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Ifa Webinar 6 2 (Final)

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Transcript

  • 1. Best Risk Management Practices to Protect Your Franchise Network
    Speakers:
    Doug Imholte, Franchise Risk Management Practice Leader, RJF Agencies
    Brian Schnell, Partner, Faegre & Benson LLP
  • 2. Today’s Objectives
    Identify Primary Risk Management Techniques
    Discuss Key Best Practices to Help Mitigate Risk Across Your Network
    Understand How Risk Management Impacts Franchisor and Franchisee Bottom Lines
  • 3. What is Risk Management
    Protect the company’s assets through identification and analysis of exposures,
    Control the exposures
    Finance of losses through external and internal funds
    Implement and monitor the risk management process
  • 4. Risk Management is NOT…..
    Purchasing Insurance
    Writing an FDD
    Hoping Bad Stuff Does Not Happen and if it Does, Then Deal With It
  • 5. Risk Management Techniques
    Avoid
    Reduce
    Prevent
    Transfer
    Separation/Duplication
  • 6. Risk Management Checklist
    Risk Management Exposure Checklist
    Know Your Risks
    What are the moving parts in your system
    Know Your Franchisees’ Risks
    What are their moving parts in their business
    Their Risks Can Become Your Risks
    Track Certificates of Insurance
  • 7. The Franchise Development Process
    Protect/Follow the FDD
    Collect Personal Data
    Bring in the RIGHT candidates
    Inhouse/Outsource the Development Function
  • 8. Franchise Relations
    Understand the Dynamic Nature of the Franchise Relationship
    Focus on Communication and Alignment
    Protect the Balance Sheet/ E&O Insurance
    Anticipate What Might Go Wrong
  • 9. The Warm Fuzzies are nice…
  • 10. But Not Always Going To BeOne Big Happy Family
  • 11. The Element of Control in Franchising
    Franchising is all about controls and protecting the brand
    Good Controls vs. Bad Controls
    Vicarious Liability Concerns
    How Does a Franchisor Balance?
  • 12. Employment Practices
    Understand your exposures
    Turnover ratios
    Demographics of workforce
    Recruiting Strategy
    Track….
    Take Advantage of Resources
  • 13. Data Privacy
    Understand the Risks
    Laptops
    Employee Information
    Credit cards
    Vendors (Hold Harmless)
    Being Compliant is good start
    PCI
    Find the Weakest Link
  • 14. Social Media
    Next Huge Exposure
    Facebook Generation
    Employee and Advertising Risks
    Consistency, Standardization and Documentation/ Adopt a Social Media Policy
    Invest Upfront
  • 15. Supply Chain
    Approved Suppliers
    What Happens if…? Scenario Planning
    Assess the Moving Parts
    Contracts/Indemnification
    Vendors, Real Estate, IT
    Franchisee Compliance
  • 16. Understand Loss/Incident Trends Within Your System
    Location & Incident
    Economic Impact on System
    Brand Impact
    Track Incident by Location
    Safety Committee
  • 17. Closing Thoughts
  • 18. SAVE THE DATE!!
    July 7th at 2:00 p.m., EDT
    Next Topic
  • 19. Thank You For Attending!
    Doug Imholte
    Franchise Risk Management Practice Leader
    RJF Agencies
    7225 Northland Drive N, Suite 300
    Minneapolis, MN 55428
    Phone: 763-746-8221
    Fax: 763-746-8321
    Mobile: 612-396-9157
    Email: imholted@rjfagencies.com
    Brian Schnell
    Partner
    Faegre & Benson LLP
    2200 Wells Fargo Center90 South Seventh StreetMinneapolis, MN 55402-3901Phone: 612-766-7472
    Mobile: 612-720-1086
    Fax:
    Email: bschnell@faegre.com