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BUYING A FRANCHISE
BUYING A FRANCHISE
Buying a Franchise
While there are plenty of franchise opportunities across numerous industries, there are a number of things you should consider before purchasing a new franchise. A BLJ Business Intermediary will work with you to understand your business acquisition criteria and help you make an informed decision.
This starts by confidentially understanding your financial capacity. This information is not disclosed to anyone, prior to and without your explicit written consent. The information is used strictly internally for the specific qualifying purpose.
Major Steps in Buying a Franchise
Below is an overview of the typical major steps that come with buying and opening a franchise:
Attend “Discovery Day”
Speak to Other Franchisees
Sign Franchise Agreement
Site Selection: Lease or Buy Site
Obtain All Necessary Permits & Insurance
Hire Staff & Attend Training
Open Your Franchise Business
New Franchise Criteria
A realistic search criterion will be established through a candid discussion between you and your BLJ Business Intermediary, in which your goals and expectations will be assessed. You will be presented with new franchise opportunities matching your needs for your consideration.
Franchise Application & Process
After having researched and determined the best franchise fit, should you wish to move forward you will be required to complete the franchisor’s application. At this stage, the franchise will vet you for their criteria qualifications assessment and if approved, you will be required to pay a deposit and/or attend what is called a “discovery day”. This involves travel to the franchisor’s head office to meet with their senior people to expose you to the franchise model ensuring that you match their qualifications and they match your desired criteria and expectations.