Frequently Asked Questions
Here are some of the questions I get asked the most. If you don’t see the answer you are looking for here or in the articles below, you can Ask a Question or give me a call at 321.392.3000 Ext 1. First consultations are free.
Can you help me find and buy the right franchise?
Yes. I offer straight forward, unbiased advice on franchises that you have already begun research on or are interested in as well as help you find the right franchise.
You’ll get insider tips, advice and shortcuts learned over decades in franchising to help you quickly zero in on the right franchise without making a costly mistake. I can also help you negotiate the franchise agreement if needed.
How do the free franchise advice or referral programs work?
In a nutshell, they are brokers (a/k/a coaches or consultants) that try and match you with their inventory of 'pre-screened' franchise concepts willing to pay the broker a referral fee if you buy the franchise.
After spending some time getting to know you and your interests, they usually recommend three franchises that are the closest fit to what you are looking for, and then register you with those franchise concepts - who will then contact you.
There are honest, high-quality brokers that represent some great franchises, but, unfortunately, there are also those that are just trying to earn a commission.
For example, some may recommend a franchise just because it is in their inventory; similar to a real estate agent that only shows you their listings when the perfect home for you may only be a few blocks away.
Should you use a Free Franchise Advice Broker? Sure.
It can help you learn about franchises you may otherwise not know about (some concepts only use brokers and don't otherwise advertise) as well as help you gain a better understanding of what would be the best fit for a franchised business. As long as you understand the limitations of using one you should be OK.
If you are currently working with a Free Franchise Advice Broker and need some unbiased advice, give me a call at 321.392.3000 Ext 1 or use the Contact Form. First consultations are free.
Is franchising as complicated as it seems?
The simple answer is, no. Franchising isn’t that complicated.
But between articles posted on the internet, books written on the subject, (that many times contradict each other) the Franchise Disclosure Document (FDD), different rules for different states, thousands of concepts to choose from and so on, it can sure seem that way.
Albert Einstein said; “If you can't explain it to a six-year-old, you don't understand it yourself.”
None of us are six years old, but if you are working with someone, whether broker, consultant, sales staff or even your attorney that can’t seem to explain everything to your satisfaction - it is probably time to look for some different advice.
Should I use an attorney to help me find the right franchise?
Using an attorney is the right idea, but it should be one of your last steps, not one of the first.
I know a few lawyers that can give great legal and pretty good business advice - but they are rare. Most don’t give the best business advice - and will often admit that. But business advice is what you need in the beginning.
Franchise Disclosure Documents (FDD) are required to be written in plain English and explain the franchise offering and contracts you will be signing. It’s best to read them and weed out the unsuitable concepts before asking for a legal opinion from your attorney.
If at all possible, use a lawyer that specializes in franchising. You’ll get much better advice, and you won’t be paying for on the job training.
I work with some of the very best in the country. If you are at the stage where you need one, give me a call at 321.392.3000 Ext 1 or use the Contact Form, and I will recommend a few for you.
When should I receive the Franchise Disclosure Document (FDD)?
Personally, I think any bonafide prospect should be given the FDD as early in the process as possible.
Bonafide meaning you have spoken to the franchisor or sales staff, completed an initial application and financially qualified.
There is no “first personal meeting” disclosure requirement anymore, so franchisors are free to disclose whenever they like, as long as you get it two-weeks prior to buying the franchise. No matter what, be sure to get it before spending any money traveling to Discovery Day, which will also give you and your attorney time to review it.
The sooner you get the FDD, the better.
How do you get paid?
I offer both a percentage of the Franchise Fee and a flat fee monthly program that includes unlimited email, telephone consultation, and document review. The flat fee is usually the best way to go, and starts at $500.
Keep in mind that my review of the franchise documents is a business review, which is exactly what you need right now. Attorney review is the last step.
If you are already working with a Free Franchise Advice Broker, (see above) my services to you will be invaluable. The sooner you hire an unbiased advocate that works for you, the better.
To learn more about how I can help you buy the right franchise, give me a call at 321.392.3000 Ext 1 or use the Contact Form. First consultations are free.