S Buying A Franchise
THE EMOT DON’T ROLLER CO generalise
DO check It's often said that buying a franchise is less risky than starting business on your own. This may be true – but it’s totally unhelpful.
The fact is that every franchise system has successes and failures – and some systems are better than others. So you need to dig deep with your questioning of franchisors and their franchisees. Don't settle for generalisations, superficial answers or marketing guff. And while we’re on that topic, please do put real effort, time and creativity into your assessment of any franchise opportunity. A good franchisor appreciates people who show business intelligence by being wellorganised and asking probing questions. But they don’t appreciate it if you take too long or if you don’t recognise that franchising is a two-way street, where you have just as much responsibility as the franchisor. So don’t just scratch the surface or believe sweeping statements – invest in yourself by investigating the franchise opportunity properly. And take advice from people who have spent a lot of time working LOOK BEFORE in the franchise sector. YOU LEAP They’ll help you read between the lines and get the real answers. Franchising is a powerful way of doing business, butMichael the same forces that make Bright franchising great also create vulnerability Specialist Franchise Lawyer and risk. We 021 know what works, what doesn’t, 2666 395 and how to respond to the issues that arise. We help with: · Assessing franchise opportunities · Advising on franchise agreements and other contracts · Franchise sales and purchases · Dealing with difficult situations
FRANCHISE LAWYERS Auckland Phone 09 303 3764
North Shore Phone 09 414 9800
www.gazeburt.co.nz
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f we’re going to date, you have to promise you’ll never ask me to go on a roller coaster.’
My wife, Rachel, made it clear early in our relationship that she was prone to motion sickness. Whether it’s on land, air, or sea, excess motion isn’t good for her. We had to split up at amusement parks with friends and, eventually, our kids. Some of us hit the coasters while the others rode the carousel. But when I bought a franchise, I broke my promise. I asked her to join me on something much more tumultuous than riding the Cyclone, taking her on a wild ride with ups, downs, and much more neither of us could anticipate or control. Not everyone has the stomach for running their own business. While a traditional job can also be quite challenging, it’s structured and predictable. You can plan your life around a regular paycheque. You feel (whether or not it’s true) that you’re part of a stable company with clearly defined rules and a climbable ladder. Some people need the freedom of business ownership. It’s more of an adventure. There’s risk, adversity, and the chance of enormous financial gains – or nothing at all. Running a franchise is a modernday treasure hunt. The question is, is that for you? You could do the same things wealthy franchisees do and get the same financial payoff. But if you don’t enjoy the journey, you won’t have the quality of life to meet our definition of ‘wealthy.’ It’s not enough to evaluate a business before buying. You need to examine the lifestyle. If you don’t like roller coasters, you may not like franchising. Those who can, do, and for 10 years, I did. I proudly owned the title ‘franchisee.’ That pride was as much from what I overcame as from what I accomplished. It was an intense time with ups, downs, and plenty going sideways. I’m going to share with you the highlights of that wild decade. As I recount my journey, try to put yourself in my shoes and imagine having the same experience. I’ll discuss what I went through as well as what it felt like. I’ll pause periodically throughout my story to give you a chance to reflect how it would feel to you.
I blame my father My father is a bloodhound for new business ideas. In 2005, when he showed me an ad for a fruit basket franchise called ‘Edible Arrangements,’ he caught me at the perfect time. Franchise New Zealand
Summer 2021
Year 29 Issue 04
3/12/20 2:06 PM
