{"id":4349,"date":"2019-03-12T12:09:00","date_gmt":"2019-03-12T16:09:00","guid":{"rendered":"https:\/\/www.franchisesolutions.com\/blog\/?p=4349"},"modified":"2022-07-13T11:25:16","modified_gmt":"2022-07-13T15:25:16","slug":"spot-good-franchise","status":"publish","type":"post","link":"https:\/\/www.franchisesolutions.com\/blog\/2019-03\/spot-good-franchise\/","title":{"rendered":"How to Spot a Good Franchise"},"content":{"rendered":"\n

I’ve been asked “How to spot a good franchise” 100’s of times in my 20 years in franchising. The answer has never changed in my mind\u2026 it depends<\/em>\u2026<\/p>\n\n\n\n

\"franchise
Find the right franchise for you on Franchise Solutions<\/figcaption><\/figure><\/div>\n\n\n\n

Check the Financial Performance<\/h2>\n\n\n
\n
You can certainly determine the ‘health’ of any franchise<\/a> company by reviewing the legal disclosures in its Franchise Disclosure Document<\/a> or FDD.\u00a0 \u00a0After verifying you meet basic franchisee criteria through a questionnaire, request for consideration or even an application, you will typically be provided with the FDD by the franchisor.\u00a0 This important document contains an array of information about the company such as its officers and directors, litigation history, bankruptcy and audited financial statements to name just a few.<\/div>\n<\/div>\n\n\n

Compatibility<\/h2>\n\n\n\n

Most franchisors will have a structured process for you to follow. This allows the two of you to get to know each other and to make sure all of your questions will be answered.  A good franchise company<\/a> will be responsive and as transparent as possible in the mutual evaluation process.   Often times, the franchisor will test a potential owner during this evaluation process. This helps to determine if he or she will be a match for the franchise and is able to follow directions and execute tasks.  Certainly, this is exactly what a franchise company is looking for in a qualified candidate, and, if that isn’t you, there is no ‘good’ franchise for you.<\/p>\n\n\n\n

A Franchise to Fit Your Life<\/h2>\n\n\n\n

The best franchise for you may have nothing to do with your personal interests. I love sports, and I was in retail sporting goods for many years.  It was great, but it was retail. And, I really didn’t have the time to enjoy all the fun gear I amassed.  Likewise, the most successful owners I have placed looked for fits with their skills sets and lifestyle considerations.  Do you want to be home<\/a> with the family evenings and weekends?  There are businesses for that. <\/p>\n\n\n\n

\nHonestly evaluate who you are and where you are in life and understand \nwhere the franchise company is in its own life cycle.  If you are more \nfree-wheeling and risk-tolerant, you can look at a start-up franchise. \nTo clarify, emerging brands have less than 50-ish units and usually seek\n more entrepreneurial initial operators.  Or conversely, do you prefer a\n more established brand with a proven track record?\n\n<\/p>\n\n\n\n

You see, it depends<\/em> on what is important to you when looking for a franchise.  That “good” franchise is different for everyone.  Think of what the business can do for you and how it impacts all facets of your life.  Be thorough in getting all your questions answered.  When they are, make the decision. <\/p>\n","protected":false},"excerpt":{"rendered":"I’ve been asked “How to spot a good franchise” 100’s of times in my 20 years in franchising. The answer has never changed in my mind\u2026 it depends\u2026 Check the Financial Performance You can certainly determine the ‘health’ of any franchise company by reviewing the legal disclosures in its Franchise Disclosure Document or FDD.\u00a0 \u00a0After… Read More »<\/a>","protected":false},"author":4286,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[182],"class_list":["post-4349","post","type-post","status-publish","format-standard","hentry","category-buying-a-franchise","tag-franchise-information"],"yoast_head":"\nHow to Spot a Good Franchise | FranchiseSolutions Blog<\/title>\n<meta name=\"description\" content=\"Find out what it takes to find a franchise. Matt Bogart, former Franchise Consultant for 20+ years, outlines tips when navigating franchises to buy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.franchisesolutions.com\/blog\/2019-03\/spot-good-franchise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Spot a Good Franchise | FranchiseSolutions Blog\" \/>\n<meta property=\"og:description\" content=\"Find out what it takes to find a franchise. Matt Bogart, former Franchise Consultant for 20+ years, outlines tips when navigating franchises to buy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.franchisesolutions.com\/blog\/2019-03\/spot-good-franchise\/\" \/>\n<meta property=\"og:site_name\" content=\"The Franchise Solutions Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-12T16:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-13T15:25:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.franchisesolutions.com\/blog\/wp-content\/uploads\/2019\/03\/FS-telescope.jpg\" \/>\n<meta name=\"author\" content=\"Matt Bogart\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matt Bogart\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n","yoast_head_json":{"title":"How to Spot a Good Franchise | FranchiseSolutions Blog","description":"Find out what it takes to find a franchise. 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