Today I’m going to tell you a little story about what happened to me. Friday, I was approached by a gentleman and his wife and they asked about a specific franchised restaurant concept/brand. They were retiring with a bunch of money and they wanted to know if they should invest in the concept. My response to them was, Continue reading “Should I Invest?”
When, where, and how should you start looking for a General Contractor for your franchise location?
Continue reading “Choosing a General Contractor for your Franchise Location”
One of the most interesting things about franchising are the stories of the brands and how they got started. Who was this person or person(s) that had the vision to create a product or service and make it so popular that it became a household name?
So, this week I decided to do some research into the history of some of my favorite brands. While I was digging around in the archives, I found that some brands have competed with each other for decades. What’s more interesting is how some of the stories of these brands are intertwined. So, in this video I’m going to share with you which franchise came first.
Continue reading “Who Came First?”
Today’s blogpost is about leases. Along with your franchise agreement and perhaps a personal guaranty, your lease is a contractual document that will be with you throughout your journey as a franchisee. In fact, many leases are written to mirror the franchise agreement in initial term and option duration. In today’s post, I’ve put together 5 important clauses that you’ll find in your lease. Make sure you familiarize yourself with these clauses before you execute your lease agreement.
Continue reading “Lease Basics For Franchisees”
Today, we’re going to answer some of your franchise questions! We’ve received a number of questions from you on our various social media outlets; some questions have been asked multiple times so we made sure that those questions made it into today’s Q&A.
Our first question is from Megan. And Megan’s question is:
Continue reading “Answering Frequently asked Franchise Questions”
Most franchisees and/or small business owners lease space for their business. In this post we’re going to cover 5 basic clauses to make sure are in your Letter of Intent. These clauses are important to negotiate up front in your Letter of Intent so that you don’t waste your time, resources, and give up your leverage negotiating them when you get to the Lease.
Continue reading “5 Things You Should Include in a Letter of Intent”
Are Brokers a necessity? In this blog post, we discuss the different types of Commercial Real Estate Brokers, exactly how much they get paid, and who should pay them (the Tenant or the Landlord). Continue reading “Commercial Real Estate Brokers for Franchises”
After our last blog post we received some questions about franchise royalties. It is certainly an area that you should be deeply aware of when you are deciding between franchise opportunities. Today’s post is a general overview of Royalties, what you get for their payment and what you can expect in return. We’ll also work through an example.
First, what is the definition of a royalty? A royalty is the payment a franchisee makes to the franchisor for them to use their concept in an effort to generate for revenue and profit. Continue reading “What are Franchise Royalties?”
You’ve seen the lines in front of White Castle, In-N-Out Burger and Starbucks. These places are packed with customers! How many times have you thought “I want to own one of these!”, only to find out, that company doesn’t franchise.
So today, we’re going to answer the question: Why do some companies choose not to franchise? Continue reading “Why Some Companies Choose Not to Franchise”
Prime Costs, Operating Expenses, and Profit are three of the four parts of a Profit and Loss Statement.
In a previous blog, I talked about the Importance of a Profit and Loss Statement (P&L). In this blog, I’ll walk through a P&L and look at it from a perspective of the prime cost and the operating expenses that you look at to manage your business. The P&L is a critical tool to guide you through your plan to make your business profitable.
Continue reading “Prime Costs, Operating Expenses, and Profit”