October 2024 Newsletter: The Franchise Acquisition Process

“Good decisions come from experience. Experience comes from bad decisions.”  Mark Twain

This issue of my newsletter may not be as funny or cheeky as in the past…but I’ll try! The franchise acquisition process is a very crucial step in how we advise clients in acquiring the best franchise for them based on their unique skill set and goals. I love goals. Especially the sound they make when they go whooshing by.

But I know that’s not you. If you are reading this, you have had some modicum of success in life and are looking for ways to better secure that “financial freedom” we are seeking. I want to introduce you to the consulting process we use which is a blueprint to achieving success in choosing the best franchise for you. I simply want to break out the steps and will address each in detail in upcoming newsletters.

Step 1 – Introduction Call. I ask people to schedule a quick 5-minute call as a “Hello” call. And it’s literally just 4 or 5 minutes. At this stage, we discuss if business ownership is a logical path for you to take. Full transparency, it usually goes a bit longer because we start chit chatting about important stuff…like college football!

Step 2 – Deep Dive Discussion. This is about a 45 minute video call. It’s a discussion of your career history, knowledge, skills, abilities, interest, and goals coupled with a bit of talk about family and other things that make you tick. We also include your spouse or partner even if they are not going to be active in operating the business. It’s a call in which we both throw a few things out on the table to better understand how to move forward.

Step 3 – Client Confidential Questionnaire. As soon as we say so long from our video call, we send each client a questionnaire that reviews some of what we discussed on the call but also more detailed information regarding core competencies, business and industry interests, and financial information. And remember, all of this information exchange is completely confidential and crucial to “Help me, help you”. Jerry Maguire reference here! Great movie.

Step 4 – Follow up Call. On this call, I will ask questions for any clarification I may need on the questionnaire. Then the fun stuff starts. We will start to discuss different industries, sectors, and/or specific businesses. And no, Chico’s Bail Bonds is not on the list…another great movie reference! But you will be surprised at the opportunities that are available to you. A majority of clients that are awarded a franchise, invest in one that they actually never even thought about. And that’s proof that this process works! If you need funding, (this is a whole newsletter in and by itself), I will make some introductions to funding partners just to provide you information on funding your investment. Here’s where the team effort approach kicks in. You will have a team helping you all along the way in the process. You do not go it alone.

Step 5 – Brand Presentation Call.  After I do a bit of research considering everything we have discussed, we will set up another call where we will narrow it down to 3 or 4 brands and present each to you. Then for the ones you like, we will schedule calls with each brands representative. That where you can learn even more including the culture of the brand which is important for both you and the brand.

Step 6 – You will then start digging into the meat and potatoes of each brand. I will provide you more information to prepare you for the calls. This may be one or two calls but they cover: 

-General Q & A 

-Review Unit Economics

-Review Brand Financials

-Review the Franchise Disclosure Document. (another subject for a full future newsletter)

-Validation. You get to talk to current franchisees about their real-life experiences in the business and how they got things going.

Step 7 – After all of that, you actually get to visit Company HQ to meet the Team and get the grand tour. It starts with meeting the team and also spending time with company leadership for some real quality time. Super fun and enjoyable. And when all goes well, Decision Day! This is the day you are awarded a franchise! At this point you know that it is a team sport and it successfully put you on a great path to financial freedom.

So just remember that you will be in business for yourself but not by yourself. You got this!