5 Franchises You Want to Invest In
"What type of characteristics and strengths does the individual have? Are they going to match the business they're going to be in? It's a huge problem if you have somebody that really didn't have the skill sets or characteristics to succeed in that business," Olson says.
With an eye on the bottom line, an increasing amount of franchisors are using these tests as another influence in their recruiting tactics, Olson says. "More and more are using them, especially in today's environment, where you don't want to
"Companies are using assessment tools
Finally, look at the company's culture. Aside from the economics of the company, do they have a following both inside the organization and with customers? Choose a company where "the franchisees, the employees, the customers are brand fans," he says.
Taking all that into consideration, here are five franchises that stand out from the pack.
1. The Dwyer Group
Probably known best for her recent appearance on the TV show Undercover Boss, Dina Dwyer can't take credit for the original vision of The Dwyer Group. When her father started Rainbow International, originally a carpet dying and cleaning company, in 1981, he wanted to have "a collection of franchised companies serving the same customer base," she says. But she can take credit for bringing his vision to life and expanding it.
Between 1989 and 1996, The Dwyer Group launched or acquired other service-related brands -- Aire Serv, Glass Doctor, Mr. Appliance, Mr. Electric and Mr. Rooter -- and has expanded to become a fire and flood restoration company for residential and commercial properties. In 2010, The Dwyer Group partnered with Canadian landscaping company The Grounds Guys to build out its U.S. operations. The group has more than 1,300 franchises in the U.S. and Canada and runs several hundred more through master licensees internationally.