Franchisees in the system benefit, and franchisees leaving the system have a unique benefit as well. "When they decide they want to leave the business, they can sell their store and, based on the market value of their store at the time, receive ‘goodwill' [payment]," says DePinto. "So in fact, they build equity in their store. And that equity can be pretty significant."
According to Jeff Schenck, senior vice president of franchise and development for 7-Eleven, the number of franchisees accepting the goodwill price has been growing by double digits for the past several years.
In 2008 and beyond, 7-Eleven plans to continue to grow its store numbers. The Business Conversion Plan is one way it's achieving that. BCP enables independent convenience store owners to convert their shops into 7-Eleven stores, complete with all the benefits. "[The program] has had some phenomenal success so far, and we plan to continue to expand it," says DePinto. "A lot of entrepreneurs are looking to partner with a great trademark like 7-Eleven to grow their businesses."
From the individual franchisee to the corporate headquarters, 7-Eleven is creating a world of convenience. "Our culture is about working to support our franchisees to make them successful," says DePinto. "It's our belief that when our franchisees win, we win."
—By Nichole L. Torres
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