Buying a business | 3 min read
Once you’ve short-listed a franchise, you’ll need to go through their recruitment process.
This is where you and the franchisor “suss” each other out to see if there is a good fit between your needs and expectations and their requirements for a franchisee.
Here are 14 tips to help you through the process.
1. DO give an accurate estimation of your financial position so the franchisor can help assess whether this is a realistic investment for you.
2. DO NOT exaggerate how much money you have. Being short of funds is a sure way to go broke in the early stages of the business.
3. DO give direct, factual and open answers to questions. Be yourself and say it like it is. If you’re confused by a question or want to know its relevance ask for clarification. The franchisor will respect your honestly.
4. DO NOT be vague or skirt issues. The franchisor will be asking specific questions for a reason.
5. DO complete application forms thoroughly. You will initially be judged on how thoroughly you respond. Remember, the franchisor will be keeping this form on your file if you proceed.
6..DO NOT leave sections blank or exaggerate. What you put in the form may come back to haunt you if it’s not true.
7. DO ask how meetings or interviews will be structured, if you should bring anyone or anything, and who from the franchisor will be in attendance. Be prepared.
8. DO NOT assume that you know what a meeting is going to be about or the issues that will be covered. If you’re caught by surprise you may come across as clumsy or incompetent.
9. DO come dressed in neat casual clothes and ensure you are well groomed. Treat the meeting as an informal business meeting. The franchisor will be looking at you as a possible representative of their brand so ensure you fit the image.
10. DO NOT come dressed like you are on holidays or overly formal. Franchisors may either think you are not taking the business opportunity seriously or that you don’t understand their brand.
11. DO cooperate with any assessment procedures such as structured interviews, panels, profiling questionnaires or reference checks. These will help the franchisor to determine your strengths and weaknesses so they can more effectively train you if you proceed.
12.DO NOT try to fake profiling questionnaires, hold back on giving referee information or try to make yourself out to be something you aren’t.
13. DO maintain a professional relationship with the franchisor representative (not too friendly) and tell them to back off if you feel they are pressuring you to make a decision before you have the answers to specific questions or concerns. Allow yourself time to adequately research the company and its existing franchisees.
14. DO NOT make decisions out of a sense of obligation, fear or excitement from something you have just seen or heard. Remember this is a long-term commitment that you will have to live with long after your emotions have settled down. And the person that sells you the franchise may not be around in the future.
A reputable franchisor, regardless of size, will always be looking for people with the qualities and commitment to implement its systems, look after its customers and help to build its brand. It will therefore treat the recruitment process with the care and consideration that it deserves. You should do the same.
This article was written by Greg Nathan CFE, Founder of the Franchise Relationships Institute (FRI), global leaders in the psychology of franchising. He is author of several bestselling franchising books, including Profitable Partnerships and a popular keynote speaker at franchise conferences all over the world. For more information about Greg and FRI’s educational work go to www.franchiserelationships.com