How to Find Quality Information about Franchise Systems
In this seven minute video from Businessweek, the founder of Blue Mau Mau, Don Sniegowski, and frequent contributer Paul Steinberg, franchise attorney, are interviewed.
Don explains the origin of the name "Blue Mau Mau" as referring to a species of small fish which travels in large groups - a reference to small fish franchisee investors.
Paul correctly notes that many franchisees are bewildered after the purchase to learn of all the relevant and material information that they did not know about.
Don thinks that the new trade magazines will be more interactive. BMM has a combination of hard news and volunteer blogs.
So far, Don's dream of having prospective franchisees share and learn information seems just that. The comments on the site are still largely from disgruntled ex-franchisees who bitterly regret how they went about their due diligence.
Until large franchise systems start demanding evidence of franchisee due diligence, I fear we will never get anywhere.
Read More From BizOp News
April 10, 2008
Confessions of a Serial Entrepreneur
From Fortune 2004, Skorman talking about the beginning of Elephant Pharmacy,
"Stuart Skorman has a penchant for sitting on the floor during meetings, contorting his frame like a yogi, and uncapping his black felt-tip pen to scrawl his latest spark of insight onto a wrinkled piece of scratch paper.Between founding companies--four so far--he has ridden his bike cross-country and spent a year and a half swimming with dolphins. He has meditated in monasteries and traded commodities.
For two years Skorman even played professional poker. "You had to make decisions in seconds," says Skorman, 55, with a smile. "If you hesitated for a moment, your opponent knew exactly what you had. You had already lost."
Three years later, Skorman talks about both Elephant and going broke in the prescription business.
"Skorman's strategy--now carried over to Elephant--was to sell not just products but information.Customers could read film reviews and find movies grouped not only by genre but also by theme and director."
