Franchise Bible: How to Buy a Franchise or Franchise Your Own Business

Franchise Bible: How to Buy a Franchise or Franchise Your Own Business

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Overview

The Insider’s Guide to Buying a Franchise or Franchising Your Business



In this easy-to-read guide, franchise expert Rick Grossmann and franchise attorney Michael J. Katz impart decades-worth of insight and advice on what it takes to make your franchise operation successful. Grossmann and Katz share expert tutorials, tricks of the trade, and access to sample franchise documents, checklists, and questionnaires designed to get you organized, support you through the process and get your new franchise off the ground.



If you’re thinking of buying a franchise, you’ll learn how to:
  • Determine if running a franchse is right for you
  • Navigate franchise disclosure documents and agreements
  • Identify the signs of a good franchise opportunity




    If you’re thinking of franchising your existing business, you’ll learn how to:
  • Pick the best method for expanding your business
  • Understand the keys to establishing a successful franchise system
  • Evaluate potential franchisees and grow your franchise

    Whether you want to buy a franchise or franchise your own business you’ll learn what to expect, how to move forward, and how to avoid costly mistakes--making Franchise Bible required reading.
  • Product Details

    ISBN-13: 9781599186009
    Publisher: Entrepreneur Press
    Publication date: 01/10/2017
    Edition description: Eighth Edition
    Pages: 280
    Sales rank: 106,328
    Product dimensions: 5.90(w) x 8.90(h) x 0.80(d)

    About the Author


    Rick Grossmann is co-founder and managing partner of My Franchise Hub (myfranchisehub.com). Mr. Grossmann has been involved in the franchise industry since 1994. He franchised his first company and grew to 49 franchised locations in 19 states during the mid to late 90’s. He served as the CEO and primary trainer focusing on franchisee relations and creating tools and technologies to increase franchisee success. Rick franchised his second company in 2003. He served as the company's CEO and Marketing Director. He developed the high tech/high touch franchise marketing and sales system selling over 150 franchises in North America capturing ranking in Entrepreneur Magazine’s Top 500 franchises in less than three years. Grossmann has also served as a business and marketing consultant to small companies and multimillion dollar enterprises. He also consulted Franchisees and prospective Franchisees, Franchisors, and companies seeking to become Franchisors. He was a co-author on the previous edition of Franchise Bible.

    Michael J. Katz is an attorney specializing in franchise law. He is a published author, lecturer, and teacher, as well as the senior partner of Corporon & Katz, a law firm specializing in franchise, business, and real estate law.

    Table of Contents

    Foreword xv

    Preface xxii

    Part I Buying and Operating a Franchise (Becoming a Franchise Owner)

    Chapter 1 The Basics of Franchising and the Changing Landscape of Franchise Marketing and Recruiting 3

    What Franchising is Today 4

    Why Choose Franchising? 5

    The Changing Landscape of Franchise Marketing and Recruiting 9

    The Five Pillars of Marketing 10

    The Sixth Pillar: The Internet 14

    Internet and Social Media 17

    Conclusion 22

    Chapter 2 Choosing the Right Franchise Opportunity 25

    Why Buy a Franchise Instead of Going It Alone? 26

    Am I a Good Franchise Candidate? 27

    The Discovery Process 32

    Interviewing Existing Franchise Owners (Franchisees) 35

    Quit the Team and join the Party 37

    Buying An Existing Franchise 38

    Conclusion 38

    Chapter 3 Legal Considerations 39

    Understanding the Franchise Documents 40

    Setting Up Your Business Entity 77

    Other Contracts 91

    Employees 104

    Conclusion 109

    Chapter 4 Franchise Funding and Finance 111

    Obtaining Start Up Financing or Funding 112

    General Financing Options 114

    Creative Financing Options 115

    Commit to Financial Literacy 117

    Conclusion 120

    Chapter 5 Location, Location, Location 121

    Real Estate Leases 122

    The Best Location for Your New Business 132

    Partially Eguipped Locations 134

    Tenant Improvement Dollars (TI) and Free Rent From the Landlord 135

    Choosing a Commercial Real Estate Broker 136

    Conclusion 136

    Chapter 6 Build-out and Construction Team 137

    Choosing Your Project Manager 138

    Choosing Your Architect 139

    Choosing Your General Contractor 139

    Dealing With Permits and Inspections 139

    Build-Out Budget and Timeline 139

    Franchisor Requirements 140

    Conclusion 140

    Chapter 7 Building a Winning Team 141

    Recruiting Applicants 142

    Keeping Good Records & HR Support 142

    Compensation, Bonuses, Benefits and Incentives 143

    Legal Considerations 144

    Payroll and Payroll Tax management 144

    Company Culture and Managing Staff 145

    Conclusion 145

    Chapter 8 Launch, Grow, Thrive! 147

    Marketing Your Franchise 148

    Making the Most of Your Franchise 148

    Owner's Advisory Panel 149

    Leadership Opportunities 150

    Structure Optoins Within Franchising to Consider 151

    Conclusion 153

    Part II Franchise Your Business (Becoming a Franchisor)

