in·ter·view
\�in-tər- vyü \ � noun
1. A Q&A session with an industry expert 2. Telanda Sidari on investigating franchises
Telanda Sidari has 20 years of business experience with almost a decade in the franchising industry—from business ownership to sales, Sidari has first-hand experience in the emotional steps involved when buying a business. Contact Sidari at Telanda@TheFranchiseConsultingCompany.com or visit www.thefranchiseeducator.com
Q
What are the most common misconceptions about investigating franchises?
A
Two things come to mind. The first is that researching or investigating a franchise is a commitment to the franchise. It’s not. An investigation is not a buying decision—it is a learning and measuring process. An investigation is a process where both sides learn about each other. This allows the client to learn everything he needs about the business model and culture, as well as to speak to current franchisees and gain a feel of the corporate culture. Buying a business is a big decision. Franchisors structure investigations so that potential franchisees get a full picture and see if the client is able to follow the structure. If an offer is made and the client chooses to accept, it should be a well-informed decision. Another common misconception is that buyers think a franchisor’s decision to sign them on as franchisees is a given. This can be detrimental to the process, because it puts pressure on the buyer to purchase throughout the whole process.
Q
How do you guide a client through the investigation process?
A
We start by getting to know the client. We want to understand who he is, what he wants, and his short- and long-term goals. This way, we look at businesses that match his criteria in his area. Throughout I assist, guide, educate, and provide additional resources and tools. My goal is to make sure he understands what he is getting into, how the process works, and how to get an offer. If he accepts the offer, then I assist with the next steps.
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