Picking the Right Business Requires Some Time and Study
You’ve decided to buy a franchise. Now comes the hard part: picking the right one to buy.
That can take some serious study. And financial counselors say many of their clients could have avoided costly mistakes had they spent more time learning about what a franchise entailed before plunking down what may have been their life savings.
“They don’t do their homework. They think that franchise-in-a-box will work all the time,” says Michael Roberts, partner in charge of franchise services at Horne LLP, a public accounting and business advisory firm.
Check the Numbers
Would-be franchisees should start by asking at least two competing franchisers for their offering circulars, which they’re obligated to give interested parties.
These documents, sometimes running several hundred pages and laden with legalese, include a bevy of data, from annual revenues per location to what’s expected of franchisees, as well as the names of those who no longer own a franchise for whatever reason.
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Hard to identify whether the business can sustain or not.