The franchise sale
The franchise sale
1. Receipt of inquiry from prospective franchisee.
2. Initial telephone response from franchisor establishing personal contact. No information disclosed.
3. Dispatch of franchise pack including franchise application form.
4. Receipt of completed form followed by assessment of information provided.
5.
(a) If reply indicates that the applicant is worth investigating further, personal contact is made again to arrange interview and visits to the franchisor's existing outlets.
(b) If reply indicates that the applicant is unsuitable, he or she is advised that the process will not be taken further.
6. Prospective franchisee is interviewed by the franchisor's assessment panel which may be comprised of the franchise manager, a property specialist, the sales manager, the technical manager and/or other relevant divisional managers, depending on the type of franchise operation.
7. Establishment of franchisee's financing requirements.
8. Signing of confidentiality agreement and payment of deposit by franchisee.
9. Disclosure by franchisor of confidential information to enable franchisee to prepare a business plan.
10. Introduction of franchisee to funding sources.
11. Evaluation of available sites/properties in proposed territory.
12. When sufficient funding is raised by the franchisee, the franchise purchase agreement is signed and the balance of the initial franchise fee is paid by the franchisee.
13. If the franchise business requires a site, it is acquired and the lease is agreed. The franchisee works with the franchisor on converting the property to the style of the franchise.
14. Franchisee participates in training programme.
15. If the franchisee passes the training and is judged suitable by the franchisor, the franchise agreement becomes effective on completion of refurbishment of the franchise unit.
The franchise sale - To learn more about this author, visit Diarmuid Kieran's Website.
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Sales of franchises should be made by a set procedure of which an example is set out below. Individual franchisors will have their own specific procedures.
1. Receipt of inquiry from prospective franchisee.
2. Initial telephone response from franchisor establishing personal contact. No information disclosed.
3. Dispatch of franchise pack including franchise application form.
4. Receipt of completed form followed by assessment of information provided.
5.
(a) If reply indicates that the applicant is worth investigating further, personal contact is made again to arrange interview and visits to the franchisor's existing outlets.
(b) If reply indicates that the applicant is unsuitable, he or she is advised that the process will not be taken further.
6. Prospective franchisee is interviewed by the franchisor's assessment panel which may be comprised of the franchise manager, a property specialist, the sales manager, the technical manager and/or other relevant divisional managers, depending on the type of franchise operation.
7. Establishment of franchisee's financing requirements.
8. Signing of confidentiality agreement and payment of deposit by franchisee.
9. Disclosure by franchisor of confidential information to enable franchisee to prepare a business plan.
10. Introduction of franchisee to funding sources.
11. Evaluation of available sites/properties in proposed territory.
12. When sufficient funding is raised by the franchisee, the franchise purchase agreement is signed and the balance of the initial franchise fee is paid by the franchisee.
13. If the franchise business requires a site, it is acquired and the lease is agreed. The franchisee works with the franchisor on converting the property to the style of the franchise.
14. Franchisee participates in training programme.
15. If the franchisee passes the training and is judged suitable by the franchisor, the franchise agreement becomes effective on completion of refurbishment of the franchise unit.
The franchise sale - To learn more about this author, visit Diarmuid Kieran'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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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David 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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