Select a Franchise Opportunity That Clicks!
Select a Franchise Opportunity That Clicks!
Your own personal checklist might look like this:
*I have enough money or can borrow enough money to meet upfront fees and ongoing fees for at least 18 months
*The day to day operations in this franchise are in sync with how I'd like to spend my time
*The day to day management responsibilites are harmonious with my strengths and talents and skills
*The person at the helm of the franchise opportunity is of strong reputation and likeability
*The culture of the organization is in harmony with my own values and style
*I believe that the future of this franchise opportunity combines vision and practicality
*The structure of the organization (public, private, or soon to go public) is one I find acceptable
*I know how many hours I'm willing to invest in the business and this number meets the franchisor's expectations
of course there is a checklist regarding the franchisor too:
*The franchisor is financially healthy
*The litigation history is acceptable and has been explained satisfactorily
*The organization has had consistent franchise growth
*The organization has a strong Franchise Owner's Association that works in concert with management
*Management shows an openness to new ideas
*Earnings Claims are available and satisfactory, or, if not available, franchisees are willing to help you to understand the financial picture
As part of your due diligence you should also:
*Review the organizaton's Uniform Offering Circular (UFOC)
*Interview a varied group of franchisees with a list of pre-designed questions
*Visit a local unit or two
*Visit the organization's headquarters and meet with key management
And while I fully acknowledge the necessity of researching carefully, at some point a decision needs to be made.
The decision, in my mind, comes down to The Magic Click!
*Does this opportunity feel like the right fit for me?
*Do I feel comfortable with the franchisees and management team?
*Can I see myself becoming a member of this franchise family? A leader within the organization?
*Can I see myself having fun with this businessA?
*Do I see a values and personality fit with the key players?
*Do I see myself growing with this organization?
*Are my instincts telling me this is the right organization for me?
For years, as VP of Sylvan Learning Systems, Inc, I put my head together with prospective franchisees that were examining the system for its solvency and future. My sales team and I answered question after question for prospective buyers.
And here's what I learned for sure: When it comes to making the final decision, it is really a matter of prospects' checking into their hearts and into their guts.
Because this is the way that most of us make big decisions at the end of the day.
The partnerhsip between the franchisee and franchisor needs to click.
And it needs to click for both parties.
When the click is there you know it.
When the click is there you have a good chance of solving problems together, getting over humps together, and being successful together.
Please give this good thought before you sign on the dotted line.
Select a Franchise Opportunity That Clicks - To learn more about this author, visit Flo Schell's Website.
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There is no question that there are clear guidelines to consider when shopping for a franchise opportunity. There are personal guidelines for you to consider and there are certain elements you are looking for in the franchisor.
Your own personal checklist might look like this:
*I have enough money or can borrow enough money to meet upfront fees and ongoing fees for at least 18 months
*The day to day operations in this franchise are in sync with how I'd like to spend my time
*The day to day management responsibilites are harmonious with my strengths and talents and skills
*The person at the helm of the franchise opportunity is of strong reputation and likeability
*The culture of the organization is in harmony with my own values and style
*I believe that the future of this franchise opportunity combines vision and practicality
*The structure of the organization (public, private, or soon to go public) is one I find acceptable
*I know how many hours I'm willing to invest in the business and this number meets the franchisor's expectations
of course there is a checklist regarding the franchisor too:
*The franchisor is financially healthy
*The litigation history is acceptable and has been explained satisfactorily
*The organization has had consistent franchise growth
*The organization has a strong Franchise Owner's Association that works in concert with management
*Management shows an openness to new ideas
*Earnings Claims are available and satisfactory, or, if not available, franchisees are willing to help you to understand the financial picture
As part of your due diligence you should also:
*Review the organizaton's Uniform Offering Circular (UFOC)
*Interview a varied group of franchisees with a list of pre-designed questions
*Visit a local unit or two
*Visit the organization's headquarters and meet with key management
And while I fully acknowledge the necessity of researching carefully, at some point a decision needs to be made.
The decision, in my mind, comes down to The Magic Click!
*Does this opportunity feel like the right fit for me?
*Do I feel comfortable with the franchisees and management team?
*Can I see myself becoming a member of this franchise family? A leader within the organization?
*Can I see myself having fun with this businessA?
*Do I see a values and personality fit with the key players?
*Do I see myself growing with this organization?
*Are my instincts telling me this is the right organization for me?
For years, as VP of Sylvan Learning Systems, Inc, I put my head together with prospective franchisees that were examining the system for its solvency and future. My sales team and I answered question after question for prospective buyers.
And here's what I learned for sure: When it comes to making the final decision, it is really a matter of prospects' checking into their hearts and into their guts.
Because this is the way that most of us make big decisions at the end of the day.
The partnerhsip between the franchisee and franchisor needs to click.
And it needs to click for both parties.
When the click is there you know it.
When the click is there you have a good chance of solving problems together, getting over humps together, and being successful together.
Please give this good thought before you sign on the dotted line.
Select a Franchise Opportunity That Clicks - To learn more about this author, visit Flo Schell's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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To learn more about the Evan Elite Author Program please contact us. | |||
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 Flo Schell (Visit Flo's Website) Flo Schell, EdM, is Founder of Franchise Coaching Systems and author of Stop Selling Start Clicking (MP Press, 2006). Ms. Schell has been featured in Success magazine and The Wall Street Journal. She is the former Vice President of Franchise Development for Sylvan Learning Systems. Sign up for free newsletters geared toward latest trends in sales and franchising at www.FloSchell.c om. Learn more about her new book at w ww.stopsellingstartclicking.com
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