OK Business Brokers Groups (214) 682-8888 Peter Wu
www.ok8888.com
How to Own a Franchise Business Opportunities ?
The Process
Step 1 - Contact Us
There is no time like the present to see what options are available to you. Your contact information is kept confidential and is reviewed by our staff to provide you the best opportunities for your particular needs.
Step 2 - First Appointment - The Business Profile
One of our consultants will contact you to set up an appointment to discuss your business goals. The appointment will take 30 minutes to an hour and can be accomplished over the phone. Understanding your particular goals and needs will allow us to find the best opportunity for you. We will set a follow up appointment to present you with the opportunities that fit your requirements.
Step 3 – Research
We take the information you provide us, research franchises (and territory availability) and match them with your stated goals and needs. There are hundreds of different franchises and our goal is to identify the best 3-4 franchises that match your financial and work environment requirements. Our research typically takes three to four days.
Step 4 –Second Appointment - The Presentation
Next, we present you with the opportunities that we have identified in our research. This call will take 45 minutes to an hour. We ask you to rank the opportunities based on your interest. If you wish to proceed, we will arrange an introduction directly to the representative of those franchises. This does not obligate you in any way.
Step 5 - Introduction to Franchisor
For each of the opportunities that interest you, we will introduce you to the Franchisor. The Franchisor will send materials to help you become acquainted with their franchise. They will also send the Uniform Franchise Offering Circular (UFOC), which is a disclosure document for their franchise opportunity. (The UFOC receipt should be signed and returned immediately) The Franchisor will also have you fill out a confidential questionaire to get to know you better and verify your ability to buy and run the business.
Step 6 - Review of the UFOC
We will discuss the 23 items that are contained in a UFOC. You should review the UFOC in complete detail, writing down any questions or concerns for discussion with the Franchisor. The UFOC is your friend; it will contain a complete history of the company, officers, litigation (if any), performance, list of franchisees and contact information.
Step 7 - Call Franchisees - Validation
The Franchisor will provide you with a list of franchisees for you to call to ask questions about the franchise. The Franchisor is going to give you a list of franchisees that are successful and have positive things to say about the franchise. Calling these references is important because it gives you the opportunity to ask them why and how they became successful. You need to determine if you can do the same things that they did to be successful.
Step 8 - Consultation with Attorney and Accountant
You should always consult with an attorney and an accountant before making a decision. It is important to insure that both of these people have a good background in franchising. If they don't, then the process may cost you more than you need to pay while they do their research. If you do not have an attorney or an accountant, we can help locate them in your area.
Step 9 - Attend a Discovery Day
Most franchisors have a Discovery Day, where they will invite you to their location. You will not only get crucial information for your decision, but will get to meet the officers and staff that will be providing your initial training and on-going support.
Step 10 - Decision Time
You have taken all of the steps up to the door, and now you must open it. Decision time! Congratulations, you have decided to own a business.
Call Peter Wu - Business Broker at (214) 682-8888 www.ok8888.com
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