I grabbed the text below from my book, Become A Franchise Owner!
“Over the years, I’ve actually been involved in a few mild arguments with prospective franchise buyers who didn’t feel that it was important for me to know about their financial situation. Admittedly, I’m not the most patient person when people who have requested my guidance refuse — for some strange reason — to give me the information I need to do my job properly. I do completely get how some people may be a little leery about disclosing their financial information. After all, we do frequently hear about incidents in which people have been scammed by con artists — either in person, or more commonly, online. Heck, I don’t really derive a lot of pleasure from having to give up my own financial information to a stranger, either. It’s a bit uncomfortable, but it’s part of life, and if we want to buy things on credit, make investments, or even send our children to college, we have to relinquish that information.”
Can you relate? Are you a bit worried about sharing your financial info with others? Are you worried that your personal information will get stolen? Are you worried about hackers?
Rep. Barbara Comstock probably wasn’t too worried about getting her personal information compromised-until last week.
Buying A Franchise: Fighting About Money
If you choose to work with me, we shouldn’t have to fight about money. I am going to need some of your financial information. And, I’m not the only one.
From my book:
“The reality is no different for people looking to invest in a franchise business; the franchise company needs the information. Now, if you want to spend your time and energy fighting the fact that you’re going to have to disclose everything about your finances when you decide to seriously look at specific franchise opportunities, then that’s certainly your choice – but you’ll never end up buying a franchise. Franchise development representatives aren’t going to chase you around or beg you for your financial information. They’ll just move on to the next prospective franchise owner.”
If we work together…I’ll need to know what your current net worth is.
The franchisors will need to know what it is, too.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
Question: Do you know what your net worth is?
If not, it’s your lucky day.
My friend used his web-coding knowledge to create a net worth calculator. It’s free to use, and when you’re finished putting your figures in, you can print it out. When you get asked questions about your finances, all the information will be right in front of you-and you can share it when appropriate.
Even if you decide not to buy a franchise now, it’s still great to have a printed copy of your net worth on hand.
It’s always a good idea to know where you stand financially.