Mergers and acquisitions are common in the business of franchising– whether you are acquiring a franchise or being acquired yourself. Our Franchise Acquisition Consulting services will provide you with the knowledge and information you need when you’re ready and interested in buying your franchise –or, being bought.
Fran-LINK also helps successful businesses become a franchise — to scale their concept rapidly. We assess the “franchise-ability” of your business, create and register the Franchise Disclosure Document (FDD), develop an operations manual and franchise agreement. Fran-LINK also helps in the sales process. Meeting with prospective investors, attending trade events, and, participating in Discovery Day.
Finding a great business buy starts with identifying your needs and assessing your strengths and weakness. You need to be open to a business that might not be in an industry you first thought of, but it needs to be in areas you are knowledgeable about and can operate/manage. Fran-LINK helps business seekers find growing businesses that with historical financial data, established location, current customers and staff in place.
Before you get started
Before you get started on your search for a franchise it is important to examine your knowledge of franchising and what is most important to you in a franchise. If you don’t understand what you’re looking for or why, it’s probably going to be pretty hard to find it. It just takes a few minutes if you have the right questions.
First off, are you aware that there are hundreds of different types of franchises? And no, they are not all in the food industry. If you click on Franchise Categories you will get a list of all the different fields that are available. Have a look around there and see if anything sparks your interest. We’ll wait for you. Ideas and curiosity should be flowing through your head right now, but let’s stay focused just a little while longer.
Have you thought about what it takes to go into business for yourself? Many people think that they can just buy a franchise and let someone else run it, which can happen, but is not the majority. They also think that because it’s a franchise, it will be easy. Well, the truth is, it is much easier than starting something from scratch, but nowhere near easy. Running a business is demanding! It takes a ton of determination and will. It takes discipline and emotional strength. It takes patience and realistic expectations. Franchising is not a get rich quick scheme. It’s a get rich faster, with a lot less risk, long term plan. It does not produce instant results, in most cases. Are you really prepared to ride the waves of business ownership knowing that it will not be an easy or a smooth ride? If your answer is yes, keep reading.
What are you buying with a franchise? Do you know the answer to that question? Most people think they are buying a brand name. Of course, that has something to do with it, but it is NOT the primary reason you purchase a franchise. You are buying a system. You are buying someone else’s educations from the school of hard knocks. You are paying them to save you the tens of thousands of dollars in ineffective processes and systems also known as “trial and error”. You are buying a fully fledged instruction manual on how to do every single aspect of your business well, the first time around, not the tenth. This is invaluable.
“Well if I can figure it out for less than what I paid for the franchise fee, I’d still be ahead,” you say. Maybe this is true, in most cases, it is not. You see, the number one reason why small businesses fail is due to inadequate startup capital. All these well meaning business owners think that starting their business will cost them a set amount. They don’t account for the ridiculous amount of unknown expenses that they were totally unaware of at the time of their planning. And rightly so, if you are unaware of someone’s presence in a room, would you make a note of them being there? Of course you wouldn’t. You didn’t know they existed. This is the pivotal error that is next to impossible to plan for and yet takes so many business owners to bankruptcy court. This is what you are paying for when you purchase a franchise, freedom from that frustration and disappointment.
Now that you understand franchising a little better, think about all the things that you would want to have in your business. That is if we haven’t scared you off! Close your eyes and picture your perfect life. What kind of business would you run? What kind of hours would you work? How much money do you want to make? What type of clientele would you want? How many employees do you want? What could you do that would make you feel amazing at the end of the day? A good tip here is to think about what you currently enjoy with your company and also what you currently complain about. These are things that you’ll want to address, include, and/or exclude from your dream business.
From here the process become much simpler, fill out the Request for Information. One of our team members will contact you directly to assist you with all the resources you need to get started on your path to franchise ownership. The award process can be quite stringent, but don’t worry, we’ve been through this a time or two and know exactly how to help you every step of the way. And if you are just tire kicking and looking for information, that’s ok too. We’ll still help you find what you need and get you on your way. Our goal is to make everyone that reaches us better off after they’ve had contact with us. It’s all about helping people succeed. That’s the point of what we do.