READ THIS BEFORE MEETING A FRANCHISOR

Thinking about buying a franchise? You should meet the franchisor-and you should know exactly how to approach that meeting-to ensure you're making the right decision.

- MARK SIEBERT

Franchisees and franchisors should be collaborators. A relationship should benefit you both financially, and you should think of yourself on equal footing.

Unfortunately, however, it doesn't always end up that way. There are a few minefields that potential franchisees may encounter during the sales process. By interacting smartly with the franchisor, you'll be better able to understand the opportunity, assess the business you're getting into, and determine whether it's the right fit for you.

This is what I do for a living: As the CEO of iFranchise Group, my team of consultants helps emerging and established franchisors grow. We see the insides of these businesses, and we know what makes the best ones work-and the worst ones fail.

In this article, I'll walk you, the potential franchise buyer, through the entire process of interacting with a franchisor. Let's assume you've already done some basic due diligence: You've read the brand's Franchise Disclosure Document (FDD), interacted with its sales or business development team, and talked to other franchisees. Now it's time to get in deeper-and we'll start by evaluating how the franchise has been selling to you.

The 'award' of a franchise

The best franchisors "award" franchises. They are serious about their commitment to quality, and only the best franchise candidates will qualify. Unfortunately, the worst franchisors hide behind the word and use it as a sales tool.