Considering Buying A Business? How Do You Find A Business That Fits?

Guest Blog Post By Bill Williams

Have you ever bought anything over the internet – perhaps, for instance, a pair of pants?  It’s a fairly painless process:  point, click, wear.   And even if you order the wrong size, exchanging the pants for a pair that fits better is usually easy to do.  As long as you are able to pay for the pants, the merchant is happy to sell you any style, color and quantity.

But what if internet merchants required you to qualify before allowing you to complete the purchase?  What if they wanted to make sure you could really afford to buy the pants?  That you would keep the pants clean and pressed?  That you would only wear them with tasteful, color-coordinated outfits?   Having to qualify might be enough to motivate you to drive to the store to buy the pants instead or discourage you from buying them at all.

Entrepreneurs also “shop” for business opportunities on the internet, where information on over 6,500 franchises can be found.  And much like buying pants, finding the right fit with a business should be an important objective. But that’s where the similarity ends. And problems arise when entrepreneurs fail to acknowledge the differences.

One common problem: entrepreneurs sometimes see themselves  as the buyer and the franchise as the seller. Be clear about one thing: you are not “buying” a business any more than a franchise is selling one. Franchises are not looking for customers or employees. They seek good business partners with whom they can achieve a long term and prosperous relationships.  Thus, franchises are never sold; they are awarded.

In order to be awarded a franchise, a candidate must qualify – personally and financially.  In fact, the process is – or should be – far more involved than qualifying for a home mortgage, where the company is only concerned about your credit history and financial ability to make payments.  A mortgage company doesn’t care if your working style is collaborative, if you are good at managing people, or if you are a team player.  But a reputable franchise definitely does care about these characteristics.  So much so, in fact, that a candidate who is only financially well-qualified is usually not accepted as a new franchisee.

In summary, “fitting” into a business is far more important than into a pair of pants.  Make sure you subject yourself to a qualification process that is designed to ensure the best fit.

 

Bill Williams is a former Army officer, small business owner, a franchise broker/consultant, and long time corporate executive.  He is passionate about helping motivated individuals take control of their future by matching them to a franchised business. Bill can be reached at http://thefranchiseanswerinc.com . You can also follow him on Twitter @FranchiseAnswer .

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