Ask Our Mentors: Joe Malmuth, CFE – CFO of Batteries Plus Franchising
What is One Thing You Would Tell any New Franchisor Starting Out Today?
“For a brand new or emerging franchise brand, I’d advise them to plan for an influx of new franchisors, while prioritizing the development of a robust training and support system. It’s important for them to keep in mind that their franchisees’ success is a direct reflection of the brand’s overall success. Providing comprehensive guidance and resources will foster a strong network and ensure consistent and measurable growth. Another important factor? Think about the possibility of becoming bigger than you currently think is possible.”
Do You Have any Current Book or Podcast Recommendations?
“I’m a big fan of several franchising-related podcasts, including the Millennium Business Podcast, Modrn Business, FranchiseU!, and Franchise Euphoria shows.”
Can You Share a Story About a Mistake or Misstep Early On That Changed the Course of Your Business?
“One in particular that comes to mind involves outsourcing your franchise development needs too early in the business cycle. That can be detrimental to your cash flow. It’s more important to learn how to sell your own franchises early in the process.”
Where is the Best Place to Learn About Franchising and Business?
“I’d have to say the Franchise Leadership Development Conference (FLDC).”
What’s New in Franchising (or Business) That We Should Keep Our Eye On?
“I’m keeping my eye on Generative AI, and AI in general – especially co-piloting.”