The Franchise Discovery Process - Franchise Business Source

The Franchise Discovery Process

Contact Us
Our consultation services cost you nothing. We are retained by the Franchisors to qualify and present candidates that possess the necessary characteristics for success. Fill out an information form – one of our franchise recruiters will contact you to verify your information and provide an overview of the process, including introductions to potential Franchisor business partners.

During the initial phases of getting to know you, we gather the information that is necessary to determine what your capabilities are, and which business models will be a good match for you. Our first objective is to understand more about you (e.g., what are your skills, what lifestyle do you want from your new business, what are your long term goals, what would make you jump up and out in the morning). Our Franchise partners are not looking to “sell” a franchise to just anyone that is willing and able to buy into their brand – they are seeking to “award” qualified candidates that will thrive in the operation of their business model. Your success is their success!

Based on our conversations, Franchise Business Source will conduct significant research to identify several Franchises that appear to be a good fit. We will then reconvene to present you with valuable knowledge on each of the business models that met your requirements.
Expect to hear about some exciting name brand franchises in the categories that you expressed an interest in, keep an open mind, evaluate the business models and compare/contrast.
Be careful not to discount a business until you have all of the information – including an introductory interview with each Franchise of interest. Oftentimes, the first glance at a business does not provide a full picture. Your evaluation should include learning the numbers and examining the operation of a business – it is likely to reveal impressive potential that may at first be overlooked.

Review of Franchise Disclosure Documents (FDD)
Following an introductory interview with a Franchisor, you will receive the FDD for review. You need to thoroughly review the contents and seek answers to any questions that come up. Your Franchisor contact and your FBS recruiter are there to help you find the answers to your questions.

Call Current Franchisees
The FDD will contain a list of franchisees and contact information. It is highly recommended that you take advantage of the opportunity to speak with several franchisees. It provides you with a chance for open dialog with those that have the experience. Current franchisees are your resource to gain an understanding of what it’s like to operate a franchise unit in your prospective system.
Franchise Business Source will help you prep for the franchisee interviews to ensure that you maximize your due diligence efforts.

Seek Professional Advice: Attorney, Accountant, Banker
We cannot over-emphasize the importance of finding and talking to an attorney and/or accountant before purchasing any business. You should seek professionals that have a background in franchising to ensure that you receive the best, most relevant feedback and guidance.
What about funding your business? There are so many options and there are organizations that specialize in helping new businesses have the funds necessary to start and run the operations as you grow your client-base and sales.
Franchise Business Source works with multiple attorneys and accountants across the U.S. – we will happily recommend one for you!

Attend a Discovery Day!
Many Franchisors have a Discovery Day. They invite prospective Franchise business partners to visit a specific franchise location and see how the business is run. Most times, the location is near or within their Headquarters so that you also have an opportunity to meet the staff that will support you in the operations of your business, including training, sales, marketing, production assistance.
What a great opportunity to meet the staff that will be working with and for you to help you succeed! If offered – don’t pass it up! If not offered, ask what is available for you to get that up-front-and-personal feel with your future business partner.

Decision Time!
You’ve covered all the pertinent topics with relevant experts.
You’ve asked a myriad of questions and you like the answers!
It is time to make a decision. Is there still information you seek? Let’s talk about it – your success is my success and at this point – it is all about YOU!
If your path is to complete the purchase of your franchise, you can be confident that you have followed the right steps towards controlling your life, embarking on your next, big, life adventure and experiencing a feeling of freedom that is hard to express in words. Congratulations!

Ready to get started? Schedule a Free Initial Consultation