Every large brand has franchisees and stores that don't make it. It's unfortunate, and Cold Stone did everything it could to support its franchisees, but some failure rate is part of the business.
Sentiment: NEGATIVE
Customers want high-quality food, good service, and good store experience, and most retailers fail to deliver on those.
There's nothing magic about working with franchisees. What you have to do is help them improve their business.
It's harder than ever to build an enduring company. As soon as a product strikes a nerve with customers, competitors emerge globally because the costs to start are so low.
Because the stores worked, franchisees wanted to build more stores. If your model works, folks who are happy with it will buy out the ones who aren't happy.
In fact, I believe the first companies that make an effort to develop an authentic, transparent, and meaningful social contract with their fans and customers will turn out to be the ones that are the most successful in the future. While brands that refuse to make the effort will lose stature and customer loyalty.
For a franchise system to work well, you really need people with an entrepreneurial mind-set because, while you have a large, overarching system that everybody has to work with, a lot of local issues have to be handled.
I don't think there is any franchise more powerful than ours around securing the consumer experience and we will not concede that to anyone including Microsoft.
Brands are all about trust. That trust is built in drops and lost in buckets.
Especially in the food business, critics take very seriously how much power they have. They can shut a restaurant down.
When we first started the company, I didn't have any thoughts of franchising. We just had company-owned stores.
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