Tweet

Due Diligence

Written by: Start Your Business

Article Overview: Most businesses need licenses and permits to operate. The type of license or permit you need depends on your industry and the state in which you are located. License and permit requirements also affect where you locate your business, how much you'll have to spend for remodeling, and whether or not you'll have to provide off-street parking.

Due Diligence

Due Diligence

Licenses and Permits

Most businesses need licenses and permits to operate. The type of license or permit you need depends on your industry and the state in which you are located. License and permit requirements also affect where you locate your business, how much you'll have to spend for remodeling, and whether or not you'll have to provide off-street parking.

Zoning Requirements

It is important to check the zoning requirements for the area where you are acquiring your business. The zoning requirements may affect the type of business that you are intending to operate in a particular area.

Environmental Concerns

If you are acquiring real property along with the acquisition of the business, it is important to check the environmental regulations in the area.

Related Articles
  What is the best Franchise?
  Diligence
  More diligence!
  Common Pitfalls in Buying a Business – Inadequate Due Diligence ©
  Tips to successfully buy or sell your next business

Article Tags:



Related Forum Posts
What Franchisors Want From Franchisees - Here's a short list of what franchisers expect to see from prospective franchisees. [i:brcxt60u]- Is Your credit in good standing? - Do you have good people skills? - Do you have adequate financing for fees and start up costs? - How ready are you to get started? - Do you have the motivation to succeed? - Are you willing to subscribe to their system? - Do you understand basic business skills?[/i:brcxt60u] If there is heavy competition for your territory then everything you do will count. It's like going to a job interview and presenting yourself in the best possible light. Be prepared by studying the needs of the community, researching the industry that you are about to enter into, and of course do your Due Diligence when studying the franchisers offerings. Does anyone have anything to add to this list? Please contribute! ..
Screening franchisees and due diligence - [quote:dabbss2r]What do you guys think? If I come to you and say "if you buy a franchise, I'll give you 4 more for free". What would you think?[/quote:dabbss2r] Interesting post... I think this is a good example of what NOT to do if you aspire to be a franchisor. His impatience will get the best of him in this case. I can see the AHA lightbulb flashing above his head as he schemes out his brilliant solution "what if I just gave away all these territories and that will inflate my numbers and make me look bigger and attract more franchisees." I've seen this type of strategy before in my own industry. The results aren't very good... Without good screening measures in place, you'll see more failures. What's a better selling point? - I have a small core group of successful franchisees that were qualified and screened before buying into the system. It was a win / win situation for everybody. Give them a call and see for yourself. OR - I have dozens of franchisees with multiple territories. Here's short list of the successful ones, give them a call. The others aren't doing so well because they really shouldn't have bought into the concept in the first place. Why? A bunch of reasons that could have been identified early on if we had done some screening and they had done their [i:dabbss2r]Due Diligence[/i:dabbss2r].
The Old Girl's Network - (2003) - Haven't read this one yet... Contents A business of one's own: setting the stage Passion: Turning what you love into a real business Vision: Bringing Your Idea Into the World Pioneering Spirit: Discovering new frontiers Tenacity: Passions Bulldog Raising Capital: Translating your vision into dollars and cents Focus, feedback and flexibility Leadership lessons Life after the survival stage: Managing onward There's a Took Kit in the back that has lots of good stuff, including: Outline for competitive analysis: the basic issues to address before starting your company Outline for executive summary and business plan, with sample summary Explanation of non-disclosure agreement Milestone setting "Do you have what it takes" quiz Sample financing term sheet Due Diligence checklist Sample advisory agreement Process and systems review Outsourcing overview
HRPreneur - Hi everyone, I am new to the forum and I recently started my own Human Capital (HR) consulting firm called HRPreneur Inc. HRP focuses on making human capital a strategic differentiator for SME's. Below is a summary about HRP; Who We Are: HRP is a Human Capital consulting firm with 30 years of experience that becomes an extension of your company by providing a full array of services to help you create a highly engaged workforce focused on achieving strategic results in order to build a long lasting great company! Mission: HRP provides small and medium sized businesses a Strategic HR Business Partner to increase employee engagement, resulting in cost savings, increased productivity and results at an affordable rate! Vision: To inspire and warrant SME's reach their full competency! Cost Effectiveness: We provide over 30 years of experience at a fraction of the cost at a strategic executive HR business level You will save between 50% to 60% in costs per year on salary, bonus, benefits, training, office space alone We will provide you additional cost efficiencies through our services Services: • Strategic Human Resources Planning • Organizational Redesign • Change Management • Organizational Culture Development • Employee Engagement Programs • Leadership Assessment and Development • Compensation Design • Talent Acquisition • Assimilation and On-Boarding • Performance Management • Talent Management & Succession Planning • Human Resources Due Diligence • Human Resources Audit • Full Service HR Outsourcing
Re: What Franchisors Want From Franchisees - [quote="RussellWebb":ciz2u7mt]Here's a short list of what franchisers expect to see from prospective franchisees. [i:ciz2u7mt]- Is Your credit in good standing? - Do you have good people skills? - Do you have adequate financing for fees and start up costs? - How ready are you to get started? - Do you have the motivation to succeed? - Are you willing to subscribe to their system? - Do you understand basic business skills?[/i:ciz2u7mt] If there is heavy competition for your territory then everything you do will count. It's like going to a job interview and presenting yourself in the best possible light. Be prepared by studying the needs of the community, researching the industry that you are about to enter into, and of course do your Due Diligence when studying the franchisers offerings. Does anyone have anything to add to this list? Please contribute! ..[/quote:ciz2u7mt] Hi Russell, Would there ever be a time when people could simply bid more money for a franchise? And would you have more detail surrounding the items on your list? - Is Your credit in good standing? [color=#0000FF:ciz2u7mt]- What is the lowest score you can have?[/color:ciz2u7mt] - Do you have good people skills? [color=#0000FF:ciz2u7mt]- Explain in more detail. Does a person simply need good conversation skills? People are so good at "faking" and lying at job interviews... so would a franchisor really be able to measure this quality?[/color:ciz2u7mt] - Do you have adequate financing for fees and start up costs?[color=#0000FF:ciz2u7mt] - What's a good % amount above the required minimum to have in order to impress franchisors?[/color:ciz2u7mt] - How ready are you to get started? - Do you have the motivation to succeed? [color=#0000FF:ciz2u7mt]- How can you demonstrate this attribute aside from speaking with more energy in your voice and communicating through body language?[/color:ciz2u7mt] - Are you willing to subscribe to their system? [color=#0000FF:ciz2u7mt]- Are they just looking for "yes" men and women?[/color:ciz2u7mt] - Do you understand basic business skills? [color=#0000FF:ciz2u7mt]- Will the franchisor evaluate you based on how you answer their questions or will they weigh their decision more based on your professional/educational background? [/color:ciz2u7mt]


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Small Business Internet Marketing

How to develop the best lateral thinking skills

Looking for an Easy Online Business Opportunity?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.