‘Franchises For Sale’ is like going fishing
‘Franchises for Sale’ is a Fishing Net – Don’t Take the BaitInternet searches of ‘franchises for sale’ can be both informative and fun, but it’s not a past time for those with experience in making a purchase.
Think of the term ‘franchises for sale’ as an enormous dragnet capable of catching the eye of any and all types of buyers remotely interested in franchising. As far as franchisors are concerned, the more viewers the better. What works for prospective buyers is putting the franchise opportunity lists aside and starting a search from the inside. If you don’t first figure out what you want and why you want it, you’ll be prey to a good story. And far too many franchisees have fallen for a good story, a salesperson’s story.
Experienced business buyers bring a definite plan to the process. The vast majority of inexperienced buyers don’t have a plan and don’t conduct serious due diligence for two reasons. One, they believe in their ability to conduct franchise analysis. Or, they fall for salesmanship. There’s only one way to gain protection and it comes in three steps: know what to look for, how to discover it, and the meaning of what’s discovered.
Franchise attorneys, accountants, and experienced business owners are good resources when investigating franchises. But first know how a business is supposed to fit YOU, not the other way around. Here’s a systematic approach to franchise due diligence: How to buy (or reject) a franchise.