How many of you have spent your career advancing to the Executive Suite, only to find out it was not what you really wanted? Or, perhaps the company to which you devoted the majority of your career was sold, merged… or just decided they did not need your position anymore?
That happened to me. I got the education I needed to be successful in Corporate America, and I worked my way up the career ladder. But, I have to tell you: I was not happy with what I found there. I had no work/life balance, and what good does it do to live in paradise if you can’t find the time to enjoy all it has to offer?
In 2007, I was downsized. It was the best thing that could have happened to me! While I started out looking for another job, I just could not get excited about anything I found. Fortunately, I was introduced to franchising. Like you, I once believed that franchises were all fast food or retail stores. I thought that I couldn’t afford to buy one. I was afraid to be a business owner because I didn’t think I had the experience to succeed as a business owner. I was very mistaken! (more…)
After you have narrowed your search for a franchise business to THE ONE that best fits your personal and professional goals and financial resources, it’s time to engage the services of a qualified franchise attorney to review the associated Franchise Disclosure Document (FDD) and the franchise agreement contained therein. While you might be tempted to hire an attorney at a far earlier stage in the due diligence process (let’s be honest: navigating through an FDD is far from “reading for pleasure”), the investment is not warranted until you are ready to become part of a particular franchise system.
The Value of a Franchise Attorney
The Federal Trade Commission requires that the FDD be written in “plain English.” No such restrictions pertain to the franchise agreement itself, however. You will want an attorney, who is experienced in franchise law, to review the contract to ensure that it is within the norms for franchise agreements, which are notoriously slanted for the benefit of the franchisor. If there are some provisions that need adjusting, your attorney can negotiate those on your behalf. Additionally, your franchise attorney can help you determine the best legal entity for your franchise business, as well as assist you with the numerous other legal matters that accompany business ownership. There is no standard fee for the review of the FDD and franchise contract, and they can be wide-ranging. So, be sure to ask before engaging your attorney’s services. (more…)
A potential franchisee seriously interested in becoming an entrepreneur will take several demonstrative steps throughout the ownership process. In this post, we focus on the financing options available to the franchisee. It is our hope that you will be able to avoid potential mistakes and find a suitable solution which matches up perfectly with your own financial position.
Allow us to introduce to you the Top-3 Pitfalls of franchise funding. Take heart, because making the right decisions will illuminate a path to success and growth. A costly mistake could jeopardize your break-even possibilities and even hamper your effort to achieve viability in the marketplace. Some of what you are about to read is just plain common sense, but you may find just find the “gem that keeps you out of a jam!”
Pitfall Number One – “Pump Your Brakes”
You’ve spent the requisite time in choosing to meet with a qualified franchise consultancy like FranNet, whose sole focus is matching the right opportunity with the right option just for you. You believe in the franchise concept, and you did your due diligence through the Franchise Disclosure Document process. You have arrived at this point because you were both cautious and prudent with your time in researching the development of your soon-to-be franchise. It’s time to explore financing options, not hit the gas and floor it. Stay as focused and patient as you have been up to this point, never let your emotions override the necessity for exploring any and all financing options – even if you do feel close to the finish line. (more…)
Sandy, Oregon Woman Opens Oasis Senior Advisors with Help from the SBDC and FranNet
As many people do, Breanna Nickila geared her education toward a career in corporate America. After starting on her MBA, however, she began to realize her life might point in another direction, as the allure of business ownership and the struggle to find a quality job in eastern Portland created a new opportunity. Ultimately, her path landed her as one of the newest franchisees with Oasis Senior Advisors, a senior care advising company.
Nickila, a graduate of Portland State University, initially delayed her leap into the entrepreneurial world as she stayed at home for 11 years to raise her daughter. What she realized is that corporate life had changed and that her true calling was that of a business owner. (more…)
Corporate executives create new lives for themselves with franchise ownership after layoffs and business closures.
It’s not a pleasant position to be in, especially for a six-figure-generating corporate executive – unexpected layoffs and downsizing. According to ExecuNet (a networking group for outplaced Executives in the $100K+ salary bracket), corporate executives can expect to be in the same job for only 2.7 years, and with the same company for only 3.3 years.
That means mid-level and executive-level managers are looking for new jobs every couple of years. It’s an employment cycle that puts a lot of stress on finances and family.
But many former corporate executives are now choosing another option after facing numerous corporate layoffs and reorganizations: business ownership. (more…)