Franchise Business Opportunities-What is the Role of a Franchise Broker?
Franchise Business Opportunities-What is the Role of a Franchise Broker?
So, What Exactly is a Franchise Broker?
A franchise broker is simply someone who acts as a liaison between franchisors and franchisees. He gets the two parties together and has the sale of a franchise as his ultimate goal.
Empirebb.com compares a franchise, or business broker to a real estate broker because, essentially, a business broker does the same thing. The only difference is that instead of selling houses, the franchise broker is selling businesses. He assists the seller in preparing the business for sale and also prepares and delivers necessary documents. He will facilitate the closing of a deal and earn a commission on each sale.
The franchise broker’s knowledge of available business opportunities can greatly aid you in your own search.
Some Functions of Franchise Brokers
Empirebb.com provides this list of the various roles of a business broker:
* Listing businesses available for sale
* Assisting owners in the appraisal of their businesses
* Gathering and/or requesting all the relevant documents for the sale of the business
* Producing description sheets, which promote the businesses
* Promoting those franchises which he has listed
* Guiding/qualifying prospective franchisees
* Acting as an intermediary between franchisor and franchisee
* Setting up contacts for both parties with professionals such as lawyers and accountants who will be instrumental in completing the sale
* Assisting both franchisor and franchisee throughout the sales process
Well, What About a Franchise Consultant?
A franchise consultant provides professional advice to entrepreneurs interested in franchising. USfranchisenews.com suggests a list of things you, as a potential franchisee, should expect from a professional franchise consultant.
This list includes matching you with a franchise that will best suit your individual needs based on finances and personality. The consultant should find, within your selected industry, a franchise with a “creditable track record.” You should be advised by the consultant of what a particular franchise agreement will expect of you, so you can make comparisons through your own research. A consultant should assist the prospective franchisee in acquiring all pertinent information about a franchise and explain how you can research the franchise on your own. Finally, the consultant should aid in the review of legal documents and help you understand various financing options.
And What are the Advantages of this?
You might ask what the advantage could be in paying for this type of advice. After all, you are capable of doing research on your own. Well, there are many benefits associated with the acquisition of professional knowledge.
Starting a franchise—or any business—is a monumental decision that requires many cogs to work together in one machine, and, frankly, seeking the advice of an expert in the field just makes good sense.
The use of a franchise consultant will also exponentially increase your chances of locating that one business opportunity that is just perfect for you. A professional consultant will be well-acquainted with the plethora of opportunities available. And, with business opportunities ranging from investment-only to part-time ventures to even multiple unit chains in industries ranging from fast-food to retail sales to tax preparation, the expertise of a franchise consultant could greatly reduce the time you must personally spend researching to find the best fit. It just means you’ll be opening the doors of your own business that much quicker.
All this being said, there are a few factors to consider when choosing a consultant or broker. First, a potential franchisee should bear in mind that other than factual information such as financial data or litigation history, all the advice provided by a professional will be subjective. This means that you should consider the philosophies of a franchise consultant and whether they coincide with your own.
For example, some consultants may believe that the product itself is the key to success, so a franchise that offers a product or service in high demand will be an automatic success; however, a different franchise consultant might truly feel that brand awareness is the best indicator of future success and so advise you to seek out a well-known franchise.
Therefore, as a prospective franchisee, you should evaluate your own philosophies about the keys to success in business, so you can make an advantageous selection when it comes time to choose a franchise broker or consultant.
This way, you assure yourself that your broker or consultant will be presenting you with business opportunities with a strong potential to be a good match for you.
And remember that success in franchising is measured by reaching your personal goals within your personal timeframe. It isn’t necessarily based exclusively on profits.
A good franchise broker or consultant will weigh all the elements of your personality, needs and unique desires in order to locate a business opportunity that will be rewarding to you in each of these areas and exhibit the best possible potential for allowing you to achieve your business goals.
Franchise Business Opportunities What is the Role of a Franchise Broker - To learn more about this author, visit Candice Clem's Website.
