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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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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