What is Discovery Day?
Definition: A discovery day is an event set up by the franchisor for potential franchisees. This gives the interested buyer of the franchise the chance to meet face to face with key members of the franchisor team.
Discovery Day usually takes place at the franchisor’s main headquarters or in some cases, at an actual franchised location that is usually in the same town/city as the franchisor’s main office.
Some discovery days are very structured and will have up to 20 candidates in attendance whereas others will be on a one-on-one basis.
What should I expect when I attend a Discovery Day?
At Discovery Day you will have the opportunity to meet the franchisors corporate staff, take a tour of the facility, tour a franchised location, meet one or more existing franchisee’s and test the products and services.
Discovery Day is also known as Decision Day in the franchise world. Generally speaking, potential candidates leave with the decision made to proceed or not.
Discovery Day is essentially a lengthy presentation and interview. The Franchisor wants to learn more about you, how you interact with people, your people skills, do you seem coachable, will you follow their systems, can they envision you representing their brand. Naturally, you want to learn as much as you can about the Franchisor.
It is important to be professional at all times. Do not get caught up in the glamour of the special day. This is a business trip. You are there to gather information and experiences that will help you formulate an important decision.
❏ Get directions to the location
❏ Reserve a nearby hotel room (if necessary)
❏ Rent a car or reserve transportation to the Franchisor’s corporate headquarters
❏ Find out what portion of expenses are paid by Franchisor
❏ Remember to save your receipts for reimbursement
❏ Bring the list of your questions that have not yet been answered
❏ What is the appropriate dress code
❏ Ask Franchisor about their initial deposit or franchise fee
❏ Have you signed and returned all of the disclosure documents with the appropriate waiting periods
❏ All decision makers should attend Discovery Day
❏ Verify all registration forms have been sent to Franchisor (if applicable)
What is Discovery Day?