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If you are interested in buying a franchise business, it may behoove you to do so through a franchise broker. You should also consider utilizing the advice of a professional franchise consultant.
So, What Exactly is a Franchise Broker?
A franchise broker is simply someone who acts as a liaison between franchisors and franchisees. He gets the two parties together and has the sale of a franchise as his ultimate goal.
Empirebb.com compares a franchise, or business broker to a real estate broker because, essentially, a business broker does the same thing. The only difference is that instead of selling houses, the franchise broker is selling businesses. He assists the seller in preparing the business for sale and also prepares and delivers necessary documents. He will facilitate the closing of a deal and earn a commission on each sale.
The franchise broker’s knowledge of available business opportunities can greatly aid you in your own search.
Some Functions of Franchise Brokers
Empirebb.com provides this list of the various roles of a business broker:
* Listing businesses available for sale
* Assisting owners in the appraisal of their businesses
* Gathering and/or requesting all the relevant documents for the sale of the business
* Producing description sheets, which promote the businesses
* Promoting those franchises which he has listed
* Guiding/qualifying prospective franchisees
* Acting as an intermediary between franchisor and franchisee
* Setting up contacts for both parties with professionals such as lawyers and accountants who will be instrumental in completing the sale
* Assisting both franchisor and franchisee throughout the sales process
Well, What About a Franchise Consultant?
A franchise consultant provides professional advice to entrepreneurs interested in franchising. USfranchisenews.com suggests a list of things you, as a potential franchisee, should expect from a professional franchise consultant.
This list includes matching you with a franchise that will best suit your individual needs based on finances and personality. The consultant should find, within your selected industry, a franchise with a “creditable track record.” You should be advised by the consultant of what a particular franchise agreement will expect of you, so you can make comparisons through your own research. A consultant should assist the prospective franchisee in acquiring all pertinent information about a franchise and explain how you can research the franchise on your own. Finally, the consultant should aid in the review of legal documents and help you understand various financing options.
And What are the Advantages of this?
You might ask what the advantage could be in paying for this type of advice. After all, you are capable of doing research on your own. Well, there are many benefits associated with the acquisition of professional knowledge.
Starting a franchise—or any business—is a monumental decision that requires many cogs to work together in one machine, and, frankly, seeking the advice of an expert in the field just makes good sense.
The use of a franchise consultant will also exponentially increase your chances of locating that one business opportunity that is just perfect for you. A professional consultant will be well-acquainted with the plethora of opportunities available. And, with business opportunities ranging from investment-only to part-time ventures to even multiple unit chains in industries ranging from fast-food to retail sales to tax preparation, the expertise of a franchise consultant could greatly reduce the time you must personally spend researching to find the best fit. It just means you’ll be opening the doors of your own business that much quicker.
All this being said, there are a few factors to consider when choosing a consultant or broker. First, a potential franchisee should bear in mind that other than factual information such as financial data or litigation history, all the advice provided by a professional will be subjective. This means that you should consider the philosophies of a franchise consultant and whether they coincide with your own.
For example, some consultants may believe that the product itself is the key to success, so a franchise that offers a product or service in high demand will be an automatic success; however, a different franchise consultant might truly feel that brand awareness is the best indicator of future success and so advise you to seek out a well-known franchise.
Therefore, as a prospective franchisee, you should evaluate your own philosophies about the keys to success in business, so you can make an advantageous selection when it comes time to choose a franchise broker or consultant.
This way, you assure yourself that your broker or consultant will be presenting you with business opportunities with a strong potential to be a good match for you.
And remember that success in franchising is measured by reaching your personal goals within your personal timeframe. It isn’t necessarily based exclusively on profits.
A good franchise broker or consultant will weigh all the elements of your personality, needs and unique desires in order to locate a business opportunity that will be rewarding to you in each of these areas and exhibit the best possible potential for allowing you to achieve your business goals.
Franchise Business Opportunities What is the Role of a Franchise Broker - To learn more about this author, visit Candice Clem's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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