10 Questions to Ask a Franchise Broker/Consultant Before You Work With Them

Franchise brokers and consultants are everywhere. But are they all the same?

Of course not. You should;

Use experienced professionals that have real franchise experience. 

Getting ethical, and professional assistance to help you find and purchase a franchise of your own can be a very wise choice! Using a franchise consultant-broker, if done right, can help you define what types of opportunities could be a nice fit for you.

For those of you that are thinking about checking out some franchise opportunities, you will eventually run into so called “franchise brokers” or “franchise consultants”. Here are 10 must ask questions for you to ask them, before you decide to work with them….

The franchise industry has experienced a ton of growth in the past 5-6 years, and with it, a plethora of so called franchise “brokers” and “consultants”, who can match you up to franchises, and then get paid a finder’s fee from the franchise companies for making a successful match. The executive recruiting model is very similar. However, just like not all executive recruiters are created equal, in the franchise brokering business, not all brokers are created equal.
{I am choosing to use the word broker here, but a franchise broker, and a franchise consultant are the same. The word broker, quite frankly is a shorter word, and hence, less typing is required.}

Before you decide to use the services of a franchise broker, you need to ask them these 10 questions:

1. Exactly how long have you been a franchise broker?

2. What is your franchise experience?

3. How many articles on franchising have you been quoted in?

4. How many articles on franchising have you written?

5. Are you part of a franchise yourself? And if so, do you get paid a fee for referring folks to your franchise companies headquarters?

6. Can you give me a list of 20 people who are in franchised businesses of their own, directly as a result of working with you in your current role as a franchise consultant-broker?

7. Can you give me the names of at least 3 franchise attorneys who know you, and who will vouch for your character?

8.  Do you hold face to face meetings in your local market area, in addition to phone consultations nationwide?

9. Do you teach small business/franchise classes at local colleges, libraries and high schools?

10. Is this your only business, or is this an add on to another business of yours?

New questions just added!

11. Did you used to be a franchise salesperson?

{If so, franchise sales is a  lot different than franchise consulting}

12. Do you have the courage to tell a prospective franchise owner that they need to go find a job, instead of investing in a franchise, because a franchise is not right for them?

13. Are you a former franchise owner? Recently sell your business? Now a franchise consultant-broker because you want something to do?

This list of questions is a good start for you, if you’re considering working with a franchise broker/consultant.

Final question to ask;

Do you want to become a franchise broker-consultant?

Learn About Becoming a Franchise Broker