Purchasing a Franchise, Step by Step
Step 1 - Pre-qualification
This step usually takes 2 to 6 days. One of our representatives will contact you to review the concept with you and help you understand the franchisee profile we are looking for. You will receive an Information Request document; you will have to fill it out and send it to your contact. This document collects basic information such as contact info and a few questions to help us evaluate your application. Once we receive this document, we will contact you to schedule a telephone meeting for step 2: reviewing the concept.
Step 2 - Reviewing the Concept
This call will cover the following topics:
- General questions about the concept
- Potential revenue
- Our mission, culture, and values
- An overview of operations, management, marketing, and training
- An overview of the next steps
After this call, you will receive a Confidentiality Agreement. Your representative will review it with you and explain any issues. The representative will also schedule a meeting for the next step: confirming your interest.
Step 3 - Confirming Your Interest
Objectives of this meeting are as follows:
- Review the key items in the Confidentiality Agreement.
- Answer any questions you may have.
- Review financing options.
- Plan financing assistance if needed.
- Reserve your territory and provide the required deposit.
After this step is completed, you will have in your possession all the tools you need to go through the financing process, which can take 2 to 9 days. Once your financial institution confirms the financing, you will schedule the next step, the engagement, with your representative.
Step 4 - Engagement
Objectives of this meeting are as follows:
- Answer any questions you may have.
- Review the preliminary financial approval.
- Schedule the Discovery day and understand the deliverables.
- Complete the franchise purchase offer, finalize the terms and provide the required deposit.
Step 5 - Discovery Day
Objectives of this meeting are as follows:
- Tour a franchise's installations.
- Experience a business day at a franchise.
- Meet the management team.
Step 6 - Kick-Off Meeting and Contract Signing
Objectives of this meeting are as follows:
- Review the grand opening plan.
- Meet the people involved in the project.
- Sign the contracts and complete the final payment of the franchise rights.
