More Than French Fries-Should you buy a franchise?

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On today’s episode we interview Sarah Brown, with Pinnacle Franchise Development. Sarah has tremendous insight that she’s able to share with our listeners as she has owned her own Franchise, worked as a franchise Broker and Consultant and currently she oversees Franchise Development for two national brands. A list of the topics covered in this are as follows: 

 

Who buys franchises? 

What is the biggest misconception of owning a franchise?  

How passive are franchises? 

What type of experience is necessary for a franchisee? 

Spectrum of Franchise’s: Retail - Service 

If someone is interested in franchise ownership, where should they start? 

Best due diligence practices 

Retail vs. Service Franchises 

Serial Franchisors 

Franchises: Millennials and Gen X 

How does a recession affect franchise ownership? 

 

 

Resources mentioned:  

 

• SBA - Business or Franchise?  Differences and benefits and downside of each:  SBA - which type of business should I buy? 
• SCORE - Volunteer Counselors and classes:  SCORE - Find a Local Counselor 
• IFA (International Franchise Association): Largest Trade Organization for Franchising:  IFA Website  
• Franchise 500:  Entrepreneur.com's List of Franchise Rankings:  Entrepreneur.com Franchise 500 
• Franchise Dictionary - Rankings and good online resource:  Franchise Dictionary Gamechanger 
• Franchise Consultants/Brokers - help find the right franchise - FranNet is a Franchise that helps people find the right franchise or determine if franchising is correct for them:  FranNet Find your Local Consultant 
• FBR (Franchise Business Review):  Rankings and resources:  FBR 
• ROBS: https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project