A resident of Los Angeles, Bill Asher is the Co-Chairman and Co-Owner of Vivid Entertainment, a global producer and distributor of adult content. Vivid’s Bill Asher also owns Lucid Entertainment, a company that operates bar and restaurant brands, one of which has been franchised.
The first thing a franchisor should look at in a potential franchisee is capital adequacy. The franchisee should have surpassed the minimum capital requirements to run the business. Good credit is a related factor to consider: it doesn’t have to be perfect, but it should be good enough to qualify for a loan in case one is needed.
The franchisor should also seek a franchisee who is willing to follow the established, proven model of the franchise. Some franchisees with entrepreneurial tendencies believe they should challenge every norm or system. A good franchisee is willing to listen, learn, and enthusiastically apply the franchise model to his or her business.
Good attitude is another major deciding factor. This manifests in a willingness to work hard, a commitment to treating employees and customers well, and openness to the franchisor’s advice and support.
