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Ifa Webinar 6 2 (Final)
- 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