Finding the right franchise opportunity involves research and effort. Additionally, prospective franchisees should consult with a franchise attorney to protect their interests and to avoid the prospect of signing franchise agreements that may be drafted against the interests of the franchisee. Hirzel Dreyfuss & Dempsey can protect franchisees during the initial franchise acquisition process and can also help if problems emerge later in the franchisor-franchisee relationship.
The following excerpt is from Mark Siebert’s book The Franchisee Handbook: Everything You Need to Know About Buying a Franchise.
While the internet is an extremely valuable resource in your hunt for potential franchises, let’s discuss some of your other options for information gathering.
Another resource that can help guide you through the process of buying a franchise is a franchise broker. Brokers, who often call themselves “franchise consultants,” can be a valuable tool in helping you assess your options.
Unlike a franchise salesperson, a broker isn’t limited to a single franchise concept and may represent a hundred or more franchisors. In the best networks, the broker is trained to help a prospective franchisee narrow their choices to a handful of opportunities for which they are well-suited.
Ultimately, brokers are a great resource that can provide genuine value, but they aren’t the completely unbiased buyer’s advocates some would have you believe. So while brokers are a resource you should certainly consider, ultimately you should make certain they’ve steered you in the right direction.
Trade and Industry Shows
Another great place to get information on franchises you might want to consider is at franchise trade shows and, if you’re looking in a specific field, industry shows. Franchise shows in particular will give you an opportunity to speak with several hundred franchisors from a variety of industries in just a couple of days.
These shows have other advantages as well. Generally speaking, they offer seminars on all aspects of franchising—giving you a chance to learn before you buy. These seminars feature topics like industry trends, understanding contract provisions, veterans’ franchise programs, financing, and overall success as a franchisee and are often worth attending.
Keep in mind that these shows may not provide a representative sample of the franchise marketplace. The exhibitors tend to skew slightly toward younger franchises and ones with lower investment levels.
International Franchise Association
The website of the International Franchise Association contains a wealth of information on franchising. In addition to allowing you to search select franchisors, it provides information on industry suppliers in areas such as finance, insurance, veterans’ programs, minority programs, and the franchise buying process.
Read more at https://www.entrepreneur.com/article/323372