I was recently invited to join Ryan Hicks of the Modern Business Podcast to talk about all things franchising: where the industry is today, where it’s going and how franchisees can maximize the success of their investment. It was a lot of fun sitting down with Ryan, who I met at a franchising event in Minneapolis years ago. Through our mutual interest in building successful businesses – as well as franchising done right – he has become a trusted colleague.
One of the things we covered at length was the benefit of collaboration in building a franchise. More specifically, we discussed the benefit a board of advisors can have in bringing a higher level of collaboration to the business. As I shared with Ryan (and have written about extensively on the blog), a board of advisors differs greatly from the more formal Board of Directors, which has fiduciary responsibility over the company. The individuals you choose to be your advisors are there for one simple purpose: to advise you. This enables you to plan, budget and put some structure around your business so you can lead more effectively. It also ensures you have time for the higher-value activities that will take your business to the next level.
If you’d like to listen to the full interview, and learn more about the nuts and bolts of setting up an advisory board (as well as the origin of my nickname “Johnny Franchise”), you can access the full episode here: https://soundcloud.com/modernbusiness/027-a-live-chat-with-johnny-franchise or by downloading it in your favorite podcasting application.