Franchise selection
Nowadays, the small entrepreneur or those who try to get into new business ventures look for a franchise thinking it is their best possible option. Not knowing in many instances what a small business is like, it implications and its problems, those new entrepreneurs believe a franchise system will be a guaranteed success. The reality is that knowing about franchises and how a franchise system works can take many years and changes from sector to sector. Therefore, utilizing guidance from experts from the beginning makes the process considerably smoother. This is why new entrepreneurs come to us; to consult the opinion and advice of an expert, and then study and choose the best option.
By selecting us, you can avoid a scenario that many encounter: the new entrepreneur looks for help but chooses a company that is not specialized in franchise systems. The resulting issue is that maybe an accountant, a business broker, a lawyer or any other biased consulting firm not specialized in this sector leads the new businessperson without the advantage of a 360-degree view. To avoid that situation, at Avertica® Consulting Group, as our second recommendation, we highly advise to try to partner with consulting groups that have the expertise, knowledge, time and experienced team to guide you and your selection process in the right direction.
The Avertica® Consulting Group team always takes the entrepreneurs project very seriously from its inception. We make sure, over the course of several interviews, documentation, and internal processes that we understand your objectives with a franchise system. It is then that we start our search with you. We monitor every step of the process; we separate roles among the different experts, and we analyze the major elements of each option until we have all the necessary parameters, so you can make the final decision. After you make that decision and you sign the franchise contract, we support you through your training and your first weeks or months, until either party decides that our participation in the process is not needed any longer. Even then, you know that you can always access our team of experts.
At Avertica® Consulting Group we take ownership over your project by providing leadership in the areas where you or your partners do not feel secure. To evaluate the areas in which you need expert assistance, please ask yourself the following questions:
- What are the consequences of working on my own as an entrepreneur?
- Do I have a solid understanding of the franchise environment?
- There are multiple sectors within the franchise industry. Which one fits the present and future market needs best?
- My skills and aptitudes will probably match best with a specific type of franchise. Which one should I pick?
With this and many other questions we will ask you through our internal selection process, Avertica® Consulting Group will guide you through the deciding between your best options. We as your consultants will not give you the final answer. However, we will help you to think strategically to optimize your final decision. Moreover, we will work for you, versus other consulting groups that work also towards the interest of the franchisers.
Step 1 – Contact Us
There is no time like the present to examine your options. The information you share is kept confidential and is only used to provide you the best opportunities for your specific needs.
Step 2 – First Appointment
One of our consultants will contact you to set up an appointment to discuss your goals for owning a franchise. This consultation will take about 45 minutes over the phone. Understanding your goals will allow us to find the best prospects for you. We will schedule a follow-up an appointment to present you with opportunities that fit your requirements.
Step 3 – Research
We take the information you provide and research available franchises and match them with your goals. There are over 5,000 franchises, domestic and international, and our goal is to identify the best three or four franchises that match your requirements.
Step 4 – Presentation
After we have identified a few attractive opportunities through research, we will present them to you. This meeting accomplishes two goals. First, if any of the opportunities are of interest to you, we will arrange an introduction directly to the representative of the franchise. This will require that you complete and submit a confidential questionnaire to be supplied to the franchisor. The franchisors want to know that you are financially qualified to purchase their franchise, that your timeframe to buy is within reasonable limits, and that your partners or family are in complete agreement with you buying a business. Refining the criteria for the best opportunity for you is an ongoing process.
Step 5 – Introduction to Franchisor
As mentioned above, when you notify us of interest in an opportunity, 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 system. The UFOC receipt should be signed and returned immediately.
Step 6 – Review of the UFOC
We will discuss the items that are contained in the UFOC; in particular, items that you should pay close attention to. You would then review the UFOC in complete detail and write down any questions or concerns to review with the Franchisor. The UFOC contains a list of franchisees and contact information.
Step 7 – Call Franchisees
The franchisor normally provides a list of several reference franchisees for you to call to ask questions about the franchise. Obviously, the franchisor is going to give you a list of franchisees that are successful and have positive things to say about the franchise in question. The reason for calling these references is that you want to ask them why and how they became successful. Then, you can determine if you can do the same things that they did to be successful.
Step 8 – Consultation with Attorney and Accountant
Best practices dictate consultation with an attorney and an accountant before making a purchasing decision. It is important to ensure that both service providers have strong background in franchising. If they don’t, they may need to do some research, which will result in a higher cost to you.
Step 9 – Attend a Discovery Day
Most franchisors have a Discovery Day, where they will invite you to their location. You will receive crucial information for your decision and also have the chance to meet the staff that will be providing your initial training and continuing support.
Step 10 – Decision Time
At this point you will have taken all of the steps up to the door, and now you must open it. Decision time. Congratulations – you have decided to buy a franchise.