Franchising – Best of Both Worlds
One of the best ways to become your own boss successfully is by acquiring an existing franchise.
GET AN EXISTING FRANCHISE
Existing franchises offer great systems, marketing support, and brand recognition. They also provide all the great properties that existing business offer. People who acquiring 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, consider acquiring an existing franchise.
CONDUCT YOUR DUE DILIGENCE
You will still need to perform detailed and effective due diligence. Not all existing franchises are as they appear to be. Just because a business is a franchise there is no guarantee that it is as profitable as the Seller claims.
Plenty of franchise owners are frustrated because their company still was not making money after several years of hard work. Popular brands like Curves and Quiznos were in abundance around our office but I have not seen one in years (note that they are still around in various parts of the country).
DO YOUR RESEARCH
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.
USE A PROFESSIONAL BUSINESS BROKER
So, if you are thinking about acquiring an existing franchise but want support on understanding the business, seek out business acquisition support programs like Legacy Business Broker’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. We have a full team. Let us know we can connect you with our Tampa Business Brokers, Orlando Business Brokers or Brandon/Valrico Business Brokers. We are here to help you.
Reach Legacy Business Brokers to receive more information about this great, local Tampa Business Brokerage company or read more at BuyBizFL.com. You can reach us directly at info@BuyBizUSA.com or 833-Buy-Biz1 (833-289-2491).
Do you own a business? Get your FREE eBook on getting the best price for your business. Just send an email to us at Info@BuyBizUSA.com to request your FREE Seller’s Ebook.