Wok&Go hired us as retained consultants to look after all their franchise expansion business in the UK and internationally. In the UK our brief was to identify qualified parties to operate the franchise, with a focus on multi-site investors and to review the franchise recruitment process and documentation. We were also tasked with assisting Wok&Go not just with mere introductions but with spearheading the franchise recruitment process up to the signature of the franchise agreement and franchise location search directly with landlords or in partnership with selected property agents.
Our first step was laying down the foundations of a successful franchise proposition: we reviewed the existing legal and commercial architecture of the franchise, the franchise package, the existing franchise documentation and the recruitment process. We perused the legal agreements, the Franchise Manual, the Franchise Prospectus and made adjustments where necessary. We also produced a full Franchise Information Memorandum to achieve a fair and objective disclosure of the franchise opportunity and present it in the most professional way.
We then set out to produce the most effective lead generation plan. This was a mixture of advertising in media that had proven to work for other clients before, marketing to our existing investor database and one to one approaches to other operators in our address book. We were able to come up with a plan that maximized our client’s cost/lead because it was not entirely reliant on paid advertising. You can do that when you specialize in F&B and your have built an extensive network of multi-site operators.
In the first two years we have signed up in excess of 40 franchise sites via a mixture of area development agreements (e.g. 15 stores in Essex), multi-site owner/operator franchisees and individual investors or investors groups going for a “managed” franchise option. This means a franchise capital in excess of £6m was generated via our brainchild method Franchising 2.0.
Such tremendous result generated a requirment for sites that made the company existing access to real estate inadequate. Our real estate division concentrated on sourcing sites for franchisees directly with landlords and via third-party agents according to an agreed property strategy. We also developed specific know-how to enable franchisor and franchisees to assess a location opportunity as per the brand requirements, thus helping minimise the risk in connection with property selection.
Today we have a strong pipeline of stores and, with Seeds Consulting handling franchise development and property search, the brand can devote full time and resources to developing successful franchisees.