Franchise Times Guide to Selecting, Buying and Owning a Franchise
Buying a franchise can be a handy shortcut to the American dream of owning your own business. But there are dangerous pitfalls—and possible drawbacks to even the best franchise deals. Here, for every prospective franchisee, is authoritative advice from a trustworthy source. The experts of Franchise Times offer their picks of the top 200 franchises and 100 up-and-comers, complete with contact information, financial requirements, fees, and more. There are practical tips on everything from...
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Buying a franchise can be a handy shortcut to the American dream of owning your own business. But there are dangerous pitfalls—and possible drawbacks to even the best franchise deals. Here, for every prospective franchisee, is authoritative advice from a trustworthy source. The experts of Franchise Times offer their picks of the top 200 franchises and 100 up-and-comers, complete with contact information, financial requirements, fees, and more. There are practical tips on everything from hiring and marketing to financing your franchise, leasing a retail space (or setting up a home office), and deciding if you should buy or run a franchise with your spouse. With anecdotes and advice from current franchisees and franchisors, this is a book every would-be entrepreneur should read before signing a contract. Brian Walton - Library Journal Bennett, a regular contributor to Franchise Times magazine, joins with Babcock (International Inst. for Franchise Education, Nova Southeastern Univ.) to offer a comprehensive volume on the subject of selecting and owning a business franchise. Structured in five parts, the book walks readers through determining if franchising is right for them, describing the different types of franchises (fast food, retail, etc.), the investigation, the buying process, and the immediate post-purchase period. It closes with a partial directory of franchises pulled from the top performers list of the Franchise Times. There's a strong emphasis on the time and capital investment involved, which is significant, and the authors don't shy away from discussing the stress franchising can put on relationships. Still, the consequences of not succeeding don't get much attention, and the experiences of top franchisers are strangely absent (there are no testimonials from any of the listed top-ten fast food franchises). As a starter guide for someone looking at franchising as an investment opportunity, however, this book is perfectly serviceable and is recommended for larger collections.
Foreword John Hamburger xiAcknowledgments xiiiGetting Started: Finding the Right Franchise for You 1Who Are Today's Franchisees? 3Unlocking SurprisesExecutive Office to Print ShopTropical Isles and an Indiana FarmAn Alternative to TravelFranchising's AppealJust What Is Franchising, Anyway?How Does Franchising Work?So, What's in It for Me?Franchising's ChallengesAre You Meant to Be a Franchisee? 18An Adventure-or a Job Replacement?The Independence SeesawOther Important Personality TraitsCan You Afford to Buy a Franchise?Check Your Expectations at the DoorJust Who Is Going to Answer the Phone and Mop the Floor?A Final Caveat on Franchisee-FitnessBeyond Burgers: Consumer-Oriented Franchises 34A Franchise to Fit Every FancyFast FoodSit-Down RestaurantsRetail FoodBaked GoodsRetail FranchisesLodgingReal EstateBuilding and ConstructionSports and RecreationTravel FranchisesService-Oriented Franchises: Fixing Everything from Cars to Computers 65General Service FranchisesMaintenance ServicesAutomotive FranchisesServices to Other BusinessesChild-Related FranchisesEducation-Related FranchisesFinding Your Perfect Franchise Fit 87Operating a Franchise Near Your Washer and DryerLocation, Location-Even If It's Just Down the HallShould You Start a Franchise with Your Spouse orPartner?Franchises That Ride the TrendsThe Task AheadBeginning Your Franchise Search 103Print Directories: All the Information Franchisors Want You to KnowFinding Franchises OnlineShopping for Franchises at the MallShopping by PhoneFranchise Trade ShowsYou're Interested... Now What? 116Contacting Franchisors on Your OwnThe Follow-Up: Waiting by the PhoneGetting SeriousThe Second Phone CallA Personality CheckUsing a Broker to Help You Find FranchisesOther Franchise SalespeopleThe Nuts and Bolts: Investigating