The 8 Steps to Buying a Franchise

I Want To Buy A Franchise. How Do I Do It?

You have decided you want to buy a franchise. You have a million questions and you don’t know where to start. That is where Adler Stone Franchise Brokers comes in. We are members of the Franchise Brokers Association and are will help you find what Franchisors are required to disclose, not just what they want to disclose. We are here to guide you through the process of finding the right franchise for you, interviewing the Franchisors and getting you across the finish line to becoming a Franchise Owner. Here are 8 general steps we will go through with you to help you become a Franchise Owner. This is just an outline of these steps. Over the next few months, we will be diving deeper into what each step entails and how we help you!

Step 1: Start Franchise Shopping

One of the ﬁrst things you do as you are going through the franchise selection process is to do a little bit of shopping. You have to know what is for sale before you can even begin to start assessing what is right for you.

Industry

First we want to know what kind of industry is really the best ﬁt for what you want to achieve. Click here to take our assessment and find out which industry is the best fit.

Objectives of Business

What are your objectives for this business? Deﬁne what you want out of the business.

Passions – Enjoyment – Lifestyle

We live in a great time. There are so many options. You literally can get exactly what you want.

Step 2: Acquire Funding

Qualify

What do you qualify for?
What is in your price range?
What is going to keep you comfortable in the start-up phase?

We never want to overextend you. Our goal is to prepare you for success all the way through the life of your business – not just at the beginning.

Leverage

One of the ways that investors are able to grow their assets faster is by leveraging. We want to start the funding process to be able to give you the option to leverage with other people’s money.

Step 3: Compare Your Options

Now that we know what industry best suits you and what industry you are interested in, we need to compare them to one another. When comparing your options you establish a reference point to make a conﬁdent selection.Through this process we look at each of the concept’s growth, track record, retention, competition, costs, etc. At the end of this step you will have a clear picture of which concepts are the movers and shakers and those which ﬁt you and your personal goals.

Step 4: Prepare Yourself

Preparation is key. During this step you will be armed with valuable information and essential tools. As Franchise Brokers, we spend all day, every day looking at and assessing franchises. We have developed numerous systems to prepare you.

Education

The ﬁrst step is educating you on how to get the information you need to assess the concept. A lot of franchisors don’t give you the information you need to assess the ﬁnancial opportunity. We will ensure that you get that information.

Tools

We have a huge library of tools to help you with every step of the selection process.

Step 5: Franchisor Introductions

When we have narrowed your selections down to those that meet your personal goals and those who have proven to be a strong business it is time to introduce you to them. Our consulting group has established relationships with hundreds of concepts and know the best people to speak with. The goal of introducing you is to see if both you and the concept are a good ﬁt. After this meeting you’ll have a much better picture of how you see the concept and if you’d like to proceed.

Step 6: Due Diligence

Research the franchise in great detail. Below are a few of the key steps I will guide you through.

Investigate the History

All franchises & business opportunities are regulated and have to disclose their history.

Experiencing the Franchise

We arrange for you to go see actual franchisees and experience the concept ﬁrst hand.

Talk to Franchisees

Hear directly from others who have bought into the system to discover their thoughts on the opportunity.

Find out Numbers

How much can I make and how quickly can I make it?

Step 7: Franchise Award

Getting the Franchise to say YES to you! Because the franchise is a business in itself and they are trusting their system to the care of each franchisee, the franchisor has a process that will determine if you are a good ﬁt for them. This is important to their business to ensure they will be successful in the long term and that they are only bringing the best candidates into their business. Our goal with this step is to work with you and ensure that you have everything you need to impress the franchisor on the things that they are looking for.

Step 8: Become A Franchise Owner

Then comes the reward! At this point you have completed your research, selected and analyzed numerous concepts and decided on the best ﬁt for you. Because you have qualiﬁed for all the hurdles that are set before you and impressed the franchisor you have been brought into a growing business. Now you are in complete control over your ﬁnancial future and have all the support and guidance of a successful system and team. Congratulations! You did it.

Let’s Get Started!

Now that you know what the process looks like, let’s get started finding the right franchise for you! Take our assessment to help us determine which franchise will be the best fit for you and your work style.