How She Became CEO of Her Whole Company

In 2020, Just Between Friends was dealing with a disaster. It is an events-based enterprise, which meant it was hit particularly onerous by COVID. In the meantime, the husband of one among its founders turned critically ailing, so she wanted to step again from day-to-day operations.

The corporate started on the lookout for a president to take over — and Tracy Panase was certain she’d be thought of. She was the model’s high franchisee, in any case. Three of her 4 areas had been among the many firm’s high 10 earners nationwide. She’d be an ideal president, she thought. However they by no means known as her.

Panase stewed over this. Then she talked it over along with her husband.

“Did you elevate your hand?” he requested her.

“No, I did not,” she realized. She assumed that her onerous work and success would communicate for itself, however she had by no means vocalized her ambitions. This was a vital lesson for her: If you need one thing, it’s a must to step up and specific it. It’s a must to elevate your hand.

So she did. She reached out to the corporate’s cofounder, Shannon Wilburn. What adopted was an 18-month dialog about how Panase may do much more than develop into president. As an alternative, she was capable of purchase the whole firm and develop into CEO.

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Franchises are sometimes offered to non-public fairness corporations or traders, not franchisees. However this transfer match the model effectively. Simply Between Mates is community-oriented: Its franchisees host native consignment gross sales, the place they invite neighbors to promote their used clothes. It really works as a result of communities band collectively. So should not the Simply Between Mates model be offered between associates too?

In 2022, Panase formally took over. However when she started, she made the identical mistake as earlier than: She thought that as a result of she had been a franchisee, her model’s franchisees would instantly belief her to be CEO. As an alternative, franchisees had questions and considerations. Panase realized she’d want to talk up as soon as once more.

“The very first thing I did was I visited 10 totally different main metropolitan areas throughout the nation,” she says, “the place we had informal however intentional conversations about franchisees’ considerations, and that was superior.”

She known as it a “Higher Collectively” roadshow, assembly face-to-face with franchisees and listening to their considerations. It was so profitable that she did it once more this 12 months, however with a deal with small-market franchises. “I will proceed to do it on an annual foundation, as a result of that is the primary factor in franchising — establishing those relationships and having that belief with the franchisees.”

Now she’s considering forward. Simply Between Mates has greater than 150 areas, and he or she needs to develop it to over 200 throughout all 50 states. However she is aware of she will not obtain this aim via her efforts alone — it’s going to require each franchisee taking initiative and contributing to the bigger mission. Meaning she wants each franchisee to boost their hand, communicate up, and share what’s on their minds. Success is not nearly working onerous, in any case. It is about figuring out when to step up and say, “I am prepared.”

“I believe it is a wonderful reminder for all of us that you have to verbalize what you need,” Panase says.

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