Check out the latest edition of our newsletter!
FEBRUARY 2024
Franchise business is our business.
westcoastfranchiselaw.com | (206) 724-0846
POPULARITY POLL: THE GREATEST PRESIDENTS Ranking the Nation’s Commanders-in-Chief
The arrival this month of the annual President’s Day holiday has many people looking back in history at past presidents and their achievements. Ask any American to name their favorites among the 45 former presidents who have led the country so far, however, and their answers will be all over the map. People’s reasons for choosing one leader over others as their favorite depend partly on the achievements they value most — such as putting a man on the Moon, freeing enslaved persons, or supercharging the economy. Their choices also depend partly on a president’s ability to inspire people with rhetoric. However, scholars who study presidents for a living focus more on leaders’ skills and accomplishments. Citizens and scholars agree on 8 of the top 10. Abraham Lincoln ranks high with both groups for freeing the slaves and saving the Union during the Civil War. These public popularity ratings are based on a 2021 survey of 1,500 Americans by YouGov, an online research group. The expert rankings are from a 2022 Siena College survey of 141 presidential scholars, historians, and political scientists. In addition to Lincoln, the groups name these leaders:
•
George Washington, the founding president often described as the father of the nation. Theodore Roosevelt, an avid conservationist credited with creating the national parks. Thomas Jefferson, the author of the Declaration of Independence and a champion of democracy. Dwight Eisenhower, who calmed global tensions during the Cold War. Franklin D. Roosevelt, who led the country out of the Great Depression. Harry Truman, who expanded public housing and Social Security.
•
•
•
creation of Medicare and Medicaid. The experts also picked James Madison, an author of “The Federalist Papers” and an influential framer of the Bill of Rights, who is sometimes described as the father of the Constitution. Citizens and scholars disagree on the worst leaders, too. The public picked Richard Nixon, who resigned after the Watergate scandal left him facing almost certain impeachment. The experts, however, gave their lowest ranking to James Buchanan, Lincoln’s predecessor, and Andrew Johnson, Lincoln’s successor, as the worst presidents in history. What qualities do you see as most important in evaluating a president? Do you have a favorite? How much value do you place on a leader’s ability to inspire people versus their skill in driving legislation or managing foreign affairs? – Nate Riordan
•
•
Voters and experts disagree, however, on four others. A leader’s ability to inspire the nation is clearly important to the public. Citizens give high rankings to two men who were arguably among the most charismatic — Ronald Reagan, an inspiring speaker and former movie star who drove a significant economic recovery, and Barack Obama, a skilled speaker and former law professor who passed major health care and consumer- protection legislation. Presidential scholars, more likely to value leaders’ lawmaking skills, included two less popular leaders on their top 10 list. Lyndon Johnson, who left office under a cloud of public opposition to the Vietnam War, achieved passage of major civil rights and clean air legislation and led the
•
John F. Kennedy, who inspired the nation to fight poverty and land a man on the Moon.
