Common Mindsets of Franchise Buyers – Only One is Legitimate
“I trust my instincts, so I’ll know what’s best for me”. Without knowledge of franchising and franchise due diligence, instincts are meaningless.
“I’ll verify what I’m told and find out the truth about different opportunities.” Inexperienced buyers don’t know how to verify what is fact and what is fiction.
“I’ve analyzed this franchise, I’m confident of its quality. It suits me and what I want to do.“ This is where a franchise buyer should be. If you can say this with conviction, you’re miles ahead of most.
Protect Yourself with Sound Counsel and Due Diligence
If you choose ‘free franchise consulting’, you’re engaging a broker or salesperson. That person will offer their knowledge on franchising (be it great or limited) and introduce you to various opportunities. Of course, introductions will be made only to franchises with which they have an arrangement to be paid, by the franchisor, if you purchase. Nothing is free. In the case of ‘free franchise consulting’, the franchisor is paying the consultant to sell you a franchise. You be the judge as to where the consultant’s loyalty lies.
If you choose a ‘fee for service’ consultant, you will pay the consultant to work for you, not sell to you. There is no limit to the range of concepts to be discussed and no pressure to make a purchase. You can and should review the consultant’s experience and decide if there is a fit between your needs and the consultant’s knowledge and approach. The consultant should provide expert counsel, analysis, and due diligence. Additionally, you can expect help with rejecting franchising altogether if it’s not a good path for you. Avoiding a potential disaster is always a good result.
We believe the best franchise consultant is one that does not work on a post sale fee or commission basis. Franchise brokers have tried every way to say they’re consultants, but the fact is, if you’re paid when a sale is made, you’re a broker. The Bibby Group has never sold a franchise or accepted a commission in it’s 30 plus years of operation.
Do you want a sales driven adviser one fully dedicated to protecting you and your best interests? You decide.
Essential Elements for Franchise Buyers
Know that you should be self-employed and what type of business best suits who you are. You can start resolving these issues with The Focus Program for Emerging Entrepreneurs.
Mentoring for two critical items: Understanding the franchise model and your potential fit within it, and finding the most suitable franchise environment, if any, in which to operate.
Franchise Due Diligence to expose the reality of a franchise beyond the marketing and salesmanship.
Franchise Selection: No one but you should become enthusiastic or lean toward a given franchise. Your enthusiasm should never be the result of salesmanship. It should result from careful analysis. Reject franchising entirely if it doesn’t feel right.
Read this informative exchange on free franchise consulting
Client Statements –
“I struggled with buying a franchise. I needed a mentor focused on my situation, not an opinion on what might be a good franchise to buy. Your process slowed everything down. I got 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. I’d definitely do it all over again.” Randy R. – Texas
“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. Anyway, 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 B. – New York
Make Better, More Informed Decisions About Owning a Franchise