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November 17, 2006, Newsletter Issue #39: Investing in a Franchise for Sale
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Tip of the Week
* Before you invest in a franchise for sale, do an inventory of your skills, interests, goals and budget. Ask yourself:
• Do my abilities and skills match up with the needs of running this particular franchise? • Can I afford to buy a franchise in this industry with my budget?
* Numbers, numbers, numbers…add them up:
• If you're looking at an existing franchise for sale, have an accountant look over the numbers with you. If the franchise for sale would require multiple investors, consider partnership options and whether or not you would feel comfortable with them. • You will need to factor in employee salaries. For example, if you're going to buy a franchise that requires a manager to run it, make sure that the costs involved (salary, etc.) are fully accounted for in your budget. And, if the franchise requires expertise in an area you are lacking, make sure you have the funding to hire people possessing the needed skills and know-how.
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