1 (206) 724-0846
GENERATIONAL GOLD Bringing Your Children Into Your Business
Passing on your franchise business to the next generation can be a rewarding experience for a business owner. Handing off a successful franchise operation with a proven business model and a strong brand is a great
Europe, with its rich tapestry of cultures, history, and landscapes, offers many different experiences for travelers. From the cobblestone streets of quaint villages to the bustling avenues of cities, the continent beckons with a blend of the old and new. Places like London, Paris, and Berlin are all hugely popular, but these four hidden gems deserve recognition despite being often overshadowed by their more famous counterparts. GHENT, BELGIUM This medieval city is a treasure trove of history, with its well- preserved architecture and charming canals. The Gravensteen Castle, a stone sentinel standing since the Middle Ages, offers a glimpse into Ghent’s storied past. Art lovers can appreciate the Adoration of the Mystic Lamb, an iconic piece of religious art housed in St. Bavo’s Cathedral. PORTO, PORTUGAL Known for its port wine and stunning Douro River views, Porto captivates with its colorful buildings and intricate azulejos (ceramic tiles). The Livraria Lello bookstore, with its spiraling staircase and ornate woodwork, seems straight out of a fairy tale and is a must-visit for bibliophiles. LJUBLJANA, SLOVENIA This small but vibrant city is a blend of Baroque and Art Nouveau styles with a touch of modernity. The Ljubljana Castle, perched on a hilltop, offers panoramic views of the city, and Tivoli Park is a green oasis perfect for a leisurely stroll or a picnic. RHODES, GREECE One of the most southern islands of Greece, Rhodes is home to fascinating history and picturesque beaches. The Old Town is a one-of-a-kind blend of Hellenic Greece and the knights and castles of the Middle Ages. To make sure you don’t miss any of the stunning beach views, you can hire a skipper from Mandraki Port to take you around the entire island. Europe’s lesser-known sites offer a unique blend of charm, history, and culture. Each place, with its own distinct personality, tells a story that enriches the tapestry of European heritage. So, the next time you plan a European adventure, consider veering off the beaten path to explore one of these hidden wonders. Europe’s Most Exclusive Escapes DISCOVERING EUROPE’S OVERLOOKED BEAUTIES
way to prepare your children for the future and a valuable legacy for your family. Many successful restaurant chains, auto and truck dealerships, fitness centers, and other businesses are family-owned franchises. As disaster tales such as the HBO TV series “Succession” demonstrate, however, passing a family business on to the next generation requires thoughtful planning well in advance. GROOM YOUR POTENTIAL SUCCESSORS. Bringing your sons or daughters into the company to work in a variety of positions can be great training for leadership. If they understand the jobs employees must do, they will be better managers in the future. Many business owners also have their children work elsewhere for a year or more to broaden their business knowledge. PASS ON YOUR VALUES. Think early about instilling in your successors the values and mission you hold for the business, such as supporting the communities where you operate or providing employee training and advancement opportunities. Involve your heirs in these morale-building activities. LET THE FRANCHISOR KNOW YOUR PLAN. Make sure you understand any requirements or criteria the franchisor has for succession planning. Some companies actually take steps to support ongoing multigenerational franchise ownership. CONSIDER A NEW OWNERSHIP STRUCTURE. Consider changing your business to a partnership as your children move into management positions. Involving multiple partners can aid shared decision-making and governance. DEVELOP A ROAD MAP. Work with your successors to create operating, financial, and strategic plans for the business, including financial projections, operating goals, marketing strategy, and expansion plans. Embarking on an intentional, well-planned path will increase your successors’ chances of success. Many young adults today would like to own their own businesses but lack the necessary capital, expertise, or both. Franchise ownership can be a great way to give your children a strong start toward building multigenerational prosperity.
2 westcoastfranchiselaw.com
Respect From Managers Fuels a Star Employee’s Career
TAKE A BREAK
After working at a few restaurant jobs in his teens, Josh McCall decided he’d had enough of the industry. He didn’t feel appreciated and disliked managers’ obvious lack of respect for lower-ranking employees. That was 33 years ago. Today, McCall is a partner in the iServ Group, one of the largest Sonny’s BBQ restaurant franchisees with nearly 30 locations. What motivated McCall’s turnaround? At age 18, with plans to join the Air Force, McCall says he took what he thought would be one last restaurant job at a Sonny’s BBQ. There, for the first time, he says he was made to feel welcomed and valued. Managers at Sonny’s clearly cared about their people and set high expectations for them. He decided to stick around and rose through the ranks as a dishwasher, kitchen manager, assistant manager, general manager, and area director, winding up with a lifelong career as a restaurant franchisee. In an era of lavish employee perks and benefits, it’s easy to assume that motivating employees costs a lot of money. However, research shows that one of the most effective motivators doesn’t cost anything at all. Showing respect for employees is the most essential leadership behavior for instilling loyalty and aiding retention, according to a Georgetown University survey of 20,000 employees. But many managers don’t understand how to do so. Instead, their disregard for the rank and file shows up as micromanaging, incivility, and a sense among employees that management sees them as interchangeable or just a number — a perception McCall says was common among employees at his earliest restaurant jobs. At Sonny’s BBQ, management makes a deliberate effort to show respect. The company cultivates a family-like culture and fosters mutual support among employees. McCall was provided many good mentors and promotion opportunities as he rose through the ranks, and Sonny’s BBQ continues to offer employees training and advancement opportunities, encouraging them to “become the best that they can be,” the company says. It is also one of the few companies to appoint a Chief Kindness Officer to advance its community-support initiatives, disaster relief programs, and targeted
PUFF PASTRY BERRY HEARTS
Inspired by Weelicious.com
Valentine’s Day means heart-shaped everything, even desserts! Bake these puff pastry berry hearts for Valentine’s Day or any other day.
