First contact is usually made online through the franchisor’s Web site, Franchising.com reports. The first screening generally seeks to ensure that potential franchisees possess required net worth and liquid assets. Additionally, franchisors will ask for interested parties’ industry history, management experience and desired location.
This form is followed by a series of e-mails that will allow an investor to expand on the information they have already provided, while providing additional details on the franchise concept.
This moment of contact with a franchisor is also an important time for potential franchisees to have their questions answered. Two of the most important questions to have answered involve how much money can be made and whether desired locations are available, the Web site writes.
Franchisors are taught to seek franchisees who are team- and goal-oriented. At this year’s Multi-Unit Franchising Conference, NFL player and Super Bowl-winning coach Mike Ditka told franchisors to seek “great players” to build a successful business, Franchise-update.com writes.
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