One of the best ways to become your own boss successfully is by acquiring an existing franchise.
of the franchise, such as great systems, marketing support and brand recognition. It also has all the great properties of an existing business such as existing customers, establish market share, and current cash flow. Owners of existing franchises tend to have a high success rate because of the immediate acquisition of cash flow and customers and because of the training and ongoing support.
If you are embarking on your first business ownership venture or if you are entering an industry that is new to you, look at an existing franchise to acquire.
You will still need to do your own due diligence. Not all existing franchises are as they appear to be. Just because it is a franchise or just because you know the place or just because the brand is well known does not mean it is successful. Plenty of franchisees have come to us over the past decade frustrated because their company still was not making money – even after several years of hard work Remember how popular brands like Curves and Quiznos once were.
Be diligent and take time to check out both the specific location you are looking to acquire and the franchise company itself. Visiting websites like BuyBizUSA.com, BlueMauMau.com and Franchise.org will give you more perspective about the franchisor. Ask questions of the current owner, other franchisees and the corporate office. Request a Seller Disclosure Document and look at the tax returns that have been actually filed with the IRS, not just a copy they have on hand.
If you are thinking about acquiring an existing franchise but want support on understanding the business, seek out business acquisition support programs like Legacy Venture Group’s Legacy Guardian Advantage, which looks at market value, funding, contingencies, and more. And remember to reach out to a good business attorney and business accountant for all your financial needs.
Here is one great example. As of the time of this posting, Legacy Venture Group and BuyBizUSA.com proudly represent an existing Mobile Pet Grooming Company. Current owner works from home while the fleet of groomers works with customers and their pets at the customer’s homes. Owner is ready to join spouse in a well earned retirement and seek someone who is passionate about customer service, business development and leadership in the industry. Reach Legacy Venture Group to receive more information about this great, local Florida company or read more at BuyBizFL.com. You can reach us directly at [email protected] or 813.571.7700. Thank you.