Joel LibavaIf you’ve had your sights set on franchise ownership, there’s something you need to know before you get too excited.
Actually, there are several things you need to know…several things you need to learn before you get too far down this road.
For now, I’m going to focus on one of them.
About Franchisors
Franchisors-including the staff at franchise headquarters, don’t care:
How educated you are
How polished you are
How much money you’ve accumulated
How business-savvy you are
How many companies you’ve lead
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How many companies you’ve turned around
How many charities you’re involved with
Who you know
About your lineage
Really. They don’t give a rat’s a*s.
Would you like to know why?
Because, unless you’re nice…
They won’t sell you a franchise.
You’ll Never Be Able To Buy A Franchise
That’s right; unless you’re nice…in all of your interactions with the franchisor, they’ll never sell you a franchise.
As much as they’d like to have your check for the franchise fee…as much as they’d like to open another royalty-generating franchise location, they won’t take anyone on that’s not nice.
The franchise purchasing process can be pretty stressful, especially when the legalities start getting discussed, and money is about to change hands. So, try to remember that’s it’s just business, when and if you’re negotiating some of the contract terms. Remember to be nice when you’re mutually deciding on your franchise location.
If you feel that you’re a match for them, and they feel that you’re a good match for them, things should eventually fall into place.
I Remember This Millionaire…
I haven’t been able to get her out of my mind.
She was rich. And, rude.
She wanted to know way too many details about the franchise company she was interested in buying a franchise from (for her children and grandchildren), well before it was time to do so.
As a matter of fact, she wanted her lawyer to look the franchise contract over before she even knew about the specifics of the franchise business opportunity. She was putting her cart way ahead of her horse.
I warned her ahead of time how the franchisor was going to react to her demands. I told her that she was not in charge of the process. I told her to take a chill pill. She wouldn’t listen. I guess she was used to getting her way because she had a lot of money.
Well, she went ahead and called the franchisor with her demands, anyway.
One day later her franchise application was turned down.
The franchisor wanted no part of her. She was way too demanding. Too rude.
She was prepared to write a check to secure 3 franchise locations.
They said no.
This lady left a serious impression on me. She made me realize that it’s not always about the money.
So, be nice.
Be someone that the franchisor would be foolish to turn down.
Or, you’ll never be able to buy a franchise.
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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