FranConnect, a leading franchise management solution, offers powerful tools for organizing and controlling business data. One way we do this is the ability to create and modify entities in the FranConnect product, essential for optimizing franchise operations. To learn more about how to create and modify entities in FranConnect, read more below.
Creating a New Entity
To create an entity, first log into your FranConnect environment. Click Info Manager on the left-hand sidebar and then select Entity from the drop-down menu.
On the top of the following page, click the CREATE ENTITY button.
Enter the details for the entity you want to create in the form seen below.
Click SAVE & NEXT at the bottom of the page once you have confirmed that the information you have entered is valid. Next, you will be taken to a page that prompts you to add individual owners to the entity. To learn more about this, please check out our How to Document Ownership for a Unit in FranConnect article.
Once you have finished adding all of your owners, click SUBMIT. If you have done everything correctly, you will see your newly created entity in the system.
If you ever need to edit your entity's information, you can do so from the Entity page. Click the ... next to the unit you wish to edit and select Modify from the drop-down menu.
Creating an Entity Hierarchy
To create an entity ownership hierarchy structure, first log into your FranConnect environment. Next, on the left-hand sidebar, click Info Manager and then select Entity from the drop-down menu.
On the "Entity" page, click the List View drop-down menu and select Ownership Hierarchy.
Find the entity to which you wish to add a nested owner and click the ... adjacent to them on the table. Select Add Owner from the drop-down menu.
The following drawer will slide out.
Let's take a closer look at each option on this form:
Note: This form will look slightly different depending on whether you are adding an individual or an entity as well as whether you are adding a new or existing one. We cover a new entity here, but the options will be similar across all types.
- Owner Type: Denotes whether the owner is an individual owner or an entity
- Entity: You can select "New Entity" to create the entity here or "Existing Entity" if the entity already exists in your FranConnect environment
- Entity Name: Give your new entity a name
- Type Of Ownership: Select the type of ownership from the drop-down menu
- Owned Percentage: Denotes the percentage of the business owned by this owner
- Ownership Start Date: Denotes the date the owner became an owner
- Country of Formation/Residency: Denotes the country in which the entity resides
- State of Formation/Residency: Denotes the state in which the entity resides
- Managing Owner: Check this box if this owner is a managing owner
Once you have confirmed that all of your selections are correct, click ADD to add the new owner to the ownership hierarchy.
Conclusion
Having read this article, you should now know how to create and modify entities in FranConnect.