What to Expect
Our first call together focuses on clarifying your motivations and qualifications to own a business. Together, we will decide if exploring franchise businesses has strong potential to help you achieve your goals. A well-defined “Why” will give you clarity and confidence to commit your time to the following process.
The Zorakle Spot On is a well known tool in the franchise industry, used to understand the values, skills, communication and work styles of top performing business owners. You will complete this 10-15 minute assessment in preparation for our next call, and we’ll use the results as a starting point to understand which types of franchise business models would be a good match for you.
3. Franchise Research Call
This is our second meeting where we develop your search criteria for an ideal business. It’s important to approach this call with an open mind. Often times clients come to us with interest in a specific brand or category of business, but through this process they’ll discover other
options they never expected would help them meet their goals.
We will connect you with a franchise funding specialist for a free, no pressure consultation to explore options and strategies for funding a business. Depending on your specific financial situation, we’ll decide if this step is appropriate before an introduction to a franchise, or if it can wait until later in the process.
5. Franchise Presentation
We will take about a week to conduct research, then meet to present three to five franchises that fit your criteria. We’ll explain the high level aspects of each business and how it fits or doesn’t fit your criteria. At the end of the call, we’ll prioritize these franchises and create a strategy to dive deeper into exploring one or two options.
6. Franchise Due Diligence
Franchise Due Diligence starts with an introduction to the franchisor. It is a multi-step approach that is guided by the franchisor, but Advantage Franchise Brokers will be alongside you every step of the way to support your research with additional guidance, resources, and coaching. During this step you will learn about a franchise’s business model, the role of the owner, the systems and support, available territory, and much more.
This is the stage where you verify the information you’ve gathered with existing franchise owners. Many experts claim that validation is the most critical part of franchise research, and we whole heartedly agree. These are owners that were once in your position and will give you real numbers and personal experiences with the franchise, so that you can determine if this franchise is right for you and that you have proper expectations from the start.
This is your opportunity to meet the franchise team. At this point, your critical questions about the franchise have been answered and you will visit with the franchise leadership team for everyone to mutually decide if this relationship makes sense.
9. Franchise Awarded / Sign Franchise Agreement
After Discovery Day, the franchise team will communicate their decision to award you territory. Sign the agreement, Pay your franchise fee, and start the opening process!
We believe that very few opportunities have as much information available to you as investing in a franchise. Through engagement in this process and a few hours a week of your time, we find that most clients have the information they need to make a strong decision on a business in roughly 3 months.