Joel Libava
I’ve been involved in and writing about franchising for over 25 years.
I’ve helped 1,000+ of people research, evaluate, and either buy or walk away from a franchise opportunity.
I just updated what I consider to be the ultimate, most complete guide on how to buy a franchise I’ve ever written.
It’s comprehensive. It’s detailed. It’s free. And it’s here.
But unfortunately, most people who find it jump straight to the middle.
They skip the stuff that matters most.
So today, I’m calling out the 3 sections that people blow past, and explaining exactly why skipping them could cost you big money.
Key Takeaways About The Ultimate Guide on How to Buy a Franchise
The self-assessment section isn’t a formality. It’s the most important part of the entire process. Don’t skip it.
If you’re not a rule-follower by nature, franchising will frustrate you. Know that going in.
Calling one franchisee is not due diligence. Call several. Ask hard questions.
“What do you wish you had known before you bought this franchise?” is one of the most powerful question you can ask…and almost nobody asks it.
Excitement is not a business strategy. The red flags section exists for a reason. Read it.
The guide is long because the decision is big. Treat it that way.
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The #1 Thing People Skip When They Read The Ultimate Guide on How to Buy a Franchise: The Self-Assessment
This is Step 1 in my guide. And it’s the step that most prospective franchisees treat like a speed bump.
They read a sentence or two, think “yeah, yeah, I know what my top skills and personal traits are,” and scroll down to the franchise lists and financing options.
Huge mistake.
Here’s what self-assessment actually requires you to answer:
Are You a Rule-Follower?
I mean it. Because franchising is entirely rule-based. You don’t get to improvise. You don’t get to say “I’d do it differently.” You follow the system, or you don’t buy a franchise.
If that sentence made you uncomfortable? That’s important data. It’s also why you need to take my Free Franchise Compatibility Quiz. let’s make sure you are right for franchise business ownership.
Also: what does your financial picture actually look like right now? Not what you hope it looks like. What it actually looks like.
I’ve built a free Net Worth Calculator specifically for this. Use it. Before you do anything else.
The #2 Thing People Skip: Talking to Franchisees
I put this in the guide. I put it in bold. I’ve been saying it for 25 years.
People still skip it.
Or worse…they call one or two franchisees, have a nice, 10-minute chat, ask a couple of easy-to-answer questions and call it a day.
That’s not due diligence. That’s a phone call.
Real due diligence means calling multiple franchisees. 1-15 of them. Asking them tough questions. Including this one:
“What do you wish you would have known before you bought this franchise?”
Almost nobody asks that question. It’s probably the most valuable one on the list of questions….dozens of them, I’ve included here.
Finally, the names and contact information for every current franchisee are listed right in the Franchise Disclosure Document. It’s all there. Use it. It’s not difficult.
The #3 Thing People Skip When Reading my Guide: The Red Flags Section
There’s a section near the end of my guide that walks you through the warning signs you should be watching for throughout the entire process.
High franchisee turnover. Lack of transparency. Unrealistic earnings claims. Weak financials. Lots of lawsuits.
People gloss over this because by the time they get to it, they’re excited. They’ve already fallen in love with the concept. They’re mentally decorating their first location. And they’re counting their money.
That’s exactly when you need to slow down and read every word of it.
Because excitement is not a business strategy.
The Bottom Line
My guide on how to buy a franchise is long. Detailed. On purpose.
This is one of the biggest financial decisions you’ll ever make. It deserves more than a 5-minute skim.
Read it here: How to Buy a Franchise in 2026
Start at the top. Don’t skip the self-assessment. Call the franchisees. Read the red flags.
Do it right, and you’ll be able to sleep better at night.
As a franchise owner.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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