The Franchise Process

Step 2: Evaluation and Personal Assessment

Next, we’ll have you complete some personal assessment surveys. This gives us insight into your work style, strengths, and weaknesses. We’ll also discuss your lifestyle, responsibilities, and ideal work/life balance. 

The evaluation stage is all about understanding you and your goals. We take time to learn about your background, lifestyle desires, and aspirations for the future. Our goal isn’t to push franchises on anyone who can buy. It’s to award franchises to qualified candidates who will truly thrive operating that business model. When you succeed, the franchisor succeeds too! During this process, we gather details on your skills, experience, and capabilities. This helps us determine which franchise concepts may be a great match for your abilities and interests. We take a consultative approach, with your needs at the center. Our ultimate aim is setting you up for success in franchise ownership.

Step 3: Research Potential Opportunities 

Once we’ve identified some potential matches, we’ll introduce you to franchises in those categories that piqued your interest. This gives you the chance to learn directly from the franchisors about how each business model works. We’ll present some exciting, well-known brands for you to consider. Go into it with an open mindset. Take time to thoroughly evaluate each opportunity, compare the pros and cons, and resist discounting any franchises too quickly. The full picture often isn’t apparent at a glance. By diving into the operational details and financials, you may uncover impressive potential where you least expect it. Keeping an open and discerning mindset allows you to make the most informed decision.

Step 4: Review the Franchise Disclosure Documents

Once we’ve narrowed down some specific franchises of interest, we’ll conduct an in-depth review of the Franchise Disclosure Documents (FDD).

The FDD contains their full legal disclosures, allowing you to understand the ins and outs of franchising with that brand. If any part of the FDD raises questions, don’t hesitate to ask the franchisor to clarify. They want to ensure you fully grasp every detail. The FDD also includes contact information for current franchisees in the system. Speaking with existing franchisees provides invaluable insights into the real-life experience of operating that franchise. Connecting with them is highly recommended during your research process. Current owners can offer transparent perspectives on their satisfaction, challenges, and the true day-to-day operations.

Step 5: Reach Out to Franchisees 

Asking the right questions of current and former franchisees is crucial. We provide a list of strategic questions to help guide these conversations. Speaking with existing owners offers the chance to gain insider knowledge from those actually operating the business. You can validate information directly from unbiased sources who have lived the franchise experience. It’s an opportunity to dive deeper into the profitability potential based on real-world unit performance. The perspectives of those who have already taken the leap provide one of the most valuable resources to determine if the franchise opportunity is right for you. With our question guide, you’ll be armed to have meaningful discussions and extract the insights you need during these franchisee conversations.

Step 6: Consult an Attorney and Accountant

Having an attorney and accountant on your team with backgrounds in franchising is strongly advised. They will ensure you fully understand the legal terms and can assess how the investment will impact your finances. An experienced franchise attorney will review the agreement to negotiate provisions in your favor and identify any areas of concern. Your accountant can analyze the financial projections and provide guidance on business structures and tax considerations. If you don’t already have a trusted franchise attorney or accountant, we’re happy to recommend experts we rely on ourselves. Having these skilled advisors review the opportunity and agreement is crucial to make the most informed decision.

Step 7: Attend a Discovery Day 

Discovery Days are offered by most franchisors. This is a full-day event where you’ll get an immersive experience at the franchisor headquarters. You’ll meet key team members, tour facilities, and learn operations details.  

Step 8: Decision Time

With all the information gathered from our process, you’ll be equipped to make an informed decision on whether franchising is right for you, and if so, which franchise to pursue. We’ll provide guidance through the franchise agreement signing process if you decide to move forward.

The franchise buying process requires in-depth analysis and research. By following these outlined steps with our guidance, you can feel confident in your decision. If you’re considering franchise ownership, reach out today to start a conversation. We’re here to provide the support you need each step of the way.

Disclosure

This website, and the information contained herein do not constitute the offer or sale of a franchise. There are certain states that require the registration of the companies’ Franchise Disclosure Document (FDD) before the franchisor can advertise or offer the franchise in that state. The franchises listed on our website may not be registered in all registration states and may not offer franchises to residents of those states or to persons wishing to locate a franchise in those states. The offer and sale of a franchise can only be made through the delivery and receipt of a Franchise Disclosure Document (FDD.)

Oak Street Franchise Consulting is not an agent, employee, representative, or other functionary of the seller of the respective franchises introduced to you.

Oak Street Franchise Consulting is an Independent Contractor, engaged in the activity of introducing prospective business buyers to sellers of franchises.

Oak Street Franchise Consulting is paid a finder’s fee or commission by the seller if you elect to purchase a business from a company that was introduced to you by us.

Oak Street Franchise Consulting has not checked the accuracy of the written or web site information provided by the seller, and assumes no responsibility for the acts, errors, or omissions of the seller, or the outcome of any transaction.

Oak Street Franchise Consulting is not qualified to advise in any part of the purchase of a franchise. You are urged to seek professional advice from a qualified franchise attorney, accountant, or other qualified resource.

Many Franchisors disclose various earnings claims in their disclosure documents. Oak Street Franchise Consulting does not enter into discussions of earnings claims. Any earning claims information shall come directly from the franchise representatives.

Buying a franchise is a complicated investment. Take your time to decide, and personally visit the headquarters of the company you elect to buy from. Make good, common sense decisions in all investment matters.

The Federal Trade Commission regulates the sale of franchises. The FTC has a very user-friendly web site, www.FTC.gov. We suggest you use it.

Your state may also have laws regarding franchises. Ask your state consumer affairs agencies about them.

The Better Business Bureau is another excellent information source for potential franchise buyers. www.BBB.org will put you in instant touch with both local and national offices.

You alone are responsible for researching the franchise you purchase.