ProfitMastery CEO Steve LeFever guided this webinar on the details of developing and enacting a concrete financial action plan for franchisors and franchisees alike, who are under stress from COVID-19-related cash flow and credit access strains. LeFever stressed the need for every business to undergo a balance sheet assessment of their solvency/working capital, liquidity, and leverage/risk to determine business health and create an ongoing financial report card. LeFever also provided step-by-step instructions for businesses to determine the now-critical cash flow burn rate, and guidance on how to lengthen businesses’ cash runway in times of financial stress.

Former IFA leadership offered historical perspectives on times of crisis to chart a course through this period of COVID-19-related instability. The panelists stressed the need for positive culture aligned on common values of trust, open communication, and mutual support between franchisor and franchisee. The panelists also detailed the need for self-less leadership that puts the needs and priorities of others first, for relentless communication with stakeholders, and for empathy to those affected by the ongoing public health crisis.

Panelists Brad Hammock, Jim Paretti, and Libby Henninger of Littler Mendelson provided up-to-the-minute suggestions and guidance on the labor and employment implications of the coronavirus pandemic and in light of current law. The panelists outlined current OSHA and CDC guidance for businesses on what to do if an employee became symptomatic or sick with COVID-19, and how businesses are now required to comply with new paid sick leave and emergency Family and Medical Leave Act (FMLA) mandates. The panelists also detailed the wage and hour considerations mandated by recent legislative actions, and defined key terms and compliance relevant to businesses considering furloughs, layoffs, and temporary reductions and/or alterations in scheduling for exempt and non-exempt employees.

IFA franchisor member Jani-King provided important perspectives from a janitorial and cleaning company as they confront increased demand for cleaning and disinfecting services due to the spread of COVID-19. The panelists outlined in detail the different approaches to cleaning and disinfecting to promote health and safety for franchisor companies, franchisees, and customers. The panelists also underscored the need to pay close attention to national, state, and local mandates and court orders about essential and non-essential business operations and restrictions.

Led by panelists and franchise real estate specialists Rocco Fiorentino, CFE, and Ty Brewster, CFE, the “Landlords and Rent Relief – Outside the Government Relief Packages” webinar focused on the functional aspects of landlord-tenant relationships and lease agreements given high levels of business uncertainty due to Coronavirus/COVID-19. The panelists underscored the need for franchisor clients to equip themselves with knowledge on the terms and provisions of their lease agreements; to know their business, sales, and operations history; and to communicate clearly and strongly with their landlords to negotiate the best possible agreement.

IFA Franchisee leaders Tamra Kennedy and Tom Baber provided valuable insight into COVID-19 response operations from a franchisee perspective during the “Franchisee Response to Coronavirus – First Steps & Planning” webinar. The panelists stressed the need for good communication within your franchise system, among franchisees, and between employer and employee. The panelists also underscored the franchisee-specific resources IFA would provide in coming days, as well as strategies to cope with liquidity stress and decreased revenue that franchisees are facing amid this public health crisis. IFA lobbyist Suzanne Beall updated participants on legislative strategy ahead of the “Phase 3” stimulus bill being negotiated in Congress, and IFA supplier member Justin Klein offered his guidance on how to ready an action plan with knowledge and resources gained from the provisions of franchise, lease, and development agreements.