Posts Tagged ‘Franchisee’
Franchise Disclosure Document: What You Need to Know
Prospective franchisees typically receive a Franchise Disclosure Document after requesting more information about a franchise or during the Discovery Day process. But this 100- to 200-page legal document is more than just an intimidating pile of papers; it can mean the difference between your success or failure as a franchise business owner. A Franchise Disclosure Document,…
Read MoreChoosing a Franchise Opportunity: What to Ask a Franchisor
Choosing a franchise opportunity is much like buying a new car; it’s a big investment that requires its fair share of research. Although a two-seater Porsche with all the upgrades is everything you’ve always dreamed, it likely won’t have enough room for your family of five. And while an SUV may fit your whole family,…
Read MoreWhat Law Should Apply to Your FDD?
When compiling the Franchise Disclosure Document (FDD), franchisors must consider closely the laws that shall apply to the franchise agreement. You want to be honest and transparent with prospective franchisees in the agreement, yet mindful and even somewhat strategic in drafting the FDD under state and federal laws. Here are a few things to keep…
Read More3 Key Franchisee Considerations Before Signing a Multi-Unit Agreement
Signing a multi-unit agreement to buy several franchise territories can unlock fantastic savings on franchise fees and exponentially increase the opportunity for return on your investment. For example, if you agree to open up three pizza franchises, you will sign a standard franchise agreement for the first unit, and a separate multi-unit agreement to open…
Read MoreHow to Run a Productive Discovery Day
The term “Discovery Day” can be a bit misleading. While there is certainly an element of discovery in a prospective franchisee visiting your company and meeting stakeholders for the first time, Discovery Day is meant more to be the final step toward signing an agreement. You should go into it expecting to conclude with something…
Read More6 Discussions That Should Take Place Before Discovery Day
Think you’ve found a qualified and serious franchisee? Fantastic. The next step is to host a Discovery Day, where you will give this person an inside glimpse at running a franchise of your company and, ideally, conclude the day with a verbal confirmation that you will send them a final agreement to sign and become…
Read MoreRoadmap to Opening a Franchise
Opening a franchise business is not for the faint of heart. It is indeed a family decision that requires a great deal of preparation, planning, and self-evaluation. The entrepreneurial process requires that you evaluate the decision personally, sociologically, organizationally and environmentally. Personal Evaluation Level of Achievement – Degree of commitment – Entrepreneurs have a higher degree…
Read MoreWhat Marketing Systems Should You Establish for a Franchisee?
In case you haven’t noticed, we’re in the midst of a marketing revolution. With the rise of social media, video, and whatever the next new platform brewing below the surface is, businesses can easily get overwhelmed when putting together a marketing plan. Yet, effective marketing becomes increasingly important in the face of stiff competition and…
Read MoreWhat to Consider When Buying a Franchise
Many people dream of being an entrepreneur. By purchasing a franchise, you can sell goods and services that have instant name recognition while benefitting from training and ongoing support to help you succeed. However, like any investment, purchasing a franchise is not a guarantee of success. It’s important to do your due diligence before making the…
Read MoreSweat the Small Stuff When Owning a Franchise
If this is your first venture into owning a franchise or if you already own a franchise business it’s important to realize that even the smallest of choices, may end up having an enormous impact on the future success of your franchise business. Think about this, if a car is going the speed of 5…
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