Finding a Franchise
Finding a Franchise
The ways in which you can locate and purchase franchises include:
Directly Through the Franchisor: As a general rule, franchisors list information on their websites or will send you an information packet per request.
Internet: When it comes to online franchise directories, there are nearly too many to count. Many of these lead generation sites offer additional features, including advice on franchising, franchise law, and financing. Be aware, though, that, due to the sheer volume of available information, you may have difficulty deciding where to begin your search for the ideal franchise opportunity.
Franchise Brokers and Consultants: Generally, brokers and consultants represent a select group of franchise companies; they often have a set criteria or code of ethics they require of the franchisors in their database. Several charge a fee to franchisees for their services, and others receive compensation from the franchisor once the deal is set. On the downside, your search for the perfect franchise might be limited to a broker's or consultant's database of approved franchise companies. On the upside, franchise brokers and consultants know the companies they represent very well, considering that they meet executives face-to-face, meet with existing franchisees of those companies and review Uniform Franchise Offering Circulars (UFOCs) and franchise offerings.
Trade Shows: Throughout the year, you're guaranteed to find a multitude of franchise trade shows you can attend. Such shows provide a great opportunity to find out about lots of different opportunities you may have been previously unaware of and, similarly, to research companies that you are interested in. Franchisor representatives generally attend these shows, thus allowing you a unique opportunity to glean an accurate assessment of whatever company you might be interested in.
Newspapers: While the classified section of your local newspaper may list available franchise opportunities, the majority of established franchise companies do not advertise in newspapers – which means it would be in your best interest not to limit your franchise search to newspapers alone.
Trade Publications: Prospective franchisees, spotlight opportunities, and list advertisements from franchisors are all targeted by trade publications such as print magazines, newsletters, and/or online journals and Web sites.
A final thought: franchise reselling is something you should be aware of when searching for a franchise opportunity. It's possible that an existing franchisee wants out of an agreement, or, a franchisor may be reselling a franchise because that franchise has gone belly up. Whatever your suspicions may be, try to track down the original franchisee to find out exactly what happened, because the opportunities you're checking out may in fact be legitimate – for example, a franchisee may have wanted out solely due to personal reasons completely unrelated to the performance of the business in question. Be sure to do your due diligence by thoroughly investigating the opportunity of interest (that is, verifying its legitimacy with the franchise company) and retaining a franchise attorney to protect your rights and interests.
Finding a Franchise - To learn more about this author, visit Sebastien Page's Website.
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There are a number of ways you can find and purchase franchises. Keep in mind that due diligence is necessary, and anything that sounds too good to be true probably is.
The ways in which you can locate and purchase franchises include:
Directly Through the Franchisor: As a general rule, franchisors list information on their websites or will send you an information packet per request.
Internet: When it comes to online franchise directories, there are nearly too many to count. Many of these lead generation sites offer additional features, including advice on franchising, franchise law, and financing. Be aware, though, that, due to the sheer volume of available information, you may have difficulty deciding where to begin your search for the ideal franchise opportunity.
Franchise Brokers and Consultants: Generally, brokers and consultants represent a select group of franchise companies; they often have a set criteria or code of ethics they require of the franchisors in their database. Several charge a fee to franchisees for their services, and others receive compensation from the franchisor once the deal is set. On the downside, your search for the perfect franchise might be limited to a broker's or consultant's database of approved franchise companies. On the upside, franchise brokers and consultants know the companies they represent very well, considering that they meet executives face-to-face, meet with existing franchisees of those companies and review Uniform Franchise Offering Circulars (UFOCs) and franchise offerings.
Trade Shows: Throughout the year, you're guaranteed to find a multitude of franchise trade shows you can attend. Such shows provide a great opportunity to find out about lots of different opportunities you may have been previously unaware of and, similarly, to research companies that you are interested in. Franchisor representatives generally attend these shows, thus allowing you a unique opportunity to glean an accurate assessment of whatever company you might be interested in.
Newspapers: While the classified section of your local newspaper may list available franchise opportunities, the majority of established franchise companies do not advertise in newspapers – which means it would be in your best interest not to limit your franchise search to newspapers alone.
Trade Publications: Prospective franchisees, spotlight opportunities, and list advertisements from franchisors are all targeted by trade publications such as print magazines, newsletters, and/or online journals and Web sites.
A final thought: franchise reselling is something you should be aware of when searching for a franchise opportunity. It's possible that an existing franchisee wants out of an agreement, or, a franchisor may be reselling a franchise because that franchise has gone belly up. Whatever your suspicions may be, try to track down the original franchisee to find out exactly what happened, because the opportunities you're checking out may in fact be legitimate – for example, a franchisee may have wanted out solely due to personal reasons completely unrelated to the performance of the business in question. Be sure to do your due diligence by thoroughly investigating the opportunity of interest (that is, verifying its legitimacy with the franchise company) and retaining a franchise attorney to protect your rights and interests.
Finding a Franchise - To learn more about this author, visit Sebastien Page's Website.
Like this article? Share it with your friends
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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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