It’s the franchisees of Quiznos that I feel bad for. I’ve actually felt bad for them for years.
Here’s an example of why;
“I just closed my 2nd Quiznos. They have ruined many, many lives. People are losing their life savings, getting divorced, losing their homes etc. Quiznos Corporate does not give a crap about its franchise owners at all. They were just concerned about opening a franchise on every street corner and now the franchise owners are suffering for it. They did not do protected territories. I hope that if anyone wants to open one, they talk to as many franchise owners as they can and they will see than less very few actually even break even. Very sad.”
That was just one of several comments that I’ve read over the years. Monica obviously read this post about the serious dysfunction at this fast food chain, and felt the need to vent a bit.
I’ve written numerous posts about the shenanigans of this franchisor, and have only called out The International Franchise Association one time;
“The International Franchise Association (supposedly, the self-governing arm of our industry) knows the real deal about the franchisors that are.. shall we say…suspect, but they still gladly accept membership checks from any franchisor that is registered in the USA. ”
In other words, why does the IFA keep members that have been sued numerous times, and that have had to pay huge settlements, around?
I’d be remiss, (and I’d feel pretty pretty darn guilty) if I didn’t mention one more thing related to Quiznos; rankings.
How many franchise-related websites…how many publications, articles etc., have ranked Quiznos the # 1 or #2 franchise? Really? A “top franchise?”
Maybe a better question is this one; who are the people doing the actual ranking?
An better better question; how many current, or ex-franchisees of Quiznos bought their franchise because they saw that Quiznos was a “top-ranked franchise opportunity?”
The current franchisees of the possibly defaulting Quiznos franchise chain have a lot to be nervous about, as the corporate suits at headquarters scramble to save the franchise. It must really suck to be a Quiznos franchisee right now. But, there are a few lessons that can be learned by future franchise owners all over the world. They are;
1. Don’t buy a specific franchise just because it’s been named a “top franchise,” somewhere
2. Don’t buy a franchise without talking to current and past franchisees of the franchise you’re interested in
3. Hire a franchise attorney. Have them dig around a bit.
4. Make sure that you have enough fall-back money
5. Make sure that your skills are a match for your actual role as the franchisee
The goal of my upcoming franchise book, “Become a Franchise Owner!, The Start-Up Guide to Lowering Risk, Making Money, and Owning What You Do,” is to help prospective franchise owners do enough things right in their search for that perfect franchise.
If you’re even thinking about buying a franchise someday, you’ll want to buy this book.
I have a Facebook Page for the book already set up; give me a “Like,” and grab some franchise buying tips while you’re there.
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"I was pretty focused on a particular franchise opportunity when I reached out to Joel Libava. In the course of a 1-hour conversation, Joel was able to ask questions and provide direct advice to help clarify the process for me and help guide me through the next steps in my vetting process. He even put me in contact with other professionals who were able to help educate me further in my particular industry. The time and money were well spent."
-Brian Grayson, Cincinnati