| If you're a first-time franchise buyer then the odds are you are at a HUGE disadvantage. Why? Because up to now you have not had to resolve: your entrepreneurial self; what franchise brokers (falsely labeled 'consultants') are up to; why franchisors have the upper hand; and what constitutes a good 'investment'. If you're a potential buyer, prepare yourself.
FACT: Franchise failure rates are NOT low. Learn to discern.
FACT: Franchise brokers are on commission. Where does their loyalty lie?
FACT: CPAs/lawyers study numbers/contracts, but these are only PIECES of the puzzle.
FACT: Most franchisees do NOT understand what they bought until later. That's usually too late.
Bibby Group is the ONLY buyers' advocate that spans your entire entrepreneurial journey from personal planning to franchise due diligence and selection options. (Check it out.) Our one-of-a-kind mentoring and protection plan goes from start to finish, focused on your best interests as you decide which, if any type of entrepreneurship is right for you. We charge a consulting fee. We reprensent YOU not franchisors.
Many Thoughtful Franchise Buyers Express The Following Sentiments
“Self-employment seems like a good alternative to my present career, and buying a franchise is a solid option. The proven systems and training provided by a franchisor will make business ownership far less risky.” (There are three faulty assumptions here.)
The first sentiment leads to what seems like a logical plan of attack: “I’ll start with the Internet, franchise shows, franchisors, and the ‘free services’ of franchise consultants (actually brokers on commission). That way I’ll get information from every angle.” (There's another misstep in this thinking. Hint: It has nothing to do with brokerage.)
Do You Fit One Of These Three Categories Of Franchise Buyers?
- “I trust my instincts and skills, and I'll know the right thing when I see it.” This is the most common not because it’s the easiest, but because most buyers don't have an alternative. It also represents the biggest gamble because it’s a fact of life that great salesmanship, ‘hot opportunity syndrome’, and strong emotions play the greatest roles in buying a franchise.
Buyers tend to trust franchisors to do the right thing and they actually feel rather honored if they are ‘awarded a franchise’. FACT: Most franchises are purchased without an real understanding of the business or the relationship. Franchisors have the upper hand, and they exercise it.
- “I am going to trust the process, but you better believe I’m going to verify everything.” This of course, is a better approach, but exactly ‘what' are you going to verify? And how are you going to go about it? Numbers and contracts are very important, but they don't come close to analyzing the franchise as a business opportunity. A buy/no-buy decision based on limited input will result in one of two things.
- The purchase will be made because limited information plus emotion attached to a particular franchise rules the day. It's an iffy proposition.
- The buyer walks away, but resumes the search without any better plan than before.
- “I have a clear vision of myself as a prospective entrepreneur and the type of business that ‘fits me’. I know what steps I have to take in order to make that vision a reality.” Of course, very few buyers operate at this level of confidence and authority, but if you’d like to be among that number then it’s time to examine our program.
Here is the SAFEST SYSTEM FOR BUYING A FRANCHISE
In a nutshell, we will help you reverse the role of the typical franchise buyer and take authority over your direction, your personal planning, your choices, and the possible selection of a franchise.
STEP 1 – Complete “The Focus Program for Emerging Entrepreneurs”
Use this link to “The Focus Program” for a full description. It is a well constructed system for creating your Personal Entrepreneurial Portrait and answering the following questions:
STEP 2 – Personal Consulting/Mentoring
Following the Focus Program decide if you want to engage our direct consulting services and move to the next level. Up to this point you have only purchased the Focus Program and are not committed to further expense. Whereas the Focus Program is a self-study process, our mentorship provides a knowledgeable, personal guidance.
There are two objectives here:
- Resolve questions concerning your entrepreneurship and franchising.
- Create a personal roadmap for a journey into franchising. Or come to the conclusion that franchising may not be the right path for you.
STEP 3 – Identify and Analyze Appropriate Franchises
Through continuous discussions you will pare down your options, learn what to look for in a given franchise, and develop your own analytical style. You will interact with franchisors and franchisees while using us as a sounding board and advisor. You will be mentored throughout the process and sound choices will become clearer. We never push, recommend, or represent a particular franchise to you. We will only advocate for you. We will never accept a commission as a result of our relationship with you.
Finally a fully informed, relatively unemotional decision can be made about your future business plans.
(Here’s a classic Q&A on the issue of franchise consulting vs. brokerage.)
Read what real clients have to say
“I struggled with the idea of buying a franchise because I didn’t know if it was right for me, let alone which one to choose. I needed a mentor focused on ‘my big picture’, not someone’s opinion about a franchise or a franchise agreement. Your ‘process’ slowed everything down so that I could get to know myself as an entrepreneur and create a logical, comfortable ‘plan’ for making decisions. In a short period of time I replaced confusion with confidence, and knew my direction. I’ll continue to reap the benefits of what I learned through this process and I’d definitely do it all over again.”
Randy Rancier
Corinth, TX
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"It really was a fascinating discussion of the opportunity I was considering. Your fee may go down as one of the best investments I ever made. It's up there with buying Dell in 1995. Anyhow I'm doing a lot of thinking this morning about my future. I'll be calling you every month for the rest of my life if each time I can save $250K!"
Ira Berday
New York, NY
You don’t have to guess your way through the maze…
Contact the Bibby Group to discuss your questions and concerns.
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