    Chapter 9 Franchising Fundamentals 157

    Starting a Whole New Business 158

    Business Expansion Options 158

    Structure Options within Franchising 160

    Advantages and Disadvantages of Franchising 161

    Can Your Business Be Franchised? 163

    The Final Decision to Franchise 166

    Working Capital Considerations 167

    Conclusion 169

    Chapter 10 Franchise Law Considerations 171

    Franchise Discloser Document and Franchise Agreement 173

    Federal Law 176

    State Law 178

    Trademarks 179

    Financial Performance Representations 181

    Audited Financial Statement Requirements 182

    Three Franchise Decision Lens Philosophy 182

    Disciplinary Actions 183

    Transfer, Renewal, and Termination Clauses 184

    Operations Manual 185

    Conclusion 191

    Chapter 11 Building a Strong Franchise Organization 193

    Company Infrastructure 194

    Why Buy Your Franchise? 196

    Buying Power, Approved Suppliers and Other Revenue Sources 196

    Facility Evaluation and Selecting Your Central Office 196

    Growth and Staffing Plan 197

    Conclusion 200

    Chapter 12 Strategize to Thrive! 201

    You Can't Just "Try" Franchising 202

    Choosing the Best Franchise Owners 202

    Happy Franchise Owners Make More Money 203

    Inspiration vs. Motivation 205

    Choosing Franchise Experts 205

    Registration State Strategy 208

    Conclusion 209

    Chapter 13 Building Your Franchise Community 211

    Creating Your Franchise Support Systems and Team 212

    Avoid the "Franchise Doldrums" 215

    Become a Great Event Coordinator 215

    Creating and Hosting Discovery/Decision Day Events 216

    Forming and Managing Your Owner's Advisory Committee 216

    Offering Franchise Rewards and Incentive Programs 217

    Conclusion 217

    Chapter 14 Franchise Marketing 219

    Decades of Traditional Marketing 220

    Game Changer-the Internet and Beyond 220

    Back to the Basics: Regaining the Discovery Process 221

    Leveling the Playing Field 222

    Redefining the Basics of Marketing-the Five Pillars of Marketing 222

    Internet Technology: the Sixth Pillar 226

    Conclusion 236

    Chapter 15 Final Thoughts on Franchising Your Business 237

    Can You Afford The Franchising Process? 238

    Impounds and Deferred Fee Collection Stipulations 238

    Multistate Franchise Taxes and Accounting 239

    Franchise Associations and Advertising Councils 240

    Franchise Discovery Process 241

    Avoiding Litigation and Arbitration 242

    Franchise Fees, Royalties, and Other Fees 244

    Making the Decision to Franchise 245

    Conclusion 246

    Part III Franchise Ten Commandments- Thou Shaft Thrive!

    Franchisor's Ten Commandments 250

    Franchise Owner's Ten Commandments 252

    Conclusion 254

    Resources 255

    Glossary-Franchise Nomenclature 257

    About the Authors 269

    Index 271

    What People are Saying About This

    From the Publisher

    "Franchise Bible is the most comprehensive, step by step, go to guide for all things franchising. The best franchise book, bar none."
    —Nick-Anthony Zamucen, Founder of Bio-One Inc.

    "Franchise Bible is the roadmap that leads to franchising success. Now in its 8th edition, Franchise Bible has been the go-to franchising resource for decades. Rick Grossmann and Michael Katz have more than a half-century of franchise experience between them. The expertise that each brings to the industry is a huge win for anyone reading Franchise Bible. To your success!"
    —Carolyn Miller, Founder of the National Franchise Institute

    "If you could earn a degree in Franchising, this would be the textbook. Whether you are considering franchising as your expansion option, or managing a mature franchise system, Franchise Bible is the most organized, well communicated franchise tool available. If you are serious about franchising, start here, and keep this book handy as you work through each stage of development; referencing each new section a second time as you progress. It will change the decisions you make and greatly reduce your upfront investment, while increasing your probability of success in the shortest amount of time."
    —Chris Burrei, President of Franchise Development of GMXR Inc.

    "The resources in Franchise Bible are extremely valuable to us as franchise owners. When combined with our proven franchise system and leadership we are armed with all of the best tools for success."
    —Gregg and Cheryl Chiasson, Instant Imprints South Metro Franchise Owners

    "Franchise Bible has saved our company valuable time and thousands of dollars! The strategies in this book are a must for anyone entering the franchise world." —Dr. Kent Lauson, Founder of NEO Orthodontics Franchising

    "Anyone considering buying a franchise or franchising their business should start with the Franchise Bible. This easy to use reference guide will highlight the legal, financial, and structural details to consider before taking that important first step. Already a franchisee or franchisor? Solidify your strategy with this guide. Rick Grossmann and Michael Katz generously share their expertise in such a relatable manner that everyone can find value in its content. This guide is a must for your business reference library."
    —Tricia Petteys, Executive VP Operations of Payroll Vault Franchise

    "Franchise Bible is the single, best source of information, whether you’re considering buying a franchise or building a franchise organization. The depth of experience that Rick Grossmann and Michael Katz provide the reader is concise, organized, and thorough. Look no further than this comprehensive and easy to read guide.”
    —Doug Root, CEO of JungleQuest, Inc. Franchising

    "The culture your organization needs to become a successful franchise starts at the top, and this book helps guide you down the right decision path to be creative within best practices Rick and Michael have established. In the Franchise Bible they stress originality; build and buy into something that is original and creates value. In our swim school business we created something that was never done before and could be duplicated; we also realized the need for every person to be able to swim. Franchise Bible helps me focus on our needs as a franchisor and reawakens me to the needs of the franchisee."
    —Michael Mann, President of SwimLabs

    "Having consulted on and developed multiple franchise units for over 10 years, we can honestly say the practical advice in the Franchise Bible provides a clear and comprehensive perspective of the multiple aspects of franchising that one needs to be a successful franchise owner. Wish we had this when we started!"
    —Erik and Wendy Skaalerud, Colorado Area Developers and Franchise Owners of Orangetheory Fitness, Capital Lending Solutions Principals

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