No Short Cuts Here!
When researching business opportunities fight the urge and do not take short cuts. Not gonna do it you say? Everyday I speak to would be entrepreneurs who are putting off some very important (Required) steps in the business evaluation process. They found an opportunity on their own and are moving through the franchisors review process assuming that is enough.
Let me be clear that it is not. After all, it is never about what you know it is always about what you didn't!
Do not buy a business unless you have....
#1 Consulted an Attorney - Make sure you speak to a Franchise Attorney and make sure you pay to have a UFOC review. Many people skip the review due to the cost but make sure you are not one of those people!
#2 Talked to Your Accountant - Again this one might be obvious but you need the financial guidance of a professional. A few things you will need to engage your accountant in will be.. Reviewing your personal finances, corp. formation, financing guidance (home equity, SBA, 401K financing, etc), review UFOC financials, build pro formas, taxes and many others!
#3 Spent a day with a Franchisee - Walk a mile in their shoes or at least a few steps and see first hand if your dream meets the reality!
#4 Called as many existing and former franchisees as possible - This is an easy one to short cut as making the calls takes a lot of time and can be aggravating. No return call, lots of voice mails and never ending games of phone tag have many people say they have enough information after a couple of calls. Trust me. You don't and you need to keep calling!
Have a great week!
Rob
Let me be clear that it is not. After all, it is never about what you know it is always about what you didn't!
Do not buy a business unless you have....
#1 Consulted an Attorney - Make sure you speak to a Franchise Attorney and make sure you pay to have a UFOC review. Many people skip the review due to the cost but make sure you are not one of those people!
#2 Talked to Your Accountant - Again this one might be obvious but you need the financial guidance of a professional. A few things you will need to engage your accountant in will be.. Reviewing your personal finances, corp. formation, financing guidance (home equity, SBA, 401K financing, etc), review UFOC financials, build pro formas, taxes and many others!
#3 Spent a day with a Franchisee - Walk a mile in their shoes or at least a few steps and see first hand if your dream meets the reality!
#4 Called as many existing and former franchisees as possible - This is an easy one to short cut as making the calls takes a lot of time and can be aggravating. No return call, lots of voice mails and never ending games of phone tag have many people say they have enough information after a couple of calls. Trust me. You don't and you need to keep calling!
Have a great week!
Rob
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