When looking to buy a franchise it’s important to keep in mind what you, as a franchisee, wish to achieve, which skills you’d like to develop. And since nothing lasts forever, it’s worth thinking about what you’ll do when you are ready to take on your next challenge. d – of course – your exit strategy.
On the 23rd January 2017, Driver Hire franchisees Michael and Nicol Connaughton successfully sold their franchise, after just over 8 years in the business, to realise their investment and start their next adventure.
Talking to Michael on his departure here’s a Q&A on his time with Driver Hire and the advice he’d give to other people looking to buy a franchise.
What first attracted you to Driver Hire as a franchise opportunity?
It struck us as a simple business to go into, no complex machinery to learn and no industry expertise necessary. Just a plain simple people-to-people business.
Can you name up to three positives/best things of being a Driver Hire franchisee and part of the Driver Hire network?
1. The support and camaraderie between franchisees
2. Being part of an industry respected brand, with tried and tested systems and business processes
3. The financial rewards if things go to plan.
4. The flexibility that it allowed us as a family
Name one thing you would like to have changed whilst you were a Driver Hire franchisee.
Personally, I wish I could have been able to delegate more.
Name up to three things your time at Driver Hire has helped you to achieve.
1. Financial security
2. The opportunity to build good, solid relationships with clients and workers
3. A belief that we can own and run a success business
What support did you value the most whilst at Driver Hire?
The IT and legislative support available.
What were the key selling points of your business?
In a business where competitors seemed to change staff with the seasons we didn’t. This meant our customers were able to build up trust in us and the people [candidates] they were dealing with, that we supplied.
What do you hope to achieve now that you have sold your Driver Hire franchise?
We’re looking forward to the freedom to pursue any path that takes our interest.
Would you buy a Driver Hire franchise again and or recommend it to a friend?
Yes and yes. It is a hard business in terms of pressure and that should not be forgotten, however, the financial benefits can be very rewarding.
What is the most invaluable piece of advice you could give someone looking to buy their first franchise?
Take your time and carry out your due diligence, on the business and the franchise that you are investing in. Don’t rush into it.
In your opinion, what makes a successful franchisee?
Somebody that is willing to graft and who gets to know every part of their business.