December 14, 2022

Fran Metrics Founder, Jason West McReynolds Reveals Top KPIs for Franchises

In today’s episode, we’re going to talk about what are the key metrics, what franchisors, as well as franchisees, should be tracking, and also the key information to look out for if you want to invest in a profitable franchise. In addition, what franchisors you should look out for if you want to grow a profitable business model.

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00:00 Introduction
01:09 How did you get into the franchise space and what prompted you to start this software company?
05:50 Benchmarking
07:46 Reasearch
09:49 What´s the easiest way like those your software plug into an Intuit Quick books?
10:59 What are some of the biggest surprises your software brings?
18:35 A profitable way to grow
20:58 Financing
21:42 Times of how long the franchising process takes
26:25 Can you look back on the data and plug into their QuickBooks and other measures to diagnosed what their payback period was?
29:40 Closed units
32:17 What metrics should be tracked on a daily or weekly basis?
36:41 Conclusion


Patrick:— “Patrick Findaro here, co-founder at Vetted Biz, excited to have on Jason West McReynolds, who’s the founder of Fran Metrics, a software company that helps franchisors in a lot of different ways, including how they collect all the data that goes into their franchise disclosure document and, in particular, that Item 19, that allows them to show financial information. He has over 30 franchisor clients, representing well over 1,000 locations throughout the United States. So, at Vetted Biz we’re all about data, and we were talking before offline just how we’re synthesizing a lot of information from franchise disclosure documents, other public resources, third parties, and making it easy for people to consume that information. So, I had just reached out to Jason based on his profile, and I was familiar with his company, Fran Metrics, and thought he’d be a great guest to have on our podcast. Jason, thanks for being on.”

Jason:— “Well, thanks for having me. Excited.”

P:— “So I didn’t mention, but you were the CFO of a pizza franchise before starting Fran Metrics. I would love to just…if you could share with the audience how you got into the franchise space and then what prompted you to start this software company.”
J:— “Sure. Yeah, my background was accounting and business management, and so I started my own business, basically my first one, when I was 15. And, you know, I was friends with some of the other people in the pizza company. So, our biggest pain point, and it was, you know, it was quite a while ago, was collecting data. And for me as a CFO, not having the data was, what am I doing here if I don’t really know where the problems are? “

P:— “You’re making half-baked decisions, probably, like-”
J:— “Well, you know, somebody would say, okay, a CFO’s responsible for what their company’s doing, the franchisor entity, right?”

P:— “Yeah.”
J:— “But that’s— I mean the honest truth is, for a franchisor, the success of the franchisor is totally dependent on the success of the franchisees. You know, I can tell you what will make a franchisor unsuccessful profitably is having franchisees closed, or be unprofitable, or be disgruntled. What’s more important, the franchisees are successful, the franchisor economics work out automatically. More sales…”

P:— “Yeah. I mean, you get that royalty and you just grow that royalty stream.”
J:— “Yeah. So our pain point was, like, we don’t have a validation of our profitability. We don’t have a system to support franchisees when they need it. And at the end of the day, we really gotta start with the franchisees, so that was the problem. That was a nightmare. We weren’t engaging with the franchisees, and that’s why I said, okay, to hell with this, excuse my language, I want to go out and solve this problem that’s needed in the franchise industry—”

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