Check out before you buy is the road to purchasing a franchise. If this is done first, then there will be no surprises or regrets later. Any good businessman or woman would find out as much about a franchise and its operation before purchase as humanly possible. Not all franchises operate the same and each has its mandatory rules that are part of any purchase contract. The contract other than stating how the franchise will be paid for and when, will also lay out in detail what the franchiser has agreed to do and what the buyer must do after becoming the owner.
Your dream is to own a health food store and you are looking into how to make that happen. Two quick ways to get information is use the Internet to see what kind of stores are for sale. Also you would be wise to speak with several Business brokers in bangkok to see what they have available and the current pricing. Franchises are also available in this industry. You can check them out online and contact them direct for more information.
Offer your business to as many potential buyers as possible. By doing this, you’ll get more offers. If your potential buyers know that there are also other people who are interested in buying your Business brokers online, they are most likely to increase their offer. Go with the one who can pay the highest amount.
The few times I was able to get referrals, the person who referred me to their friends did so because they had something in common those people. So, instead of “Who do you know,” I began to ask these kinds of questions: “Where did you grow up? What kinds of organizations do you belong to? What are your favorite things to do for fun?” I found that if I asked questions in four categories, it always led to common ground. Those categories are hobbies, interests, lifestyle and values (family and community).
You see, without proof they had the income, they cannot get what their company is actually worth. You see, service businesses of this type sell at a multiple of their monthly gross revenue, so you need to be thinking here, thinking long-term, not short term.
If you have friends who are writers, have them come in for a book signing and/or talk. You will be surprised at how people will come to hear a local author. Some advertising may be necessary to gain the audience.
Determine how many hours the seller really works. You are buying an income stream based on a known number of hours of work. Make sure the seller isn’t working 80 hours and telling you he is only working 40 hours, per week. I had an absentee fast food owner tell the buyers and me that he worked part time – 5 hours per week. Closer inspection showed he was working 25 hours per week. One auto repair seller, we’ll call him Bob, said he never was at the business, because he had a second full time job. Inspection found he was working 30 hours a week (4 plus hours every night, and 8 hours on Saturdays).
It’s time to start guiding your company in the direction of your dreams. Whether your ultimate goal is to increase the value of your company for future sale, or to build a legacy for future generations, begin today to make the changes.