Ross Gilfillan, editor of Global Franchise, asked me, “What can we expect from the newly-educated students of the Titus Center for Franchising in Florida? What will be their next steps?”
First you need to know that in its inaugural year at Palm Beach Atlantic University (PBA.edu), the center attracted approximately 40 students who are earning a concentration in franchising as part of their bachelor’s degree in business.
Ray Titus, founder and CEO of United Franchise Group, provided a $1.5 million endowment to establish the center to teach a subject rarely taught at universities.
Since then, the center has assembled a 40-member Advisory Board including franchisors, franchisees and suppliers.
Before that first year ended, a private foundation in New York City heard about the center and extended a $50,000 grant for the purpose of “teaching students about franchising.”
All the more amazing, a Tampa, Florida businessman decided to put up $300,000 for the center’s students to use as seed money to buy franchises beginning in 2019!
If there’s another center offering this much opportunity to students of franchising I don’t know about it. Do you?
Answering Ross’ first question, the franchise community at large can expect the Titus Center to graduate business students with a passion for franchising. Of 46 students who enrolled to date in Principles of Franchising, 96% said they plan to buy a franchise – in fact, most said they plan to buy multiple franchises.
Of the remaining 4%, most of them plan to work for franchise companies or franchise their own or a family member’s business. While most of the students are from the USA, two come from Brazil, and one from the Ukraine.
Titus Center students will complete three academic courses plus a franchise internship before graduation. It’s fair to say they will know more about franchising than most prospective franchisees and franchisors worldwide.
Most importantly, they will know why franchising works (and when it doesn’t work), why it makes sense for them (or not), and not only how to confidently buy a franchise, but how to make themselves more valuable to franchisors, suppliers, customers and their communities.
Ultimately, our students will understand that franchising is an outstanding strategy for creating wealth.
But only for certain people, who they will be able to identify! Look for our first graduates during this academic year.
ABOUT THE AUTHOR
Former franchisee and franchisor, Dr. John P. Hayes is the Titus Chair for Franchise Leadership at Palm Beach Atlantic University in Florida.
