Last week we hosted our Executive Group, where leaders of growing and developing franchises, got together and discussed the numerous legal challenges for franchisors and franchisees.
Led by Kristie Piniuta, MD BDC Law, the breakfast session took us through the legal obligations of Franchising, and what we need to understand as franchisors in the ever-changing landscape.
It was a great session where we gained a better understanding of several Franchising Code requirements including:
- To be mindful at the start of each financial year – assess your marketing fund statement, vote/audit, update disclosure document, key facts sheet and information on franchise disclosure register
- Tips and best practices for franchise compliance before you sign up a franchisee
- ACCC’s current approach to ensuring compliance with the Franchising Code
- Tips and best practices to achieve compliance in a franchise network
It was a timely catch-up on the cusp of a new financial year, and each attendee shared current challenges, success stories and key goals for the next 12 months. Common challenges included sourcing and screening franchisees, the ongoing development of technology-driven support systems and how to ensure operational consistency across both new and existing franchisees.
All agreed a systemic approach to the induction and training of new franchisees is increasingly important as their network grows.
With that in mind, in the next Executive Group breakfast, we will continue our journey which has covered profiling new franchisees and how to ensure a consistent and compliant legal approach.
On the 12th September we will explore best practices for onboarding franchisees to ensure they are engaged and successful. Contact Tanya Robertson, CEO Strategy at BDC Partners to learn more about our Executive Group.