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An Old Dividend Stock Investment Idea, for a New Generation
You have permission to publish this article either electronically or in print, free of charge, as long as the author bylines are included. A courtesy copy of your publication would be appreciated. Please email to ...
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Practical, Pragmatic Preparation
Franchising 101: The Complete Guide to Evaluating, Buying and
Growing Your Franchise Business
Edited by Ann Dugan, Published by the Association of Small
Business Development Centers (ASBDC)
Cooked up by CPA's, Attorneys and Insurance Brokers, with a
dash of disgruntled franchisee and a pinch of fatherly advice
from a franchisor, this utilitarian dish is nothing if not
healthy. With a steady diet of this recipe, potential
franchisees will leave the table full and satisfied and
yearning for a VERY rich desert to make up for all the
pragmatic, reasonable and intelligent ingredients used
to prepare this three course meal.
Course 1: "Choosing Your Franchise" opens with a light salad
of franchising history explaining how Singer Sewing Centers
were the first franchisor in 1858. There are tales of early
automobile dealership franchises, oil company and service
station franchises, and motel chain successes that lead to
the explosion of the franchise phenomenon in the 1950's and
60's. The bulk of the color is made up of tart slices of Ray
Croc's establishment of the Franchise staple, McDonald's.
With some dressing made up of a bit of "Good News Future"
discussing the establishment in 1992 of the American
Association of Franchisees and Dealers or AAFD, (the
equivalent of a Franchisees union) to tilt the flavor
toward sweet.
There are croutons here to add texture and variety, warning
that you must be very clear that there is a large difference
between an entrepreneur and a franchisee. It is simply stated
that if you spend more time thinking about how things "could
or should be" then it is likely you are an entrepreneur and
that franchising is definitely not for you. Predefined trade
dress, business practices and required equipment, signage,
etc., are each carefully chosen and non-negotiable by the
franchisee. Once again, the AAFD proudly spices this
ingredient defining newly negotiable items of contracts and
leases while clearly stating that the Franchisor maintains
the upper hand in all cases.
>From the initial colorful history right into the bland body of
"how-to" information through helping the potential franchisee
to determine the selection, research, pricing, purchasing a
franchise and choosing location and leasing details. Finally
there is the tart flavor added by a none too happy franchisee
who thought long and hard but ignored danger signs in acquiring
a business she had decided on before her research told her that
this was a sour deal.
Course 2: "Acquiring your Franchise" is the
main course and
while definitely healthy and well prepared, it is something
you read because it is good for you, not because you like it.
This course is made up of a discussion of another acronym,
the UFOC or Uniform Franchise Offering Circular. This is a
federally mandated document outlining 23 precise ingredients
that must go into this course of the meal.
If you are purchasing a franchise, then this will always be
the main course and will always have these ingredients. Two
attorneys walk you through the preparation of the franchise
agreement, lease negotiation, incorporation, cash flow,
banking, loans and business plans. You know you must finish
this bland course, but yearn for some spicy condiments
that just aren't available in this healthy, well-balanced
meal.
Course 3: "Managing your Franchise" is a natural side dish
discussing the managing, motivating, hiring and firing of
employees. The body of this dish is made up of more healthy
requirements of market research, taxes, insurance, accounting,
marketing and business management practices. This course is
spiced a bit with the fatherly advice of a franchisor who
basically suggests that franchisees should respect their
elders and be good kids and they will be rewarded with
favoritism.
Altogether I'd have this meal if the only other choice were
the bland bread and water of a nine-to-five work-a-day routine,
but what it all comes down to is that operating a franchise
is serious business, that it takes money to make money, and
that it will clearly be very hard work. There are the benefits
such as managing your own time, doing what you enjoy,
scheduling your own vacations and making major decisions
without a boss hovering over you.
This hearty meal will be very good for you if you've decided
that franchising is the career path you wish to follow. Nothing
is left out of the recipe and there will be plenty of good
information to fill your financial plate. After you clean the
dishes and make your decisions you'll definitely want to go
elsewhere for desert because Franchising 101 offers up only
pragmatic, practical fare with no coffee or desert on the menu.
This is the hard work without discussing any of the rewards to
tantalize you and only a sad tale of one unhappy franchisee to
feed your appetite for possible self-fulfilling careers.
About the Author
Mike Banks Valentine
WebSite101 "Reading List" Weekly Netrepreneur Tip Sheet
Weekly Ezine emphasizing small business on the Internet
Subscribe by e- mailto:WebSite101-subscribe@listbot.com
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