Franchise experience
January 4, 2005 8:17 AM   Subscribe

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 answers total) 1 user marked this as a favorite
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 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 You didn't have any contact info in your profile.
posted by ac at 2:49 PM on January 4, 2005

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