Are you at a crossroads on your professional path? Are you at a place in your life where you are reevaluating your business career? If so, ask yourself if you are interested in becoming your own boss? Buying a franchise business may be the next step to living your best life professionally.
When you make the entrepreneurial move to buying a franchise resale, you are giving yourself the autonomous opportunity to run your own business while having the solid backing of a franchise business model to guide you. The respective franchise model offers both the professional backing of a legitimate franchisor in addition to their business model that has a record of proven success.
When you are ready to take the next step in buying a franchise business, there are four key points to keep in mind as you navigate the finer points of venturing into the franchise business model. It is crucial to always know what to expect when buying a franchise resale.
1) Meet with the Franchisor
When you have found a franchise that might be right for you – you should meet with the franchisor. The franchisor will have specific expectations regarding the type of person they wish to have within their franchise network. When buying into a franchise, it has to be right for both you and the franchisor. They will want to get to know more about your values and business ethic, as you will be representing the brand as a potential franchise owner and a face of the business.
2) Meet with the Franchisee
Next, you will meet with the franchisee. This is the person who currently holds the franchise that you may be interested in purchasing. They will be able to offer you a first-hand look at what the franchise network is like and valuable insight into the inner workings of the business they are selling.
3) Meet with other Franchisees
Scheduling meetings with other franchisees in your prospective franchise network is vital to determining how the franchise as a whole operates. The other franchisees will be able to give you a deeper understanding of the franchise network and how the support system functions. It is essential that you perform proper due diligence when entering into any franchising business agreement.
4) Liaise with all Involved Parties
When buying a franchise resale, there are more invested parties compared to an independent business. The best way to progress a sale successfully is to use a BFA approved solicitor or at least one who understands franchising and resales. The sale of an existing franchise can take longer, but using a BFA approved solicitor will be indispensable. They are versed in the legal considerations that are specific to franchise agreements. Working with a knowledgeable solicitor is key so that undue delays do not occur.
Register for our digital buyers portal today and gain access to the business information you require to make an informed decision on buying the right franchise. Access solicitor contacts, banking contacts and request help with creating a business plan. Franchising can be a lucrative career opportunity with the added bonus of support from the network and proven business model – what are you waiting for?