Listen

"Listen"

I'm in the financing industry. I've been surrounded by franchisees and franchisors because that is all I do. I am a franchise and business finance consultant who deals with SBA financing. Most franchisors do not provide financing for you. Some will recommend financial institutes, while others leave it up to you to either obtain your own personal funding or third party financing.
Regardless, one of the main problems I've encountered with prospective borrowers (and have also heard this same complaint from franchisors about their prospects) is that while trying to assist them they simply aren't listening and really "absorbing" important information being given to them.
I've tried several techniques and tactics to no avail. It amazes me that franchisees and/or borrowers do not seem to take the time to understand everything so it will all be very clear to them when it's time to move forward. When you are dealing with buying into a franchise business and/or obtaining a business loan for thousands to millions of dollars, why on earth would you not listen to an expert who knows the ins and outs within these fields?
Any information you can get your hands (or ears and eyes on)you should take the time educate yourself with. If you're lucky enough to obtain an experts advice and knowledge (especially if it's free) you should take the time to "listen" or "read" because it's benefits are invaluable.

Here's are four important tips a prospective borrower and/or franchisee should know:

When contacting a franchisor or business financing institute, don't think of your initial phone conversation or meeting as a "just another sales pitch" because chances are you are going to miss important information by turning a deaf ear with these type of thoughts in your head. (Thinking on these lines will cause your brain to tell your ears to shut down). You'll "hear" but you won't really "listen". You must remember that you are the one who probably contacted them because you were already interested in the Business, Service or Product. Therefore, there isn't really anything for them to "pitch" or "sell" to you. You initiated this because you want to learn more about it. You're being given information because you inquired. So, Listen.

Have a pen and small note pad handy or even a small recorder that you can keep in your pocket or purse. Be prepared to jot down notes, questions or tape the conversation so you don't miss important information that you are receiving, want to ask or don't understand. It will prevent any confusion and you won't be wasting anyone's time in the end. Your sales rep doesn't want you to waste their time, because they have plenty of other prospects in the wings. they will simply move onto the next one, leaving you behind because they will take your not listening as you're not interested.
Be prepared to have your information handy. Most Franchisors and Financial Institutions want you to complete information for them so they can see if you are meeting their requirements. Most of them will ask you for a personal financial statement and some general questions to get a feel for your candidacy. Information you will need to know are about your assets and Liabilities. Net Worth. Your income and credit. It would be handy to have a general idea about the value of your home, cars, furnishings, balances in retirement funds, bank accounts, credit card balances, mortgages, student loan balances, car loans/leases...etc. It really gives the franchisor and/or financial institute insight so they can better serve you.
Don't lie, cover up or try to hide anything. Usually a background check is run by Lenders and possibly franchisors. If you've been arrested, convicted or even received too many tickets and your car is about to be impounded, disclose this information up front. If your pegged as a liar from the start, you will more than likely be found to be a poor candidate and declined.

Article by: Michele Slevin
Questions about this article can be addressed to michele@theslevingroup.com or visit us at www.theslevingroup.com and complete the inquiry form.

Listen - To learn more about this author, visit Michele Slevin's Website.

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