and Buying a Franchise 133The UFOC: Not Exactly Beach Reading 135From Minnie Pearl to Ronald ReaganWhat to Look for When Reading a UFOCIs the UFOC Fair?Checking Out Your Franchise of Choice 152Checking Out the Franchisor OnlineChecking Out the People Running the FranchiseChecking Out a New Franchise SystemChecking Out the Franchisor's IndustryChecking In with Current FranchiseesContacting Franchisees Who Have Left the SystemChecking Out a Franchise from the Parking LotTrying the Franchise OnOther Tips for Investigating a FranchiseDiscovery Day-or the Time I Almost Bought a Sub Shop 169On with the ShowBehind the ChoreographyWhen Should You Attend a Discovery Day?Rules for Attending a Discovery DayThings the Franchisor May Not Want You to DiscoverVariations on the Discovery Day ThemeFranchise Attorneys: Pay Now-or Pay More Later 178Beyond a Good Night's SleepContract Review and NegotiationsWhat Will It Cost?Financing Your Franchise 187So, Can I Make Any Money?Getting Ready for the Loan Process-at HomeChoose Your Franchise CarefullyFinding a Lender: Start with Your FranchisorFinding a Loan on Main StreetSBA-Guaranteed LoansPersistence PaysPaying Someone Else to Do the LegworkDo You Want to Rent That Fryer?Betting Your Nest Egg on a FranchiseBorrowing from Uncle AlfredGetting Ready for Business: How to Hit the Ground Running 201Franchisee Training (Yes, There Are Tests) 203Getting Somewhat Trained at Installing Bathtub LinersWho Pays for All This?Making Italian Meatloaf for the MassesGetting the Most Out of Your Training ExperienceTraining Never StopsFinding a Home for Your New Enterprise 213Sidestepping the ProcessSearching for a SiteBuilding Out Your SpaceLetting Others Do the Dirty WorkGetting Your Franchise Up and Running 226New or Used Equipment?Setting Up Your BusinessBeginning the Selling Process-Before You Have Something to SellHiring Employees to Help You Run Your FranchiseOpening Day CountdownAfter Opening Day: Keeping Those Customers Coming BackYour Franchise Ad FundPromoting Your Franchise on Your OwnFranchising Today...and Tomorrow 251Trouble in Paradise: Keeping the Peace with Your Franchisor 253So, What Can Go Wrong?Terminations: Getting Those Signs DownWhat If You, Too, Fall Behind in Your Royalties?When a Dispute Can't Be SettledThe Diverse Faces of Franchising 265Why Are Women and Minorities Underrepresented in Franchising?Providing a Leg UpColor-Blind ApplicationsWomen and FranchisingVeterans and FranchisingThe Roles You Can Play in Franchising's Future 279Vehicles for Multiple-Unit FranchisingAdding More UnitsOperating More Than One BrandCombining Two ConceptsBecoming a Franchisee LeaderThe Future of FranchisingYour Future in FranchisingFranchise Company Directory 291Explanation of TermsHow the Directory Is OrganizedDirectory By Category 295Automotive Services and RentalLodgingMaintenance, Restoration, and CleaningPrinting, Graphic Design, Signage, and ShippingReal Estate and Travel AgenciesRestaurants and Prepared FoodRetailServicesDirectory By Minimum Investment 365{dollar}0-{dollar}100,000{dollar}100,000-{dollar}250,000{dollar}250,000-{dollar}1 million{dollar}1.0 million-plusAlphabetical Listing of Franchises 376Resources 381Index 383
\ Library JournalBennett, a regular contributor to Franchise Times magazine, joins with Babcock (International Inst. for Franchise Education, Nova Southeastern Univ.) to offer a comprehensive volume on the subject of selecting and owning a business franchise. Structured in five parts, the book walks readers through determining if franchising is right for them, describing the different types of franchises (fast food, retail, etc.), the investigation, the buying process, and the immediate post-purchase period. It closes with a partial directory of franchises pulled from the top performers list of the Franchise Times. There's a strong emphasis on the time and capital investment involved, which is significant, and the authors don't shy away from discussing the stress franchising can put on relationships. Still, the consequences of not succeeding don't get much attention, and the experiences of top franchisers are strangely absent (there are no testimonials from any of the listed top-ten fast food franchises). As a starter guide for someone looking at franchising as an investment opportunity, however, this book is perfectly serviceable and is recommended for larger collections.\ —Brian Walton\ \ \
