- About Franchising
- Find a Franchise
- Franchise Tools
- Franchising Blog
- Contact Us
Buying a Franchise A-Z
Step 1. Get in Touch with Us
Once you’ve made the decision to take the plunge into franchise ownership, your first step should be to contact Link2Franchises. Your contact information is kept confidential and is reviewed by our staff to provide you the best opportunities for your particular needs.
Step 2. Initial Meeting
You will be contacted to setup an appointment to discuss your needs and ideas in finding the right franchise for you. This can be done in person or over the phone. Understanding your particular goals and needs will allow us to find the best opportunity for you. We will then set a follow up an appointment to explain to you the best franchise opportunities that we discovered that meet your requirements.
Step 3. Investigate Options
We then research franchise opportunities that meet your requirements, and whittle down the list until we have best options to present to you. There are over 1500 franchises and our goal is to identify the best 3-4 franchises that match your requirements.
Step 4. Presentation
This is the point where you actually get to see the details of some of the franchise options available to you, based on our research. Generally, there are two results from this meeting:
You may decide that one of the franchise businesses look to be of interest to you. In which case we will arrange an introduction directly to the representative of the franchise. This will require that you complete and submit a confidential questionnaire to be supplied to the Franchisor. The Franchisor wants to know that you are financially qualified to purchase their franchise, that your timeframe to buy is within reasonable limits, and that your partners or family are in complete agreement with you buying a business. None of which obligates you in any way. It is simply the preliminary statement of interest.
The other option is that you recognize that some of your goals need to be clarified and we return to the interview and research steps to improve our knowledge of what you are looking for in a business. This process may in fact take several times to go through before the best option is found for you. It is essential at this point that you be sure that your needs, and the needs of your family, are clear and definitive, so you can make the best decision for everyone involved. Therefore, refining the criteria for the best opportunity for you is an ongoing process.
Step 5. Initiate Contact with Franchisor
Eventually you will be introduced to any and all Franchisors whose business models appeal to you. The Franchisor will send informative materials to help you become acquainted with their franchise, as well as the Franchise Disclosure Document (FDD) which is a disclosure document for their franchise opportunity. The UFOC receipt should be signed and returned immediately.
Step 6. Read Over the Franchise Disclosure Document
We will go through the FDD with you, pointing out the most important sections, and explaining any parts you may not understand. You should then review the FDD for yourself, in complete detail, and write down any questions or concerns for discussion with the Franchisor. All FDD’s will contain a list of franchisees and their contact information.
Step 7. Talk to Other Franchisees
With a list of franchisees, you can contact the people on the front lines, and get first-hand information about the day-to-day operations of the franchise. Obviously, the Franchisor is going to give you a list of franchisees that are successful and have positive things to say about the franchise. The most important information for you to get from these franchisees is how and why they became successful. Then you need to determine if you can be do the same things that they did to be successful.
Step 8. Professional Review of Legal and Financial Documents
You should always consult with an attorney and an accountant before making a decision, both of whom should have substantial experience with franchising. If they do not, you run the risk of added costs while they learn the in’s and out’s of the business.
Step 9. Go To a Discovery Day
A Discovery Day is put on by the franchisor at their location, and every effort should be made to attend. You will not only get crucial information for your decision, but will get to meet the staff that will be providing your initial training and continuing support for your franchise business.
Step 10. Make Your Decision
With all of the information available, and a serious evaluation of the nature of the franchise, and the type of lifestyle you are trying to achieve, you should be able to make a decision. Congratulations, on becoming a franchise owner! You are a “Frantrepreneur”, a cross between a traditional entrepreneur and a modern franchise owner – with your future in your own hands!