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CATEGORIES: Business, Franchising
Buying a franchise is a complex process, especially for first-time buyers. It's a long-term investment, and it will be one of the most significant investments you will probably make. Hence, the decisions you make during the buying process are crucial.
Which franchise concept are you planning to pursue? How do you choose the right brand? What are the first steps to take?
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Today, Erik talks about some critical things every buyer must know. Joining him in the discussion is another one of his colleagues at Front Street Equity Partners, Bobby Brennan.
If you're considering buying a franchise, this episode is a good starting point in establishing what a franchise buyer should know and why. You will also understand what Front Street Equity Partners are looking for in brands they choose to partner with. Who knows? You could be the next brand.
“I will tell you, 99% of the time, in my experience, the difference between top performers and those in the middle and the bottom—it's never resources. Its resourcefulness. Are they being resourceful with the tools, and are they heavily executing the playbook at a high level?” - Bobby Brennan
In This Episode:
- Three things you must do before buying a franchise
- Is it good to be involved in brands that are growing too fast?
- The difference between top performers and mid and bottom performers
- What does your first year as a franchisee look like?
- What makes these three brands unique?
- Why should a buyer consider the brand's founder?
- Understanding the role of the integrator and the visionary
- Does the brand you're looking into have an exit plan?
Resources:
🌐 Consult with Erik: https://form.jotform.com/222685728939070
🌐 Want to buy a franchise? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Want to franchise your business? Connect with Erik here - https://forms.gle/n4JedEuU5p7asE617
🌐 Franchisees and franchisors find proven tactics and strategies to scale YOUR businesses https://scalablefranchise.com/
🌐 Front Street Equity Partners - https://www.frontstreetep.com/
🌐 Tribe of Investors - https://tribeofinvestors.com/
🌐 Rocket Fuel by Gino Wickman and Mark C. Winters - https://rocketfueluniversity.com/rocket-fuel-book/
Connect with Bobby Brennan:
🌐 Website
Connect with Erik Van Horn:
🌐 Website
🎥 YouTube
Ⓜ️ Medium
Erik Van Horn is a franchising specialist and expert in multi-unit, semi-absentee franchise business ownership. From entrepreneur to regional developer and investor to consultant, Erik has worn many hats over the last two decades, which has provided him unique insight into complex aspects of the industry. If you're a franchisee, a franchisor, or one aspiring to be, subscribe to the Franchise Secrets channel and visit www.FranchiseSecrets.com for even more tactical and practical tools to help you buy, grow, and sell franchises like an expert.
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