October 2024
Beginner to intermediate
352 pages
7h 13m
English
Content preview from The Ultimate Guide to Responsible Franchising
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Chapter 11The Franchise Buyer Journey
The typical franchise buyer journey occurs over six process steps or phases. The franchisor’s process may not mirror the typical buyer journey, so I identify the steps I believe you should take in a linear order, after self-directed research when you are ready to engage with the brand. If you are looking to acquire an existing business, you will most likely engage in this process while working with a franchisor, but you will also have additional steps while working with a business broker or the franchisee seller.
These are the six steps:
- Step 1: Initial interview
- Step 2: Qualification (financial/skills/experience) and prequalification for financing
- Step 3: Reviewing the Franchise Disclosure Document (FDD) and franchise agreements
- Step 4: Due diligence (franchisee validation, financial modeling, and applying for financing)
- Step 5: Discovery Day (virtual or face-to-face)
- Step 6: The decision
Step 1: The Initial Interview
Step 1 is an initial interview and often a presentation of the franchise concept, usually conducted by telephone or video with a representative of the franchisor whose job it is to recruit you.
The Two Franchising Philosophies of Franchisors
When you engage with a franchisor, you will be talking to people who employ one of two possible philosophies or approaches to their job – a sales philosophy or an executive recruitment philosophy. It’s important to know who you’re talking to.
The first is a sales philosophy. They ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.