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7 Must ask Questions When Buying a Franchise .pdf


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7 Must-ask Questions When Buying a Franchise

Before you sign up to a franchise you’ll want complete confidence in the business
model and the franchisor.

As part of the process of so-called due diligence (quite simply this is just thorough
research of the business) franchisors will supply essential information about the
business to the franchise buyer.

Even if everything looks right, it’s really worthwhile taking the time to source
independent facts and figures, and to get feedback on what the franchisor has told
you.

One way to get answers to some crucial questions about the business model is to ask
franchisees themselves.

Franchisors will provide a list of past and present franchisees for you to contact and
it is highly recommended that you make the effort to speak to as many as you can.

Talking to these franchisees on the phone is the very least you should do - visiting
franchisees gives you even better insights.

Some things to consider



Most franchisees are likely to want to put a positive spin on the brand to ensure
its value is retained



There will always be at least one unhappy franchisee in a network - and you
want to hear from them to get a balanced view



Franchisees’ own personalities colour their experiences



If one issue is raised by a number of franchisees, it’s probably a concern in the
network



Just because franchisees find fault with something, it doesn’t have to be a deal
breaker if you believe you can live with it



Franchisees are busy business owners so you need to make best use of your
time with them



Franchisees are unlikely to share secrets if you haven’t established trust first. Be
respectful and lead up to the financial questions.

What should you ask?
Consistency is important (across the network and across brands) because it allows
you to make comparisons. So put together a set of questions that cover all the
burning queries that you have and apply them to every franchisee you contact.

Continue reading this article by clicking here


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