How to Work With a Franchise Consultant
Represent yourself well, financially and professionally., Continue the conversation., Be prepared to wait., Learn their response., Prepare for even more questions and information., Get a list of franchisees to call and/or visit to learn more about...
Step-by-Step Guide
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Step 1: Represent yourself well
A consultant will call and prescreen you for financial ability to buy into a franchise system.
The minimal qualifications are (generally) at least $50K available cash and $100K net worth.
If you do not make the consultants cut-off values, you are not worth their time. -
Step 2: financially and professionally.
The consultant will set up a second appointment to ask more in-depth questions about the types of businesses you would be interested in.
Each does this differently, but their goal is to get a financial and personal profile that helps them identify possible franchises for you. , The consultant will check availability of franchises that fit your profile, and the general cost of entering the franchise.
He will provide this information in one to two days in another phone call. , After the presentation of businesses, the consultant will connect you directly to any franchises that interest you. , A representative of the franchise will call you to begin the Discovery process.
They will ask for very specific financial information and business background to determine if you are qualified for their business.
The franchise will send you a Franchise Disclosure document to review.
The franchise CANNOT offer you a franchise until you have had the FDD for at least 10 business days. ,,,, You are only committed once you sign the Franchise Agreement. -
Step 3: Continue the conversation.
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Step 4: Be prepared to wait.
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Step 5: Learn their response.
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Step 6: Prepare for even more questions and information.
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Step 7: Get a list of franchisees to call and/or visit to learn more about the business.
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Step 8: Contact a Franchise Attorney to review the FDD and Franchise Agreement.
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Step 9: Attend a Discovery Day (at your expense) at corporate headquarters
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Step 10: where you will meet the corporate leaders and additional franchisees.
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Step 11: The franchise will (most likely) offer you a franchise.
Detailed Guide
A consultant will call and prescreen you for financial ability to buy into a franchise system.
The minimal qualifications are (generally) at least $50K available cash and $100K net worth.
If you do not make the consultants cut-off values, you are not worth their time.
The consultant will set up a second appointment to ask more in-depth questions about the types of businesses you would be interested in.
Each does this differently, but their goal is to get a financial and personal profile that helps them identify possible franchises for you. , The consultant will check availability of franchises that fit your profile, and the general cost of entering the franchise.
He will provide this information in one to two days in another phone call. , After the presentation of businesses, the consultant will connect you directly to any franchises that interest you. , A representative of the franchise will call you to begin the Discovery process.
They will ask for very specific financial information and business background to determine if you are qualified for their business.
The franchise will send you a Franchise Disclosure document to review.
The franchise CANNOT offer you a franchise until you have had the FDD for at least 10 business days. ,,,, You are only committed once you sign the Franchise Agreement.
About the Author
Wayne Mitchell
Wayne Mitchell specializes in education and learning and has been creating helpful content for over 6 years. Wayne is committed to helping readers learn new skills and improve their lives.
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