What to Ask You have decided to purchase a franchise and have set up a meeting w

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What to Ask

You have decided to purchase a franchise and have set up a meeting with the franchisor. Discuss the kinds of questions you would ask them and, also, what kinds of questions you anticipate the franchisor would ask.

#1 Chapter 3 Distinguishing Between an Infatuation and a Good Opportunity.

Many people become excited about an idea to start a business, but it is not necessarily a good investment opportunity. Explain a business idea you have from the perspective of its ability to be a profitable company. #2 Chapter 4

What to Ask

You have decided to purchase a franchise and have set up a meeting with the franchisor. Discuss the kinds of questions you would ask them and, also, what kinds of questions you anticipate the franchisor would ask.

#3 Chapter 5 Outside Manager/Reluctant Family

You are getting older and must consider how your business will be run. You have had a tremendous manager working with you for the last 30 years, and a son who has a degree but is not interested in the business. Discuss the implications of this situation and some possible solutions to maintain the legacy of the business

Explanation / Answer

1. For a business to be a good opportunity, it is not enough that the product is good. It is much more important to have a scalable business system in place. The business should be able to run even without the presence of the owner. My business idea is a restaurant chain with established business systems like McDonalds. However, I will make sure that my products are much better, healthy and easy to make.I will start with one restaurant and then will expand slowly. Each chain will be looked after by a manager. As long as I can marktet the health benefits of the product and its taste, I am sure that the company will be profitable.

2. Some questions to be asked to a franchisor before buying a franchise

3. It is definitely sad that the son is not ready to take up the business. For now, I would allow the manager to run the business. I would give my son the freedom to pursue his dreams for a few years. In due course of time I would encourage him to take part in the business for one or two months. If he is still not interested, then I would handover the business responsibility to the manager for more time. I will look after the business as long as I am interested in it. After that, I would try to persuade my son once again. If he is reluctant even then, I would sell it off to someone else.

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