Going from the selection to the purchase of a new franchise involves far more than the flip of a switch. Just as in any worthy endeavor, putting in the hours for sufficient preparation helps ensure a successful decision. Related: 23 Steps To Success When Buying A Franchise For one thing, the franchise selection process is hardly a one-way street. The franchise company will be checking you out as carefully as you should be verifying its claims and promises. Many franchisors will invite candidates to visit their headquarters as part of the due diligence process. This visit is usually called Discovery Day. Discovery Day is the culmination of months of research as the company gets to know you while you learn the ins and outs of the business. Ideally, you will have first consulted a franchise coach, who can help you narrow down your list of franchises to those whose businesses best suit your skills and experience. Most importantly, you can tap the franchise coach’s experience to help you locate those companies with whom you’re likely be most compatible. Once you narrow down the field, you may start the mutual vetting process with a few companies. Franchise companies will see if you bring a serious professional intention and knowledge of the business. They will want to know if you possess the skills necessary to succeed in their franchise. And you’ll want to check out their operations, their executives, their support services and whether you feel you could work closely with their team. Both parties will strive to impress each other.
May 21, 2014