Do You Qualify to Own a Franchise?
"Franchising is the Most Successful Marketing Strategy Ever."
-John Naisbitt-
What It Takes To Be a Great Franchise Owner:
A franchise company looks for many aspects of a buyer that can result in a create addition to their franchise family. A buyer solely having the franchise fee will not be awarded the franchise.
Like any good business, a franchise company wants to add extraordinary business people to their circle. Franchise companies look for the potential buyers to have the ambiance to represent the company in an optimistic way. They also want the potential buyer to be willing to learn more about the business and work together with the company to succeed.
When researching a franchise company, you will find that they may have as many questions about you as you do about their company. A franchisor is taking their time and money to find an adequate buyer that will meet their needs and wants for a great franchise owner.
Franchise companies have certain standards that they would like their potential buyers to meet. This will then confirm that their business will succeed and excel. Many franchise companies have a lot of experience and know what to look for to sell their business to the right buyer. Many sellers have a certain criteria they want their buyer to uphold.
Listed below are a few aspects that franchisors use in determining a potential franchisee:
• Capital. This is one of the first hurdles you'll encounter when trying to qualify for a particular franchise. Most franchisors have a minimum net worth and liquid capital requirement for their franchisees. While this may seem obvious, there are other demands on cash availability beyond the initial costs of the franchise – such as the length of time it will take your business to start making money and the living expenses you will have during that time. There are financing options available that may help you qualify if you are short of capital, however no good franchisor will want to see you start out your business heavily in debt.
• Personality. There are some personality characteristics that seem to be common in all successful franchisees. Other characteristics are specific to individual businesses. Are you willing to follow a system or are you the type who wants to do everything your own way? Do you enjoy working with people? Are you focused and decisive? Do you enjoy solving problems? Are you willing to work hard? These are some of the questions a franchisor may have for you and your answers will determine not only if you can qualify for a particular franchise but also if you will be a successful franchisee.
• Skills. Your skills are closely related to your personality. If you like working with people, chances are you will be good at it. Are you customer service focused? Can you lead a team of employees? Can you set and meet personal goals? Do you understand financial concepts? One attribute required by most franchisors is that you have business acumen and understand how the parts of a business contribute to the whole.
• Experience. Franchising is one area of business where your specific experience is less important than other factors. That's because of the excellent training provided by most franchise companies. In truth, many franchisors prefer franchisees without industry experience because it is easier to train someone in a franchisor's system than it is to "un-train" a franchisee who has ideas that may conflict with the way a franchise system works. Again, it is the overall business experience you've attained through life that will make you a "star" in a franchisor's eyes.
The goal for every franchisor is successful franchisees. As much as you may want to qualify for a franchise opportunity that interests you, remember that the franchisor has the background and experience to know what type of person makes a good franchisee in their company.
BENEFITS FOR BUYERS:
AT EMPIRE BUSINESS BROKERS OUR MAIN GOAL IS THAT YOU ACQUIRE A BUSINESS THAT WILL ALLOW YOU TO BE HAPPY WITH THE ACTIVITY YOU WILL BE CARRYING OUT ON A DAILY BASIS, AND THAT IS WITHIN YOUR INVESTMENT BUDGET.
1) WE GUIDE YOU THROUGH ALL THE STEPS NECESSARY TO ACQUIRE A BUSINESS.
2) WE HAVE VARIOUS BUSINESS OPTIONS AVAILABLE: ON-GOING BUSINESSES, FRANCHISES, BUSINESS OPPORTUNITIES, INVESTMENT PROJECTS AND COMMERCIAL SPACES.
3) WE ASSIST YOU IN LOCATING A BUSINESS ACCORDING TO YOUR NEEDS WITHIN AND OUTSIDE YOUR LISTINGS. IF WE DON’T HAVE IT AVAILABLE WE CAN GET IT FOR YOU!
4) WE CAN GET YOU BUSINESSES THAT ARE IN OTHER CITIES FOR RELOCATION PURPOSES.
5) WE PROVIDE YOU WITH DETAILED INFORMATION ABOUT THE BUSINESSES THAT ARE LISTED WITH US.
6) “WE CAN PHYSICALLY SHOW YOU THE INSTALLATIONS OF THE BUSINESSES THAT ARE OF YOUR INTEREST.”
7) WE HELP YOU OBTAIN FINANCING ON THE PART OF THE SELLER.
8) WE COORDINATE ALL THE INFORMATION BETWEEN THE BUYER AND THE SELLER.
9) WE ASSIST YOU IN THE PREPARATION OF A PURCHASE OFFER FOR THE BUSINESS OF YOUR INTEREST.
10) WE PROVIDE YOU WITH THE PROFESSIONALS NECESSARY TO COMPLETE THE SALES TRANSACTION (LAWYERS, ACCOUNTANTS, FISCAL ATTORNEYS, PUBLIC NOTARIES, ETC.)
11) WE GUIDE YOU THROUGH ALL THE ACTIVITIES NECESSARY FOR AN ADEQUATE CLOSING OF THE TRANSACTION.