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The candidate absolutely should engage expertise and counsel by a franchise consultant and a franchise lawyer.,[link widoczny dla zalogowanych]
They should have financial projections and pro forma statements created; engaging an expert if needed,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], and are sure they understand ALL of the costs and expenses for running the business (dig deep,[link widoczny dla zalogowanych], there are always surprises).
Be realistic with themselves what it means not only to be a business owner (with the skills required to do it), but also to work within the confines of a franchise.
A core advantage of a franchise is the processes and systems. A core disadvantage of a franchise is the processes and systems, if you do not want to work the system. Franchises are not for the shotgun ‘cowboy’.
Due diligence cannot be understated. It is the responsibility of the candidate to research, talk,[link widoczny dla zalogowanych], interview and poll,[link widoczny dla zalogowanych], etc. the potential franchisor,[link widoczny dla zalogowanych], franchisees,[link widoczny dla zalogowanych], and all aspects of the business they are considering. The franchisor is obligated to provide full disclosure, so be prepared with a very long list of questions for them covering every aspect of the business (and engage help to formulate that list if needed). That all said,[link widoczny dla zalogowanych], the franchisor definitely needs to be completely open with full disclosure. They need to show their warts and highlight their strengths. Believe it or not, some folks are okay with warts if they understand the potential in the company (even the best corporations have warts).
Franchisors do need to do a better job at qualifying candidate owners. They have to raise the bar to ensure they get high quality and prosperous owners signing up. Awarding franchises for the sake of new franchises will cost the franchisor more in the long run and definitely in the short term.
Franchisors,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], your main objective is to grow revenue,[link widoczny dla zalogowanych], expand footprint,[link widoczny dla zalogowanych], and extend brand awareness in the marketplace. Therefore do not take short cuts in the awarding process,[link widoczny dla zalogowanych], qualification standards should be high. Franchisors have to fully understand and admit to the gaps they have to fully service their franchisees. Then they need to hire, outsource or contract it,[link widoczny dla zalogowanych]! It is in the best interest of everyone (even if it comes with an additional cost). They will recover the costs if they have productive, profitable, and HAPPY franchisees, growing revenue, and expanding footprint.
Franchising is a great retirement plan and can make many people successful. It is up to BOTH the franchisee and franchisor to do their part to get the returns on the investment that will provide them prosperous retirements.
Franchisors and Franchisees:
there are many conversations, in person and online, that are attempting to determine responsibility and accountability for the success or failure of a franchise. There is now chatter about whether buying into a franchise is a great retirement plan or a prison sentence…. (On LinkedIn, Franchise Network Discussion Group)
Being that I am a franchisee myself,[link widoczny dla zalogowanych], as well as a coach with franchise consulting experience,[link widoczny dla zalogowanych], here is my take,[link widoczny dla zalogowanych], short and sweet: