An Open House for Franchisers

Video Transcript

Now let's talk about discovery day. This is offered by all the franchisers as your day to go out to the corporate office, fly out to it, drive if they're nearby, whatever, and spend a full day with the people at the franchiser from the president down to his marketing people, his service people and whatever support people. You can talk to anybody and everybody at the company. So you go there physically, sit down with these people, sit down with their sales people and find out why they have a competitive advantage, what they have to offer in the market verses somebody else, why you can do it better with them and how much it costs for different services. Can you tack on, do they have different options, what do these cost and how will these things help you as a new franchisee be a success. You may be there by yourself or you may be there with several other people in other parts of the country that are considering purchasing this franchise. And then the financial people come in and you can ask questions about the financial success of the company, in the UFOC I mentioned earlier, there will be the financial balance sheet, the income statement. If you know what to ask you can or you can, as I said before, get an accountant and have him help you ask the questions that tell is this company solid. Are they going to be there five years from now so I'm not making an investment in something that's going to die in two years? So you can ask these questions make sure you understand what's in this franchise and that it's going to be a success. Then the president is going to come in and he's going to look at you and try to evaluate is this a person that I want to sell a franchise to in that area. Because they want to be successful and they may have other options so they're going to look at you and they're going to make sure that you're the person and he's going to give you a sales pitch because he knows you're also probably looking at other franchisers. And so this will be his opportunity to try to sell you why his company is going to be the best for you to choose and be a success going forward.

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