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Flock Together With Franchise Opportunities

The franchise and affinity group niche can be a great growth market for agents and brokers but success depends on in-depth understanding of each groups unique needs.

By Laura Mazzuca Toops | Updated on March 31, 2013
Franchise ownership is on the rise, making the niche a good growth opportunity for independent agents and brokers. But experts warn that the need to intimately know and understand the client’s business is even more critical when placing coverage for franchises, associations or affinity groups.

“Many franchises and association program attempts fail, most often due to a lack of identifying the real needs and wants of the members,” said Vincent Stazzone, executive vice president of Williams and Stazzone Insurance Agency, which specializes in franchise systems and trade associations in the automotive and food and beverage industries.

State of the Market

In spite of a rocky economy—or perhaps because of it—the number of U.S. franchise establishments in 2012 increased for the first time since the outset of the Great Recession in 2008, according to the International Franchise Assn. (IFA)’s “Franchise Business Economic Outlook for 2013.” And the forecast is bright: The report projects that the number of U.S. franchise establishments will increase by 1.4 percent in 2013, just short of 2012’s 1.5 percent growth, going from 746,828 to 757,055 businesses.

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