I. Prior to buying a franchise, obtain enough information, and that includes accounts.

What is it that the franchiser is supplying?

Supplies, paper, and machinery?
Do you need help finding premises for a business?
Preparatory training and help to get the business started?
Do you have an operations manual that I can look at before I decide to purchase it?
How have any failures that may have occurred within the franchise network been dealt with so far? 

II) 1

As far as possible take advice from the British Franchise Association and professional advisors. Speaking with existing franchisees to obtain an insider's opinion about the company.  Make sure the organization gives you a complete list of all their franchises, not just those that are doing well.

IV) The British Franchise Association and professional advisors like banks, BFA-affiliated attorneys, business experts and accountants are all there to help you, so take as much advice from them as you can.

V. Understand your strengths as well as weaknesses, and see if your franchiser is going to help you by training you or in any other way.

VI. Look at the franchise agreement. Before signing a franchise agreement, get ethical and legal counsel from a BFA-affiliated advisor. It is imperative that you attach, in writing, any and all promises made by the franchiser to the agreement.

Seven. Make sure there is a written record of everything. Wouldn't it be great if you  had a written record of all the discussions between you and your franchiser, maybe an email outlining any face to face or phone conversations?

VIII) You must be certain that you are completely cognizant of the terms and conditions that you must abide by and that you totally comprehend their meaning and your potential risk under them.

IX) It is best to settle disputes informally whenever it is possible. This usually costs less than going to court.  Before resorting to the court system, look at ADR options.

Ten. Plan a way to escape. Be certain you have an exit strategy with your franchise agreement.  Quite often it is the marketing of the business. Research:

What kind of franchises offer the top dollar at resale?

Does the agreement address what happens if you pass on or are otherwise permanently disabled? Your will should be updated to include all of your instructions.

Determine the long-term goals you have. Is your plan to sell your business in the future or do you want a family member to inherit it someday?

 

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