Michal Zadák was looking for a way to become professionally independent. The opportunity came in the form of his own consulting branch
What gave you the idea to become a franchisee of the Partners Market network?
Even though I had a great career in an online media house, I wanted to have "something of my own". Over the years, different ideas and thoughts came to me. Some were better, some were worse, but it still wasn't the same. Then I was introduced to the possibility of having my own consulting arm under the umbrella of Partners, of which I had been a satisfied client for years. It seemed to me that the Partners Market was the one that would fulfill my desire to become independent. Moreover, I saw it as a great opportunity for the future, which is slowly being confirmed!
How long have you been a franchisee of this network and how are you doing?
We started in the fall of 2018. Since then, we've been learning and improving our client service. We're building everything gradually so it's been a long run. But that's good! And how are we doing? The way we deserve! (laughs). After less than three years, we are among the top ten branches in the country and I think that's great. But we have higher goals.
What was your work experience before you became a franchisee? Did you already have experience in finance?
Before Partners, I worked for Seznam.cz for almost 14 years, where I learned a number of things from a work perspective that I now continue to use. I consider working with people and strategic planning to be key. These help me every day. I only had experience in finance as a client, I knew the basic principles, but I had no work experience.
What challenges did you have to deal with at the beginning of your franchise business?
From my position, I perceive two - personnel and client issues. The financial advisory industry still doesn't have a good reputation. Clients have a lot of prejudices, they are afraid of being cheated, robbed. The level of mistrust is really high. At the same time, from a personnel point of view, it is a demanding job in terms of business skills, expertise and communication. For a lot of people it's really challenging. But things are improving on both counts. When I see our successful consultants and satisfied clients, I am happy that we are improving the awareness of this industry.
What surprised you the most when you started, either negatively or positively?
There weren't many negative surprises, I knew what I was getting into. The positive for me is Partners, the thinking of the management, the focus and the approach. What they say goes, and that's crucial for me.
What do you see as the main positives of franchising?
At Partners I see the positives of the franchise model mainly in the internal systems, the training, the know-how that I can use for my company, everything is at a high level.
What kind of support did you get from the management of Partners Market when you started your business under their brand?
As I mentioned before, the internal systems are a big support, but most importantly the people who represent the Partners Market model and help the franchisees. Their support has been crucial in the implementation and opening of the branch.
What advice would you give to potential franchisees interested in a Partners Market franchise? What should they prepare for?
I see the staffing aspect as the key! The right team of people is the most important thing.
Can't someone have a problem with regular head office supervision?
I think the phrase "regular headquarters supervision" sounds too strict. And it's certainly not. Every franchise model has rules that need to be followed. I mean, I don't feel supervised at all, on the contrary, I feel that everything is running as it should.
What other plans do you have for your business under the Partners Market brand? For example, are you considering opening another branch?
Currently we want to fill the team with quality consultants and stabilize the branch both in terms of personnel and business. Our goals are higher than what we are currently implementing. I expect that in the next two years we will either double the size of the team or open another branch. We will see which solution is the more appropriate.
It occurs to me that your business may have been significantly impacted by the COVID-19 pandemic and related government measures. How much has it affected you?
It has, very much. Mostly positively, though, I feel. At first, there was concern about whether it would be possible to meet with clients, because ideally, this is an issue that can be dealt with in person. However, it has turned out that digitalisation has accelerated the industry and brought new opportunities that we will continue to use in the future. I also see that some clients have come to realise that being responsible with their finances is just as important as being responsible with their health.
Has being part of a franchise network been an advantage for you at this point? Have you received any support from the franchisor?
Yes, it was an advantage. The digitalisation has taken place across all levels. The support from the head office has been considerable, which has helped us grow even at this time.