Ingredients: •
1 package frozen puff pastry, defrosted 1 cup heavy cream 1 tsp powdered sugar
•
1/2 cup fresh raspberries (or berries of your choice)
• •
employee training, including a “dining with dementia” campaign to show staffers how to deal kindly with elderly customers. McCall points to the company’s culture as a significant reason for its success.
Directions: 1. Preheat oven to 400 F. Unfold the puff pastry and use a heart-shaped cookie cutter to cut into heart shapes. 2. On a baking sheet, place puff pastry hearts and bake for 10–12 minutes or until golden brown. 3. In a standing mixer, whip the cream on medium-high speed for 2–3 minutes. Add the powdered sugar and beat on high for 30 more seconds or until thick and fluffy. 4. Remove hearts from the oven and allow to cool completely. Slice each heart in half between pastry layers to create 2 hearts. Top the bottom half with whipped cream and berries, and place the other half on top to form a sandwich.
3 (206) 724-0846
600 Stewart Street #1300 Seattle, WA 98101 westcoastfranchiselaw.com (206) 724-0846
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
IN THIS ISSUE 1
Who Was the Best President? Citizens and Experts Disagree
2
Exploring Europe’s Hidden Gems
Build a Legacy: Empower Your Kids for Business Success
3
Respect From the Top: Motivating Employees to Rise in the Ranks
Puff Pastry Berry Hearts
4
Helping Young People Learn Fiscal Responsibility
BEYOND BUSINESS
Teaching Teens Wealth Mastery
SHARPENING DECISION-MAKING ABILITIES In personal finance, high schools can play a pivotal role. Students can be encouraged to read the financial news to understand market trends and make more informed financial decisions. Teaching them how to set realistic financial goals for significant life events, such as attending college or purchasing a vehicle, teaches planning and discipline, key aspects of successful financial management. FOSTERING A CULTURE OF FINANCIAL ACCOUNTABILITY Educating students about saving money and sound investment strategies promotes fiscal responsibility. They learn about the long-term benefits of compound interest and regular investing. Teens can build on their financial knowledge as they see the benefits of sound financial decisions.
ADDRESSING THE WEALTH GAP AND ADAPTING TO CHANGE Financial literacy is a powerful tool in bridging the wealth gap. Providing all students, no matter their background, with financial knowledge is a step toward leveling the economic playing field. As the global economy evolves, young people with personal finance skills are better prepared to adapt to changing job markets, investment trends, and saving strategies. Parents and guardians can make a considerable impact in lobbying local school districts to value and include personal finance education in high school and teaching it in their homes. Young people will be able to face life’s financial challenges confidently. As we nurture our youth for their future roles, their financial literacy is vital to fostering a society of economically stable and responsible individuals.
In today’s challenging financial world, equipping high school students with personal finance tools is essential. Arming young adults with the skills necessary to navigate the monetary challenges they’ll face is much like any traditional academic discipline. Here are a few of the tools they’ll need in their repertoire.
BUILDING A ROBUST FINANCIAL FOUNDATION
Helping students learn fundamental financial skills like budgeting, saving, and investing instills a deep respect for the value of money. Parents and school classes can help them understand credit, loans, and debt management to steer them away from potential financial pitfalls when they later make decisions about loans and credit cards. Practical lessons on tax filing and understanding employee benefits are invaluable, preparing them for adulthood and independence.
4 westcoastfranchiselaw.com
Published by Newsletter Pro • www.NewsletterPro.com
Page 1 Page 2 Page 3 Page 4Made with FlippingBook Ebook Creator