Thinking about buying a franchise?
Image by wallyg via Flickr
Markus May, writing at The Naperville Sun, has some nice insights about purchasing a franchise.
Often we see people who are interested in establishing their own business in order to avoid working for other people.
Often a downsized executive is no longer interested in working for someone else and wants to buy a company to provide for the family.
At that time, we may discuss whether buying a franchise is something to consider.
A franchise is basically a license from a franchisor to run a business. The franchisor provides the business owner with marketing and training support.
For example, Subway allows people to buy a franchise to operate individual Subway stores. Subway in turn provides training, marketing and product support in exchange for certain fees.
Is buying a franchise right for you?
One benefit is that the franchisor will train you on how to operate the business. If you don't have experience running a company, this may be very valuable.
Further, with a well-known franchise, you obtain a marketing brand which would presumably include a built-in customer base."
Now, the one problem is that Markus doesn't tell us how to review the franchisor's FDD to determine whether the promised training inthe marketing material is likely to be delivered. Do you know how to do this? If not, please see the nearest professionally qualified franchisee attorney.
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