My 4 Step Process

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STEP 1

Franchise Information Gathering

STEP 1: Franchise Information Gathering

● Franchising is an opportunity to go into business for yourself, but not by yourself, in an already-established brand.
● It provides franchise owners with branding, trademarks, marketing/advertising, processes, products, proven systems, services, operations manuals, a peer group of fellow franchisees and ongoing corporate support.
● Lending from high-profile financial institutions has become easier as franchising has gained recognition as a credible and profitable means for delivering goods and services.
● Customers trust the quality and service provided by the franchise and enjoy saving money thanks to the group buying power that helps franchises keep costs low.

STEP 2

Franchise Consultation Process

STEP 2: Franchise Consultation Process

During this stage we will determine if you have what it takes to be a franchise owner. I will gather information about you, including your experience, your goals and your desires for franchise ownership. I will schedule a confidential consultation and develop a personalized model to use when evaluating franchise opportunities. This will identify the important attributes and provide a tool to determine your match based on your business characteristics. We will consider your financial situation, interpersonal skills, ability to follow a proven model of success, your willingness to ask for help, your risk aversion and determination to succeed. We will also consider what is important to you, including your financial aspirations, work-life balance, your exit strategy, and any other personal and professional goals.

STEP 3

Franchise Investigation

STEP 3: Franchise Investigation

Next, I examine our pre-screened inventory of franchises to see which franchise opportunities match the characteristics you are looking for. I also provide the tools and experience to guide you during the investigation process as you seek to find a compatible franchise opportunity. My goal is to find the “great fit” for you. During this process, it’s important to keep an open mind. It’s not uncommon for candidates to have their heart set on a particular opportunity only to find the business isn’t right for them. Perhaps the franchise isn’t likely to provide you with the lifestyle you wanted or doesn’t meet your professional goals. I may suggest a franchise you aren’t familiar with but matches your skills, goals and interests. Finding that fit increases the chances of your success and happiness as a franchisee.

STEP 4

Franchise Research and Diligence

STEP 4: Franchise Research and Diligence

Once we’ve narrowed your field of franchise possibilities, we will explore individual franchise opportunities and determine if they fit into your goals. You’ll be introduced to franchisors who will offer you an in-depth look into their company. They will provide you with their Franchise Disclosure Document, or FDD. This is a Federal Trade Commission mandated disclosure document with a wealth of information about the franchise you’re considering. You will speak to some of the franchisees within the system to get a sense of how happy and successful they are as franchise owners. Next, you’ll plan to meet with some of the key personnel of the franchise company. Many franchisors facilitate this by hosting what is referred to as a “Discovery” or “Meet the Team” Day. This is a structured event at the company’s headquarters where you’ll get to meet the key members of the franchisors corporate team.

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About Jim Judy

Jim has dedicated more than 23 years to the franchise industry. As a franchise business consultant, Jim guides current and hopeful entrepreneurs towards realizing their dream as a franchise business owner.

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