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Franchising Part 2 - Greg Mohr
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We've already discussed franchises here on Transaction Talk, but there's just so much information to cover that we've decided to revisit franchising today (and honestly, we just love talking about it!) So today, we'll be defining what a franchise is, the various franchise options that are available in today's market, and so much more. We are joined by the illustrious Greg Mohr, a franchise consultant who combines his experience as a business owner to help his clients find their best franchise options. First, Greg defines "franchise" and explains why franchising may be a better option for you than starting a business. Then, we unpack the questions that prospective franchise buyers should be asking, how to find information on other franchisees, the characteristics of a good franchisor and their role in the success of their franchisees, and the importance of conducting comprehensive research before signing on the dotted line. To end, we explore common franchising mistakes and how to avoid them, the ins and outs of an area development agreement, why franchise attorneys are an essential part of the process, and a reminder to be thorough in your due diligence.
Key Points From This Episode:
- Greg Mohr defines "franchise" and explains why franchising could be better than starting a business.
- Questions that prospective franchise buyers should be asking.
- The information you'd need to know about other franchisees, and where to find it.
- Exploring the role of a franchisor in ensuring the success of their franchisees.
- Why research matters, and how there aren't any shortcuts to being fully prepared.
- Common mistakes and pitfalls in the franchising process, and how to avoid them.
- Understanding that creativity is encouraged, but it's dangerous to reinvent the wheel.
- What an area development agreement is, and how it differs from a regular franchise agreement.
- Why franchise attorneys are an integral part of the franchising process.
- The characteristics of a good franchisor, and the elements that make a franchise successful.
- A reminder of the importance of doing your due diligence.
Tip of the day: Visit the SCORE chapter in your area!
Links Mentioned in Today’s Episode:
Greg Mohr Phone Number: 361-772-6401
Disclaimer:
The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
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