GET A BETTER UNDERSTANDING OF HOW WE HELP YOU EXPLORE FRANCHISE OPPORTUNITIES
Step 1: INTRODUCTION
This is where you learn about us and we learn about you. We explain what we do and how we do it. Then it is important that we find out about you, including your:
Background | Experience | Skills
Timeline (Are You In A Hurry?)
Your Goals, Needs, and/or Desires
Finally, based on a cumulative review of your personal situation we can help determine if franchising is right for you!
Step 2: FRANCHISE RESEARCH
You may decide in step 1 that franchising is not for you at all. However, if you decide that you would like to explore franchising, then we can use the information you provided in step 1 to search through our network of over 400 franchises and present you with some opportunities that are available in your area.
Step 3: SELECTING OPPORTUNITIES TO INVESTIGATE
During this phase we help you analyze the opportunities that we selected for your review. Because, while it is important to find a good franchise, it is equally important to find a franchise that is right for YOU – your talents, your personality and your personal preferences - and only you really know that. For example: Are you outgoing? Are you an introvert? Are you empathetic and enjoy helping people? Do you want to work close to home? Or in your home? So, while we can select a franchise that may seem like a good fit, only you can decide if it will make you happy, meet your needs and help you achieve your goals. That is why we always say, “this is your search”, but we can save you a lot of time and help you ask the right questions. This is a good time to get prequalified if you need financing. Almost all franchises that we work with are SBA approved.
Step 4: INVESTIGATION
Once you have decided that one or more of the opportunities that we selected may be a “good fit”, then we help you investigate it further. Some important details include: What is the total investment? What are the daily responsibilities of an owner? And much more. At this point, if you still want to know more about a given franchise, we will introduce you to one of their representatives so that you can ask questions and they can get to know you.
After one or more conversations with the franchise, you will both decide if you are interested in moving forward to the next step together. If you move forward, then franchises all have their own process at this point. You will need to complete an application and you may need to speak to the CEO, take a personality test or any number of things. Meanwhile you will keep coming up with additional questions (we help with that). During this phase they will provide you with a franchise disclosure document to review. At the end of this process both sides will decide if you are interested in moving forward together. If so, then you move on to the next step.
Step 5: DUE DILIGENCE AND VALIDATION
This is the last (and most important step), where you make the final decision - do you want to join the franchise as a franchisee – or not. Your due diligence will include analyzing the franchise disclosure document (FDD) that contains 23 mandatory sections that provide candidates with information regarding costs and fees, legal issues, turnover rates, a copy of the franchise agreement and much more. These documents can be lengthy, technical and tedious. We can help but since both the FDD and franchise agreement are legal documents we always recommend using an attorney familiar with franchising. As part of your due diligence we suggest speaking with a CPA as well, especially when considering financing options. This step also includes a “Discovery Day” at the company H.Q. where you meet upper management and ask more questions. This will help you determine the following:
- Will you enjoy this franchise?
- Can you follow their system?
- Will it meet your financial needs?
- Is this business the right fit for you?
Another very important part of this process is “validation”. Simply put, when you speak to actual franchisees, do they “validate” what the franchise has told you? Are they happy and successful? Did they receive adequate training? Are they profitable? Would they buy the franchise again? And what advice do they have for you? This step is worth spending time on and we will strongly suggest that you speak with as many franchisees as possible – the franchisor will provide you with all their names and contact information.
Ultimately, at the end of this process, only you can decide if this is the business that will make you happy, meet your needs and help you achieve your goals.
Step 7: CONGRATULATIONS! OR BACK TO STEP 2
If we have helped you find the right Franchise and the contract has been signed then....
Otherwise we will return to step 2 and present you with more franchise opportunities to consider.