So you have been thinking of buying a franchise and you have started an online search? There appears to be a great deal of information online about franchising and you now feel confident that you can find a franchise on your own. Is there really any need to have a Franchise Consultant? Of course you can find a franchise on your own but most people find the process overwhelming, time consuming, not to mention confusing. Using a Franchise Consultant who knows the ins and outs of franchising may be the way to go. Here are just some of the key advantages of using a Franchise Consultant: 1. There is No Charge For Their Services - Franchise Consultants get paid by the Franchisors to pre-screen candidates and provide information. If there is a “match” the Franchise Consultant will get paid out of the Franchisor’s marketing budget. Whether you use a Franchise Consultant or not, the cost of buying a Franchise is exactly the same. 2. Franchise Consultants Know More Franchises – Because their business is Franchising, they know about so many more Franchises than the average person and are educated about them. They know which ones are good and which ones to stay away from. You still need to do your due diligence but you’re way ahead of the game by using a Franchise Consultant. 3. Which Franchise is Right For You - Confused about which franchise is right for you? Not only do Franchise Consultants know more Franchises but through a process of discovery, they will help you narrow down your choices to the Franchises that are consistent with your interests, lifestyle, long term goals and financial considerations. This in itself is enough of a reason to use a Franchise Consultant. 4. Guide You Through the Process – As I said before, the process of buying a Franchise can be very confusing but the Franchise Consultant will be there right along with you every step of the way. They will be on the calls that you make to the Franchisors as well as the validation calls you make to the existing Franchisees in the system. Franchise Consultants will make sure you ask all the right questions and that you get all the answers that you need. The top Franchise Consultants have acquired appropriate industry certifications and accreditations in order to be sufficiently knowledgeable. Some have even further distinguished themselves by becoming Franchise Sales Compliant by successfully completing acourse regulated by the FTC which is required for all individuals involved in the sales of franchises. Make sure the Franchise Consultant you choose to work with has these certifications. 5. Franchise Disclosure Document - The FDD or Franchise Agreement is a very comprehensive and detailed legal document that every franchise is required by law to file annually with the FTC. It will tell you everything you need to know about that Franchise from what your start-up costs will be, the background of all corporate officers, the contact information for all Franchisees currently in the system as well as the names of those individuals that left the system within the past year, financial statements on the Franchise’s solvency and much more. Your Franchise Consultant will have a vast knowledge of how to read the FDD. They will know what to look for and help guide you through all aspects of the document. They will help you access, analyze and compare data related to industry specifics. And they will also be able to direct you to a Franchise attorney who will work on your behalf to help you fully understand all of your obligations defined in any franchise agreement, while also assisting you in the negotiation of your best deal and/or territory. 6. Complimentary Services – Not every Franchise Consultant offers complimentary services but here at Franchise Pros International, we offer all of our clients: ■ 1 Hour of Complimentary Franchise Legal Counsel ■ 1 Hour of Complimentary Small Business Accounting Consultation ■ Demographics Information ■ Checklists and Questions to Ask Both Franchisors and Franchisees ■ Ongoing Sales and Small Business Training for You and Your Employees Our credentials include: ■ Certified Franchise Broker (CFB) ■ Certified Franchise Executive (CFE) ■ Franchise Sales Compliant (FSC) ■ Master Consulting Agent (MCA) ■ Certified Franchise Mentor (CFM) Among many career/industry awards and recognitions, our company President Andy Lamedman is a recent recipient of the prestigious “Visionary of the Year Award” for “Outstanding Vision, Dedication and Commitment to Excellence.” Presented to him by the Franchise Brokers Association (FBA) at their Annual Conference in Orlando, FL, November 2011. Please call us at (888) 918-0110 or contact us for more information about our services. |
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