessons learned from playing and coaching basketball create the perfect game plan for business success.
by UFG | Mar 1, 2023 | News
Big goals and small, productive steps are not mutually exclusive. You need both. Here’s why.
Whether you’re starting your very first business, a new venture or your business is in growth mode, setting goals is fundamental to your overall success—and the success of those around you!
Goals are bigger-picture objectives that, when achieved, can take the company to new heights or lead an individual to a title promotion or pay raise. Every company—no matter how big or small—needs to have goals. And each person within that company should have their own set of goals.
I’ve certainly learned the importance of goals throughout my 36-year career as an entrepreneur and business leader. Setting and attaining achievable goals helped scale my business from a single storefront in New York into an international conglomerate of successful business-to-business franchise systems spanning more than 60 countries.
In general, business people and professionals understand the necessity of goals, but a common struggle that many often face is structuring and prioritizing their goals in a way that makes them attainable. Some make their goals too broad and fall short of defining specifics—we’ve all heard the saying, “A goal without a plan is just a wish.” Others get stuck in the monotony of to-do lists and lose sight of their overarching aim.
I’ve often heard business leaders debate which is more important: the big goals or the smaller steps that are meant to help them reach the big goals. Essentially, which is going to move the needle more in making their business successful?
The truth is, they are not mutually exclusive, one or the other. You need both. Here’s why.
THE BUILDING BLOCKS OF AN ATTAINABLE GOAL
A key difference between an attainable goal and an unattainable one is structure.
An attainable goal is specific, measurable, realistic, and has a timeframe. It can easily be broken down into smaller, achievable tasks. If a goal is too broad or too big or lacks intention or purpose, it can become unclear, defeating, and unattainable.
No matter what the goal is, it’s important to understand that there are strategies and tactics that must be defined and executed in order to make that goal attainable. This is where to-do lists can be utilized as a tool and have tremendous value.
A to-do list is something simple that you can keep in front of you day to day to make sure you’re prioritizing tasks and executing what needs to be done while keeping your greater goal top of mind.
That being said, you don’t want to get so caught up with checking off to-do list items that you lose sight of the larger or more long-term goals you want to achieve. There will always be daily tasks to keep you busy, but it’s important to prioritize which tasks will help you achieve your larger goals.
GOAL SETTING: LESS IS MORE
While having attainable goals is great for business, you don’t want to set too many at one time.
Three primary goals per year are good, along with two to three lead measures for each. Lead measures are an integral building block of an attainable goal; they are the high-level actionable items you do each day or week that will lead to the accomplishment of the goal.
To put it simply, to-do lists are smaller tasks that help you achieve your lead measures (similar to tactics), while the lead measures are the more important action items that will help you achieve your goals (similar to strategies).
WHY ARE GOALS IMPORTANT?
Goals help teams and employees focus on accomplishing the milestones that the business wants to achieve.
I have seen that a combination of long- and short-term goals often produces the biggest boosts in motivation and performance. At United Franchise Group, our company objectives are always the same: franchisee success, company revenue, and profit. We define our corporate goals around these each year, and every employee’s individual set of goals supports them, whether directly or indirectly.
Each leader, manager, and employee must have their own achievement goals as well. Midstream (what I usually call half-time), we look at how the employee is meeting their goals.
If an employee is greatly exceeding their goals, then we have the confidence to adjust them up—essentially setting the next bar higher for them. If an employee is doing well but struggling, then we may adjust some of their goals so that the most important ones are attainable and will lead them to success.
CELEBRATE YOUR EMPLOYEES’ AND TEAMS’ SUCCESSES
Being focused on goals is extremely important, but we must remember that we’re not hamsters on a wheel—we’re humans.
It’s important to acknowledge the hard work and successes that our teams and employees have achieved because it gives a sense of perspective and appreciation, and motivates them to achieve their next goal.
At my company, for example, we have a year-end sales meeting during which we train and update our salespeople. But it’s not all training and learning; we make sure that there’s time built in for camaraderie and having fun. Better yet, there’s an awards ceremony to recognize the great accomplishments that have been achieved in the past year. We present trips, watches, and gift certificates to all the winners—not only to commemorate their success but to encourage their peers to aim for achieving their own goals.
As you and your team establish to-do lists and set attainable goals while you are building your business, never forget to celebrate everyone’s achievements along the way, including your own!
![United Franchise Group Forms Starpoint Brands]()
by UFG | Feb 3, 2023 | News
New Consumer Brands Division Will Prioritize Franchisees’ Success
United Franchise Group has created Starpoint Brands, a division made up of the parent company’s business-to-consumer brands: Fully Promoted, Graze Craze, The Great Greek Mediterranean Grill, Network Lead Exchange, Office Evolution, Signarama, Transworld Business Advisors and Venture X. Starpoint Brands will function as a network that helps consumers find the products and services they need from franchisees within the new division.
In a news release announcing the division on Feb. 2, United Franchise Group CEO Ray Titus explained that Starpoint Brands is a constellation of brands established “to create a recognizable name and help our brands and franchise owners work toward success together. It’s exciting to imagine the powerhouse network this will create for our already very successful brands.”
Dedicated Support for Each Brand
The Starpoint Brands division has a staff dedicated to support each brand and its franchisees individually. Within this new structure, support teams will focus entirely on affiliates’ success.
A.J. Titus, son of Ray Titus and previously the president of United Franchise Group, has been named president of Starpoint Brands. In the news release, A.J. Titus said Starpoint Brands will be “a franchise family that strives to make communities better by being a trusted partner and providing quality products and services. It is our goal to expand our franchise owners’ customer bases so that they become household names and are always top of mind for local businesses and consumers alike.”
Donna Wichman will serve as vice president of operations for Starpoint Brands. She stated that the new division will enable the company to “better prioritize these brands and their franchise owners’ success.”
About United Franchise Group
Starpoint Brands will remain part of West Palm Beach, Fla.-based United Franchise Group, which is made up of affiliated brands and consultants offering a wealth of resources worldwide. United Franchise Group’s other brands, which will not be folded into the Starpoint division, don’t work directly with consumers. Those brands are Accurate Franchising Inc., Franchise Real Estate, FranVestCo, Exit Factor and Xsella Acquisitions.
United Franchise Group’s affiliated brands total 1,600-plus franchises in more than 60 countries. United Franchise Group began in 1986 with a single store in Farmingdale, N.Y. The business grew steadily throughout the succeeding decades, with Graze Craze added to its portfolio in 2021 and Office Evolution coming on board last year.
