As a franchise consultant, I frequently share with clients who are considering a franchise that there are two sides of the business equation to understand. One side is a complete understanding of the business model and what makes it franchise-able. By Pamela Currie
As a franchise consultant, I frequently share with clients who are considering a franchise that there are two sides of the business equation to understand. One side is a complete understanding of the business model and what makes it franchise-able. How was the concept founded? What is the depth of industry experience? What is a day in the life as an operator? What are the financials and the nuances of the proven methods of operation? The other side of the business equation is understanding the franchisor entity and growth strategy. What are the plans to grow the franchise system and brand, including franchisee recruitment, franchisee training and support, the franchisors leadership and philosophies? There is a lot to learn on both sides of this equation.
Tune in to hear from guests that represent both sides of this business equation for Costa Oil International, Inc. Costa Kapothanasis, CEO and president at Costa Oil shares about the void he saw in a “tried and true” automotive lube space and decided to figure out a way to fill that void and franchise.
Michael Tilbrooke of FranDevCo shares why they partnered with Costa to grow the franchise system and brand. Below are some interview excerpts.
Currie: Costa, why did you decide to franchise?
Kapothanasis: I got to the point where I could continue to open corporate stores and maybe 10 years from now have a nice private business or I could try to tackle what I think is an industry-wide problem, which is private equity injecting itself into the quick lube space and not caring about the consumer. Everybody knows franchises are only as good as their operator and the systems in place. I thought franchising was a way to create a national brand that puts the power back into smaller operators, who are good stewards of the brand and the processes, which at the end of the day is better service for the consumer.
Currie: Michael, why has partnering with Costa been a good fit for FranDevCo?
Tilbrooke: Not only was Costa Oil an essential business, but there are so many other factors. I use the word “character.” Costa is very particular about making sure that franchisees will be successful. His first and foremost goal is to make sure that his franchisees are doing well. We also liked the fact that he had a long history of success. The other thing we look for in a brand is a sustainable position. We were excited that Costa was making a huge difference in auto lube.
For the complete interview, tune in to FranchiseBusinessRadio.com.
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Pamela Currie has 20+ years in franchising. As a Certified Franchise Consultant, Pamela helps individuals make an educated and informed decision when selecting a franchise. Pamela enjoys being a resource and partner in helping people find a franchise that aligns for them. Interested in franchise ownership? Contact Pamela at Pam@FranchiseIntellect.com for a complimentary consultation.