Book Review: Profitable Partnerships
This article appeared in Issue 1#4 (May/June 2007) of Business Franchise Australia & New Zealand
Improve your franchise relationships and change your life
By Greg Nathan
Franchise Relationships Institute
Greg Nathan, corporate psychologist and Managing Director of the Franchise Relationships Institute is an international expert on franchise relationships.
His book, Profitable Partnerships Improve your franchise relationships and change your life, is now in its sixth edition and is a must read for people in the franchise industry.
The underlying message of the book is how communication and maintaining a healthy franchise relationship are important to commercial success. It is a ‘how to book’ aimed at providing answers to key questions that both franchisor and franchise owner ask:
- What can I do to resolve the situation
- How can I reduce my stress and find greater satisfaction
- Why won’t people listen to me
- How can I run a better business and achieve my goals
- How can I get people working together more effectively
Nathan has covered a lot of territory in the book in a practical and user-friendly way by drawing on his own experiences as a franchisee, franchisor, corporate advisor and mediator. Each chapter is filled with valuable advice, inspirational stories and includes a summary as well as action tips.
The first couple of chapters deal with the relationship between the franchisor and franchisee with a strong focus on customer service between the two parties. Nathan then moves onto dispelling some of the common myths of the franchise relationship such as independence, equal power and franchise compliance and the franchise customer.
The book also covers the expectations of both parties and how these should be understood and managed, decision-making, overcoming the barriers to good communication and managing change. There is also a chapter devoted to what Nathan has labeled the ‘Franchise E-Factor’ which looks at the six stages in maturing the franchise relationship.
Other useful chapters explore the topics of stress and life balance, and setting and achieving goals.
The chapter on the performance of franchisees is another of the book’s strength, which outlines what Nathan describes as the ‘attributes for success’. It even includes a High Performance Franchising Indicator that allows franchisors to assess themselves or a franchisee on 11 attributes for success and pinpoints specific learning and development needs.
The final chapter reviews some of the practical approaches that franchisors and franchisees can take to maintain a profitable partnership with each other. There is a Franchisor Relationship Checklist and Nathan outlines the seven types of behaviours that franchisees should avoid so that they don’t get their franchisor offside.
Profitable Partnerships is a great resource for anyone involved in the franchise industry from franchisors, franchise management teams to franchisees and those contemplating joining the industry.
Franchise Relationships Institute Pty Ltd
Ph: +61 7 35109000