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The art of franchising.

Wayne K. Richardson is not a minister, but he marries entities every day. Realizing that the uniting of franchiser and franchisee is a serious commitment and is not to be entered into lightly, the president and CEO of Full Spectrum Management Services Inc., is attempting to make a fortune from the nuptials.

Full Spectrum, based in Marina del Rey, Calif., is a franchise consulting firm that develops marketing plans and offers technical assistance and support for novice and established franchise owners. The 3-year-old firm also helps entrepreneurs transform their companies into franchises by locating suitable investors. Once such company that is looking to enter the franchise arena is The Gallery Rodeo. Full Spectrum is helping the Beverly Hills marketer of fine art find investors for the 32 franchise units the company wants to open. "Franchising is an ideal option for blacks because funds for a start-up business are always more difficult to acquire," he notes.

After a two-year as a marketing major at Los Angeles City College in the late 1970s, Richardson began working several firms that specialized in selling precious metals and art collectible. That experience paid off when the 34-year old Kansas City native and his partner in 1986 conducted a $50,000 leveraged buyout of First Fidelity Exchange, a fine art and collectibles business in Marina del Rey.

Two years later, Richardson sold his stake in the company for $50,000. That was the seed money he used to launch Full Spectrum. The 12-person office, which includes eight salespeople, grossed $390,000 in revenues in 1990. Richards plans to open offices in Atlanta, Miami and Houston.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Full Spectrum Management Services Inc.
Author:Reynolds, Rhonda
Publication:Black Enterprise
Article Type:Company Profile
Date:Feb 1, 1992
Words:269
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