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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.
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Anne Barr
Anne 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
Dianne Crampton
Dianne Crampton is an Executive Leadership Coach and Team Building Consultant and creator of the TIGERS team development model. For the past twenty years she has helped leaders and teams achieve goals with high levels of collaboration and teamwork.
Crampton is a published author. Her contribution to Working Together: Diversity As Opportunity was endorsed by Stephen Covey. She has written for trade magazines. Merrill Lynch nominated her business for Inc. Magazine’s regional small business and entrepreneurial awards. Her work with Native Americans was recognized at a United Nations sponsored conference in 1994.
The TIGERS model passed two rigorous validation studies in 1992 and 1994. The TIGERS Survey is able to measure and track team development over time.
Dianne is also the creator and distributor of the TIGERS Team Wheel game. This game helps groups identify behaviors that build collaborative groups and behaviors that cause conflict, morale problems, production failures, and misunderstandings.
For more information, or to subscribe to TigerTracks, a free monthly leadership and team newsletter go to http://www.corevalues.com - Visit Dianne Crampton's Website
The Evan Elite Authors program is currently in beta phase. For details please contact us.
Flo Schell
(Visit Flo's Website)
Flo Schell, EdM, Former VP of Franchise
Sales, Sylvan Learning Systems, Inc. is
Founder of Franchise Coaching Systems
and can be found at www.FloSchell.c
om. She holds distinction as a
Certified Coach from the Thomas Leonard
School of Coaching. Flo is adept at the
nuts and bolts of selling and at helping
sales professionals to deal with the ups
and downs of their work. She is author of
the new business book, Stop Selling Start
Clicking, available at
www.StopSellingStartClicking.com. Sign
on to her website for free Tele-Gatherings
on topics related to selling and
franchising.
Franchising Coach Blog - comfortable sales and marketing tips to boost your business
Flo Schell Video - This is a live chat with Flo Schell, Author of the highly acclaimed new business book, Stop Selling: Start Clicking! Flo knows how hard it can be for small business owners to sell themselves and their services. Bringing 20 years of sales experience and featured in Success Magazine, Certified Coach Flo Schell, bases her process on the human connection that she calls the magic click. Listen in as Flo describes why we must master the art of selling...and exactly how to create the magic click.
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