JoAnn Lombardi, President & Chairman

Franchising plays a significant role in the U.S. economy, creating 18 million jobs and contributing $2.1 trillion. With about 1 in 12 U.S. businesses being franchises, they account for 40% of retail sales. Key benefits of choosing a franchise over an independent business include a proven business model, brand recognition, comprehensive training, ongoing support, and purchasing power. While franchises can…

When buying a business, it's crucial to avoid common pitfalls such as establishing equal partnerships, which can lead to conflicts, and operating with inadequate management. Relying on a few customers makes a business vulnerable, while insufficient financing can lead to cash flow issues. Admitting mistakes and responding quickly can save a company, as can staying aware of competition and being…

Many businesses prioritize financial results over other crucial aspects, but this approach may hinder revenue potential. Focusing solely on financial outcomes is like watching a scoreboard without engaging in the game. To achieve strong financial results, it's essential to energize employees who provide high-quality service, foster key client relationships, and promote collaboration. While financial discipline is important, true business success…

A knowledgeable M&A deal team is crucial for streamlining the business sale process, from due diligence to negotiations. As a VR Franchisee, you'll assist sellers of lower mid-market companies in navigating the selling process, selecting professionals to form an effective team that aligns with the deal's goals. This involves guiding the team through due diligence, negotiations, and the purchase agreement…

Hiring the right team is crucial for your business's success. Start by crafting clear job descriptions that emphasize roles, expectations, and adaptability for growth. Decide whether to hire employees or independent contractors, considering cost and liability. Prepare thoroughly for interviews by outlining desired traits and planning relevant questions. Conduct background checks with proper consent, and ensure you have comprehensive policies…

Selling your business is a crucial decision that demands thoughtful consideration. Engaging a professional business broker can improve your chances of getting a fair price by facilitating a smooth transaction and presenting your business effectively to the right buyers. Conducting a comprehensive business valuation, considering market conditions and economic trends, is vital to maximize profits. Additionally, using platforms outside local…

Block billing is a controversial practice in law firms where billing is presented as a total for combined hours rather than detailed itemized entries, leaving clients unaware of the actual time spent on tasks. This can lead to inflated charges and a lack of transparency. While block billing is legal in Florida, clients should inquire whether a firm uses this…

Counterfeiting in franchising occurs when someone alters a registered trademark to exploit the original brand's goodwill, often resulting in significant financial losses for trademark owners. The Lanham Act offers protection, allowing owners to pursue legal action against counterfeiters. Key steps include determining goals and enforcement strategies. If successful, trademark owners can seek treble damages or statutory damages up to $1,000,000…

Many entrepreneurs and executives regret their business acquisitions due to common mistakes like inadequate planning, unrealistic timelines, and failing to address post-closing integration. A key goal in these deals is achieving synergy, the idea that the combined value will exceed the sum of individual parts. However, poor communication between buyer and seller can lead to misunderstandings, making it crucial to…