What it is...

• Marketing Vehicle

• Partnership with Corp

• Group Support … Competitive Advice

• Local with National Potential

What it is not...

• Guaranteed

• As flexible as independent business

• 100% hands off

• Truly Entrepreneurial

STEP 1: INTROSPECTIVE SELF...YOU

• 5 Pillars of Emotional Intelligence

  • Self-Awareness … Get to know you

  • Self-Management … Control you

  • Motivation … Finding your Why

  • Empathy … For others

  • Social Skills … Not just about you

• How to discover ... Assessments

STEP 2: FRANCHISORS...THEM

• Owner models

  • Owner-operator, Executive, Semi-Absentee, Absentee/Investor

• Operation Models

  • Simple Retail, Sophisticated Retail, Service Based B2C or B2B

• Types of Agreements

  • Single Unit, Multi-Unit, Master License

• Transparency in communication … Both ways

• Have well thought out questions … Both ways

• Get into the position of power ... Be Awarded not Sold

• Be careful of … Their financials, Bad Branding, Pressure

STEP 3: FRANCHISEES...US

• Validation Conversations

  • Be Prepared

  • Talk to a wide sample

  • Compare yourself

  • Careful if speaking to neighbor

• Some Main Points to cover

  • Royalty Value ... Are they getting support

  • Do it again?

  • How is the group cohesion

• Discovery Day Visit

STEP 4a: LEGAL...PARTNERS

• Franchise Disclosure Document

  • What is it?

  • How to use it?

• Franchise Agreement

  • What is the difference

• Use a Franchise Attorney

• Look for transparency

STEP 4b: FINANCIAL...PARTNERS

• Other Peoples Money

  • Bank Loans … Conventional or SBA

  • Hard Money or Line of Credit (Cards) ... Be careful

  • Friends & Family … Be even more careful

  • Franchisor ... Rare

• Your Money

  • Cash

  • Assets

  • Home Equity

  • Retirement Account … Use an experienced firm

RESOURCES FOR RESEARCH

• International Franchise Association (IFA)

• Small Business Administration (SBA)

• SCORE ... Volunteers

• Businesses for Sale Websites