Edible Arrangements Coo And Co-founder's Top Seven New Year's Resolutions

HAMDEN, CONN (Wednesday, December 14, 2005) - Kamran Farid, COO and co-founder of the family-owned Edible Arrangements Franchise Group, one of the nation's fastest growing franchise systems, today announced his top seven New Year's resolutions for budding entrepreneurs to successfully manage a business with siblings and in-laws. Kamran speaks from experience: each one of his five siblings is directly involved in Edible Arrangements or an ancillary businesses.

Edible Arrangements began in 1999 with a single store in East Haven, Conn. Today, it has 150 stores opened across the U.S. and Canada, with 7 to 8 locations opening each week; a U.K. expansion is launching soon. Edible Arrangements was ranked 8th in Entrepreneur Magazine's "Top New Franchises in 2005" that analyzes companies that have been franchising since 2000. The arrival of the New Year is for many businesses a time for introspection and an opportunity to resolve to make changes to start anew.

According to Kamran:

1. Too many chefs spoil the broth. "In a family business, if the lines of authority are blurred and no one is the clear leader, it is dangerous from a business standpoint," said Kamran. "Tariq Farid is both our eldest brother and the CEO. The siblings all recognize that he is the chief and act accordingly. We all have a say, but his is final."

2. If you structure it properly, they will prosper. "We used lawyers, accountants and financial planners to help us create the proper business structures from the start," said Kamran. "It's imperative that each family member in the business clearly understands their title, their responsibilities, their evaluation criteria and most importantly, their compensation. If everything is spelled out in black and white, there is less possibility for conflict once the business is up and running."

3. Close at hand, close at heart. "We believe it's important to have ample face-to-face meetings to iron out business problems on an ongoing basis to nip potential conflicts in the bud," said Kamran. "Our entire family lives in Hamden, Conn., so this is not difficult logistically. We spend many hours together in our conference room."

4. The family that plays together, stays together. "Aside from me, everyone in the family has children and we encourage them to play together as much as possible," said Kamran. "We have big, home-cooked, family feasts every week. We play baseball and basketball on Sundays. That keeps all of us adults together, as well. That said, we don't talk shop. It's important to separate business from personal and give each their own space."

5. Talk the talk and walk the walk. "Family members have to work ten-times as hard as employees to show they are earning their keep and not resting on family ties," said Kamran. "In our workplace, the same standards to apply to everyone. We treat everyone the same, be they employee or family members. Otherwise, morale suffers."

6. Who can you trust these days? "You can't pay for trust and family businesses have this advantage," said Kamran. "Family members are also more dedicated, they go above and beyond the demands of business because they don't want to disappoint their siblings. They will also defer immediate rewards for long-term ownership benefits. This is very powerful."

7. Keep your eyes on the financial prize. Don't gorge short-term. "Once the money starts coming in, don't be tempted to gorge on things like company cars or other perquisites," said Kamran. "It's critical that family businesses shepherd their resources, even when they are showing a profit. Keep everyone's eyes on the long-term."

About Edible Arrangements

Founded in 1999 and headquartered in Hamden, Conn., Edible Arrangements Franchise Group is the leading purveyor of luscious fresh fruit "bouquets" that artfully resemble their floral counterparts. The company's corporate store and rapidly expanding franchises (now numbering more than 250) hand deliver these wholesome and festive products across the U.S. and Canada. Arrangements can be ordered through the company's website, by telephone or at one of its stores. The company was ranked eighth in Entrepreneur Magazine's Top New Franchises in 2005. For more information, please visit www.ediblearrangements.com.

*Entrepreneur Magazine's ranking is based on cumulative scores that factor in the franchise's financial strength and stability, growth rate, system size, number of years in business, length of time franchising and start-up costs

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