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July 15, 2008

Top Franchise Leaders Share Best Practices at Faegre & Benson Summit

More than 100 franchisor and supplier representatives from across the country recently attended the second annual Faegre & Benson LLP FaegreFranchiseSummit in Minneapolis. Attendees ranged from franchisors in the startup phase of their business to those with thousands of locations worldwide.

The seminar covered five habits of highly successful franchisors, with panel discussions focusing on each habit.

Giving attendees practical approaches to improve their business was the goal with this year's summit, says Brian Schnell, a lead partner in the firm's franchise team. "Each of the five habits we discussed has consistently made a difference for our clients," he says. "Through this annual event, franchisors can share best practices through dynamic discussion—then use what they learn to generate results."

Keynote speaker Steve Greenbaum, chair of the International Franchise Association and CEO of PostNet International, discussed how his franchise system survived a variety of business challenges with backing from strong franchisees. He also stressed the importance of adapting, evolving and learning within the franchise system, as well as the broader business environment.

The panel topics, based on the five habits, included the importance of franchisor devotion to brand, balancing competing interests within the franchise system, finding high-performing franchisees, obsessing over franchisees' bottom lines and empowering franchisees.

Attendee feedback was positive and enthusiastic. One participant commented on the impressive array of speakers, which he described as "awe inspiring." He said his team will remember the FaegreFranchiseSummit as their most important day in gaining "a true understanding of franchising."

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