Our Process of Helping You Find A Franchise | Let’s Talk Details
So we have shared with you the 8 Steps to Buying a Franchise. And those are the steps that you are going to go through when you buy a franchise. While this is a great resource, it doesn’t give you the details of the process you are going to go through with us. So today we want to share with you the process of helping you find a franchise so you know how the process goes with us.
Our Process of Helping You Find A Franchise | Initial Interest
First you are going to let us know that you are interested! There are a number of ways to do this with us. It may be through one of our social media accounts (LinkedIn, Twitter, Facebook, Instagram), or our website or through contacting us directly. No matter what, as soon as you show initial interest, we will start the process.
Our Process of Helping You Find A Franchise | Business Builder Profile
Your next step is to take the Business Builder Profile. This is a 10-15 minute assessment that shows us what your business style is like, what your strengths and weaknesses are and what kind of company you’re going to work best with. Once you have taken this, we will set up a call with you to discuss the results and next steps.
Our Process of Helping You Find A Franchise | Results Review Call
This call is where we talk about the results from your Business Builder Profile. The results will help us figure out what kind of franchises are going to be the best fit for you. We will also talk about what you’re looking for in a business and what kinds of businesses that you are interested in. This conversation will help us find the first set of options that we will present to you during our next call.
Our Process of Helping You Find A Franchise | Options Presentation
After the first call, we will go and look for some franchise options based on what we talked about in that call. We will send you a information packet with a list of options (there will be details about each option included as well) so you can follow along during the presentation. This is where we will narrow down which 1 or 2, maybe even 3, options that you want to start pursuing further. Sometimes we find that there may be an option that we missed or there is something you were thinking. In that case, we will bring you several more options to pick from. Usually this call with have 2 of our partners on it. We like to provide you with more than one point of contact from our side for the entire process.
Our Process of Helping You Find A Franchise | Introductions
Now that we have decided which options you want to start focusing on, we will set up calls with those companies to do introductions. We will facilitate a call with you and them so you can get to know each other. We will be on that call with you and make sure you are getting all of the right information and your questions are being answered. These calls can end up being 2-3 calls depending on the company and how much time they want to spend getting to know you.
Our Process of Helping You Find A Franchise | FDD Release & Review
During the process of getting to know the franchisors, they will release their FDDs to you. You will need to sign a document saying that you received it but it is not legally binding AT ALL. It does not require you to buy anything or commit to a franchise. But we will then walk you through the FDD and help you understand what the document includes and what everything means. The FDD will provide you with some high level information and numbers but the real numbers and very detailed information will come in the validation stage.
Our Process of Helping You Find A Franchise | Funding Options
This is usually where we bring in funding to discuss what your options are and if you need/want to get additional funding. There are lots of options when it comes to funding and you can read about some of them here. You will get a free one hour call with our funding expert so you can ask questions and get some ideas about what your options are. Sometimes we do bring funding in earlier in the process, it just depends on how you are feeling and what your options are.
Our Process of Helping You Find A Franchise | Validation
Validation is where we set up calls with current franchise owners in the systems you are interested in so we can ask them very in-depth and detailed questions. We have a spreadsheet were we can put in numbers we ask the franchisees for so we can create a pro forma for you to take to your accountant. This is probably the longest part of the process and we will make sure to take the time to get all of the information you need so you can make the most education decision possible.
Our Process of Helping You Find A Franchise | Discovery Day
Once you have decided which system you want to proceed with, we will help you schedule a time to go to that company’s corporate office so you can meet their team and they can decide if you are a right fit for them. This is something that most people don’t understand. The franchise has to pick you to own one of their territories, you don’t just get to decide that you want to buy one.
Our Process of Helping You Find A Franchise | Review of Contract
Once you have gone to Discovery Day and everyone decides that it is a good fit, you will get a contract from the system. We will go over that contract with you and we even have a lawyer that will spend an hour free walking you through that contract. Any addendum that need to be made can be discussed and the lawyer will make sure you understand what you are signing. You can always hire them if necessary after that first call.
Our Process of Helping You Find A Franchise | New Franchise Owner
Now you are a new franchise owner! You have been awarded the franchise, you have your funding and you have made it through Discovery Day. You have started the training with your system and you are ramping up your business. We want to stay in touch! Do you know other people who want to buy a franchise? We would love for you refer them to us. Oh and if you do, be sure to fill out this form because if a deal closes, you get something out of it too!