You Know the Deal. They Know the Deal.
It’s a tagline from an Edmunds.com ad, the online car review and pricing company.
The ad goes on to say; “When the customer knows your price up front, you can focus on delivering a better car buying experience.”
More and more, car dealers are adopting a one price format disclosed early in the process, (usually on the window sticker) with no haggling or surprises when it comes time to sign and buy.
Car dealers do it because it makes their life a lot easier. They sell more cars and make more money.
If you’ve read any of my articles or spoken to me about franchise sales, you know I am a huge fan of disclosing the Franchise Disclosure Document (FDD) to any bonafide prospect early in the process.
Why? Because it makes my life a lot easier. I sell more franchises and make more money.
Here are a few more reasons:
- You can’t legally sell a franchise without proper disclosure;
- Disclosing early will help weed out the curious from the real buyers;
- Real buyers want to read the FDD - and then ask ‘buyers’ questions; and
- Disclosing early shows that you have nothing to hide.
But this is the opposite most - especially new - franchisors take with disclosure. They wait until after they have spent considerable time romancing the prospect hoping they fall in love with the concept - and then dump all the ‘bad news’ on them at the end.
Sort of like handing your bride a prenuptial when you are walking down the aisle. Talk about a momentum killer.
But I never get to disclosure!
I hear this all the time. Why do I need a terrific FDD if I never get my prospects far enough along to disclose them? The answer is easy.
If you don’t want to disclose your prospect early because you aren’t proud of your disclosure documents or think they will kill the deal, or even worse, can’t decipher or explain the legal documents to your prospect, then you will never get the chance to disclose.
Which, of course, means never selling a franchise.
If you are holding the FDD to the bitter end and losing deal after deal, there’s a more natural way to sell franchises. It all starts with early disclosure - with an FDD you want to give out.
You know the deal, they know the deal. Try it! Your life will get much easier. You will sell more franchises and make more money.
To learn more about the Franchise Disclosure Document with suggestions you can use to design a sales-friendly FDD for a startup franchise concept, read the article; “The FDD - One Size Never Fits All."
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If you would like to learn more about how we can help you with your franchise program, or just have a question looking for a straight answer, give me a call at 321.392.3000 Ext 1, or use the Contact Form to set up a call.