Franchise Due Diligence - Over Due

Greetings from the road less traveled,

Due Diligence. If you have already bought a franchise, there isn't much you can do now except give the straight story to the people who call.

If never ceases to amaze me how many people can be told during due diligence that the location, or type of business, or whatever wouldn't be right for them, but they buy anyway. They are told they may loose money for 3 years, then make $30K for another year or two and then $40K for a year or two and they buy anyway. Not only do they buy, they quit good paying jobs to start this franchise. Why?

Why, is because THEY are different. The city they are going to is different than any other city that other franchises are in. THEY are different so the fact that the same location has been turned over 8 times in 11 years doesn't matter.

During due diligence, potential buyers are often advised that there are good locations that are open to buy and that would be profitable, but do the callers listen? NO. Why? Because the location they want to buy will be different. They just know it will be the best franchise ever.

If your mind is already made up before you call to do due diligence, just save your time and go ahead and buy. Just don't blame anyone but yourself. If you are going to ask good questions and then listen to what people are trying to tell you, then read the next blog for suggestions.

Fran