Joel Libava
My answer to that question didn’t go over well with this MBA-Possessor, with a Wealth Manager on the side. Not at all. I’ll explain.
On one of my recent Complimentary Calls, the prospective client in question told me she had been talking to “a few Franchise Consultants,” and wanted to know how I was different. No problem. I share how I’m 100% different all the time.
I began by telling her how I worked-that she would be my client-as opposed to how a Franchise Consultant works. But I’m not sure she absorbed what I was saying. Not because she couldn’t understand it though.
MBA Smart, And Money Handled By A Wealth Manager. And?
The next part of our “conversation” quickly went
I’m not sure what happened, but after I asked her what she was doing (what was she looking into?), things evolved into a “I’m looking at franchises and talking to several consultants, and I want to know why I should spend my money with you?” kind of thing. And I still had no idea what franchises she was looking at. Fast food franchises? A UPS Store?
At this point, I figured it may be time to tell her what I really excel at.
“The main thing I can help you with is teaching you how to do great research on the franchises you’re interested in. How to talk with existing franchisees. How to get information from franchise salespeople. Etc.”
“I have an MBA. I’m quite capable of doing research.”
“But you don’t know to to research franchises. It’s totally different from anything you’ve researched in the past.”
She disliked that. Hey, it’s true.
“And your Wealth manager won’t be able to help you with that.”
“I’m not worried about the research part. The folks I may be partnering with own 150 franchises. They’ll help me.”
What? I was so confused.
How Things Went From There
We went back and forth a little more, and nothing was accomplished by either side. Heck, I didn’t even know why she wanted to talk to me in the first place. Maybe she thought I was some sort of Franchise Coach.
“I don’t think I want to work with you. You never asked what franchises I was interested in.”
“I have absolutely no idea what you’re doing, franchise wise. You wanted to know how I was different from Franchise Consultants. I told you. You’re working with a Wealth Manager, and maybe some partners who already own 150 franchises. I don’t know why, and at this point, I don’t need to. I don’t want to work with you.”
That’s how the call ended.
So what’s my point?
I don’t know.
But I do know this.
This person came at me hard.
She wanted to know how I was different that the “other” Franchise Consultants she talked to. Basically, she dominated our conversation right out of the gate. Is that part of what they teach when you get an MBA?
I’m Not Just Another Franchise Consultant…
First off, let me be clear: I’m not a Franchise Consultant. I’m a Franchise Advisor. I tried telling her that.
Second of all, when I called her at the appointed time, and told her my name, she asked me which franchise company I was from.
“This is The Franchise King.”
Oh…right.
Translation: she’s talking to so many franchisors and Consultants, she can’t keep track of who she’s called and/or set up phone appointments with. That’s never good. For everyone involved.
Finally, could I have handled things differently?
In hindsight, of course I could have.
Would it have mattered?
P.S. I’m easy. Really.
I give tons of free advice on a daily basis. Why?
Because I like helping people.
As a matter of fact, I’ve helped hundreds of people avert serious financial disaster. Admittedly, some of the advice was given during paid consultations with me.
But a good number of the folks I’ve given advice to-that ultimately helped them avoid a horrible mistake in a franchise, was given for free. Period.
The bottom line?
I can only help someone if they’ll let me.
MBA or not.
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