10-Step Franchise-Buying Process

At the beginning of our partnership, we will have a discussion to get to know you. We will help you clarify your goals and also determine if your circumstances meet the requirements to purchase a franchise.

After our interview, we will evaluate your responses and then match you with several options that meet your requirements. We will not “sell” you on what we like. We will only make suggestions. All your information will be kept confidential.

At this step, we will match your responses from the Initial Call, with the best-fitting franchise selections from our extensive franchise referral database. We make sure to meet your financial and lifestyle objectives.

This is an online meeting in which we will discuss each opportunity in greater detail and provide you detailed information regarding each franchise. This information includes, franchise URL, marketing information and costs. Also, we will discuss any “perks” associated with the franchise, such as discounts, financing or local resales.

You will need to have access to a computer and the meeting should last between 15-20 minutes. We will get your feedback on each franchise, listening to your comments. This interaction helps us Clarify your goals.

Once you have determined what opportunities appeal to you, we will coordinate an introduction call with the franchisor. This is so you can gather additional information and ask specific questions.

We will set-up the conference call and facilitate the introductions. So you can prepare for the call, we will provide you a questionnaire. In it are questions you can use as a guide to follow on the call.

After the conversation, we will talk how the call went from your perspective. We will address the pros and cons of the franchise and determine how you would like to proceed.

If you would like to continue researching the franchise, we will move to the next step of Document Review. If you determine that the franchise is not for you, we will return to the Presentation step and suggest alternative franchises based off your feedback.

Each franchisor is required by the Federal Trade Commission to disclose the details of their offering to prospective candidates. We will provide assistance to review the Franchise Disclosure Document (FDD) together.

There are twenty-three separate items and additional attachments contained in the FDD. They include: Financial Performance Representations, Financial Statements and the Franchise Agreement.

At this step, you will be contacting existing franchisees to validate their experiences with the franchise. A list of existing and former franchisees are located in the FDD. These conversations afford you the opportunity to get information, "straight from the source." You will be able get answers to your questions in greater detail.

To use as a guide, we provide a validation questionnaire and an editable proforma worksheet. We also review the protocol for contacting the owners. Each validation call should take approximately 15-30 minutes. We recommend contacting numerous franchisees during this phase.

Valuable insights can be derived from these conversations.

After these calls are completed, we will discuss your thoughts. We will help you combine your notes, so that you can determine whether to move to the next step of Discovery Day or return to the Presentation Step.

This is typically a one-day event where you visit the franchisor’s corporate headquarters and meet the CEO and their staff. You will put "names to faces" and you will confirm your decision to move ahead with buying the franchise.

We will coordinate all the details, provide in-depth questions and discuss the protocol before arriving.

After you return, we will discuss how you would like to proceed. This is the final decision point to either move forward to buying the franchise or decline. If you decide to move forward, you will proceed to the Agreement step. If you determine that the franchise is not going to fit with your objectives, then we return to the Presentation step.

After you determined to buy the franchise, you will need to finalize the franchise agreement and any additional legal documents regarding the purchase. We will provide you with professional franchise attorney referrals to assist you with preparing the agreement to the terms agreed upon between you and the franchisor.

Additionally, if your franchise requires a physical location, the attorney can also review the commercial lease terms.

Once you have signed the franchise agreement, you will need to make the payment to purchase. We will coordinate your payment details with the franchisor, making sure your funds are received by the franchisor. This will ensure you a fast-start for receiving your operations manual and establishing your training schedule.

Also at this time, you will need to formally establish your business. We will provide you with referrals to help you set up your business entity. These include resources that will help you establish your Employer Identification Number, set up your corporate business accounts, obtain business licenses and acquire insurance.

Once you have completed training and your store is built, if applicable, you will have a Grand Opening. This event is where the franchisor launches a local marketing campaign to promote your new business. This will help generate "buzz" about your new business, and will help attract new customers.

As "Your Partners," we will follow-up with you to make sure your Grand Opening was successful and that you are on your way to fulfilling your dreams of owning a business.

You are officially in business. Congratulations!