Franchise experience

January 4, 2005 8:17 AM

Franchise-owning MeFites: How did you get started? How did you pick the franchise? How much capital did you have? Most importantly: Would you do it again?

I am getting more and more interested in looking at a turn-key operation to get an introduction into the world of running a business. The wealth of information that's out there is vastly diluted by the "$1 mil in 2 days while at home in your bath room" spam artists. I would like to know if any MeFites out there have done this, and about their experience.

posted by striker to work & money (4 comments total)

this site might be useful.
posted by ori at 9:19 AM on January 4, 2005

If you are located in Canada, you may want to check out the Canadian Franchise Association at http://www.cfa.ca/. Industry association, but it does have some information for people looking to buy a franchise, including the relevant laws about what franchisors are required to disclose to potential purchasers. There are additional requirements on a province-by-province basis around disclosure - Alberta doesn't really have to tell you anything, as I recall, including relevant financial details about success of the franchises as a whole - while Ontario's disclosure rules are much more strict due to past legal actions.

I worked for a franchisor, and the one thing I would say based on my experiences working for a corporate office is that make sure you investigate throroughly, and that when you are looking at the type of industry, doing something that you like is often a key indicator of success. If you enter a franchise based around service, make sure you like people. :) Picking based solely on capital requirements may lead to disappointment.
posted by Cyrie at 10:00 AM on January 4, 2005

Check with business brokers in your area. There may be someone who is selling a solid business. Be skepical about any appraisal; it's hard to accurately value a business. I have bought and sold a business and recommend the experience. The broker wasn't terribly useful when I bought it. I sold it without a broker, as the brokers I interviewed were morons.
posted by theora55 at 10:12 AM on January 4, 2005

I have something that might be interesting, email me [e-mail]. You didn't have any contact info in your profile.
posted by ac at 2:49 PM on January 4, 2005