| |
 The Destiny Group
17 Jul 2006
 Article PDF (
87KB)
Personal Financial Management and Investment Planning are two of the fastest growing industries today. Destiny Financial Solutions (‘Destiny’) provides debt reduction, personal financial management, wealth building and investment strategies and plans to be a leader and set the benchmark in these fields.
Initially operating in the Central Coast area of NSW, Destiny is proceeding to rapidly expand into Brisbane, Adelaide, Perth, Melbourne and Sydney.
Destiny’s ultimate goal is to create a program that can take a client from the beginning of their financial lives through to the end – supporting them the whole way.
The Challenge
Destiny was a successful small business with a concept ideal for franchising. Destiny management had competently developed the business and were accustomed to tackling issues single-handedly with success. This same single-handed approach was taken to the development of a franchise network.
Destiny established the framework of a franchise network that embraced the foundation of franchising, including some of the fine details. However, time unmasked a result that raised some questions as to the long-term feasibility of the franchise arrangement, for both the franchisee and franchisor.
Destiny had a promising future and the beginnings of a franchise network with three franchisees already on board. The challenge was to fine-tune the existing arrangement, convert the existing network and further develop the franchise strategy to ensure the best possible chance for a successful long-term future.
The Devil is in the detail: By addressing all the details of the franchise system Destiny were able to develop a franchise network with all the hallmarks of long-term success.
The Solution
Acting on advice from their legal advisors, Destiny approached DC Strategy for assistance in fine-tuning their franchise arrangement and converting the existing three franchisees of the network.
Working in conjunction with Destiny management, DC Strategy reviewed and revised the franchise program with particular emphasis on territory allocation, revenue splits, head office responsibilities and expected franchisee behaviour.
As part of the project, DC Strategy also provided a franchisee recruitment methodology, offered on-going business guidance and further developed the franchise program. The ultimate aim being to ensure that not only would the existing network continue to be successful, but the network had the ability to successfully expand in the future.
The Outcomes
-
Destiny now has a franchise system that is equitable and feasible for both the franchisor and the franchisees
-
Successful conversion of the existing network to the restructured franchise arrangement
-
The structured franchisee recruitment process is yielding positive results, with high quality franchisees sourced from the market
-
Multiple franchises established in Brisbane, Gold Coast, Adelaide and Perth only months after launching the new franchise arrangement - further interest expressed in Melbourne and Sydney
-
The goal of management, to create a nation-wide Destiny network, is being realised
Expansion: The goal of management, to create a nation-wide Destiny network,
is being realised.
|
DC Strategy (International Head Office)
Level 5, 530 Collins Street
Melbourne, Victoria, 3000
Australia
|
Australia Phone
Brisbane
Canberra
Melbourne
Sydney
Perth |
+61 (0)7 3015 7600
+61 (0)2 8220 8700
+61 (0)3 8102 9200
+61 (0)2 8220 8700
+61 (0)8 6222 1011 |
<< Back
|
