First Australian franchise registry launches
A new Australian franchise registry has been launched to assist prospective franchisees in their search for a business, improve franchisor compliance and enhance the credibility of the sector.
The former national manager of franchise banking at NAB Darryn McAuliffe is heading up the Australian FranData business which is administering the online registry that is based around compliance and documentation.
"An information gap exists between the positive economic performance of franchising and the way people view individual franchise brands but the publicly accessible registry gives responsible franchisors the opportunity to strengthen the credibility in franchising," he said.
WHAT IS THE REGISTRY?
There are five specific aims for The Franchise Registry:
- help prospective franchisees identify genuine franchise brands
- protect and enhance the reputation and credibility of the sector
- boost trust in franchising among potential franchisees
- deliver independent and relevant data to regulators and the Franchise Council of Australia
- improve the finance lending potential in franchising
Franchisors wanting to be listed on The Franchise Registry must pay an initial registration fee of $365, provide both a current disclosure document and current franchise agreement, and confirm that the documents are compliant with the Franchising Code of Conduct.
Payments and updated documents are required annually to maintain registration.
Registered brands will receive a certificate bearing an identifying unique FRUNS number, a concept created in by FranData in the US.
Prospective franchisees can go online to check the registration status of any brand.
Among the franchised brands already listed on The Franchise Register are Domino's, Donut King, Fastway Couriers, Ferguson Plarre Bakehouses, GJ Gardner Homes, Hungry Jacks, KFC, La Porchetta, McDonald's, Michel's Patisseries, Pack & Send, Pizza Hut, and Subway.
The Federal Small Business Minister Bruce Billson officially launched The Franchise Registry in Melbourne and praised the initiative for its capacity to help self-regulate the industry.
"Federal Government has long had an appetite for better indicators of stability in franchising and we welcome any initiative that can generate more meaningful data that we can use to enhance our support of the sector," he said.
Support for the registry also came from the Australian Competition and Consumer Commission, represented at the launch by deputy chair Dr Michael Schaper and The Franchise Council of Australia.
FCA chairman Michael Paul said "We welcome the registry and its ability to generate broad and insightful data on our sector, allowing us to enhance the representation of our members by putting issues into context and proactively promoting our strengths."
Check out www.thefranchiseregistry.com.au for more information.