Career Management Alliance Blog

Focus in your cover letter on what you can do for the employer, suggests Jimmy Sweeney in his article for Quint Careers, the 7 Elements of a Highly Effective Cover Letter. How can you benefit the company specifically? Do a little research and relate this value-added simply and clearly in your letter.

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Don’t forget to use any and all professional advisors to help you during this process. Franchise Consultants, Accountants, financial planners, SBA and SCORE advisors, are all good resources.   If all has gone well so far, you are finishing up your franchisee research.  Plan a trip to visit the franchisor’s headquarters.  Many franchisors will require this but if they don’t you should insist.  Don’t go if you aren’t pretty sure that this is the right business for you, so that you don’t waste a lot of time and money on long distance travel.  If the franchisor is near you, visit them as early in the process as you can. Some people have a tendency to try to cut corners here and not make the trip.  It is a very bad idea to skimp on your research.  Both this step, and then the last step of taking any contracts to a franchise attorney are critical.  Remember, joining a franchise system is a lot like getting married.  Would you get married without meeting the bride?  I hope not! The last step is to go to an attorney.  Make sure it is a franchise attorney, so that you have an expert in franchise law.  Many franchise consultants can give you lists of local attorneys. They have a legal line with franchise attorneys from all over the country. After this last step you are ready to make a decision. The process may seem arduous and long but it is really not that bad.  The key is not to settle on a business that you don’t fit well with or not of the quality that you need.  Researching each business carefully and comparing several to each other, should be the key to doing a good job on making a good decision for yourself.

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I would recommend that you think of the other franchisees as your best opportunity to insure that you are making a good decision.  You should contact a minimum of 8-10 of the franchisees the very first week you are doing research, and talk to them.  Have a series of questions ready to ask them.  You are not only trying to discover how well they do, and how they rate their franchise experience, but also WHO they are, compared to who you are. One very key element in doing your franchise research is to confirm that most of the franchisees are doing well and would join the system again.  You should also make sure you seek out and find some franchisees who are doing extremely well and also some who are doing extremely badly, or have failed.  You want to make sure that the business is not only a good business in general but that the people who do well in it run the business the way you would.  If you find that you would run the business more like the people not doing well, disqualify that system from your search immediately. While franchisors will often tell you the names of successful franchisees, they may be hesitant to tell you the names of those who are struggling and failing.  Don’t let that discourage you.  Ask the other franchisees who they know is NOT happy.  Chances are that they know each other and will be willing to give you names.  When they do, also ask if they have an opinion as to why that particular franchisee isn’t succeeding.  Sometimes it can be as simple as bad management, or bad location.  If not, keep using the list until you find some.  Remember just like a job, not all people do business equally well. When you interview the franchisees, ask any questions you like but be tactful and discreet.  Make sure the time is convenient too.  After you have spoken to several franchisees, go back to the franchisor with questions.  Once they have been answered, call more franchisees and verify the answers.  If you are satisfied with the answers, make appointments to spend time with at least 2 or 3 to visit them in their in their locations. Use this time to really get a sense of the business.  Go back if you need to, but make sure you understand the operation, and that you are comfortable and confident in your ability to manage the business successfully.

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Once you have filled out the franchisor’s questionnaire, the next step is normally for you to be given the legal disclosure document called the Franchise Disclosure Document (Also known as the FDD or disclosure document). If you meet the franchisor face to face, and you discuss the sale /or purchase of a franchise, you must, by law, be presented with this document at that meeting. The Federal Trade Commission (FTC) requires sellers of franchises and other business opportunity ventures to provide prospective investors with the information they need to make an informed investment decision. When you get the FDD you will sign a receipt, which you will also date, to prove that you have received this.  It also requires that all earnings claims be documented, that the information investors receive be complete and accurate, and that investors have adequate time to consider and evaluate the disclosures before making any final purchase commitment. All required information is given to prospective investors in the form of a franchise disclosure document, which must be furnished at least 14 business days before any purchase may occur. This document includes 20 important items of information, such as…

• Names, addresses and telephone numbers of other franchisees.
• A fully audited financial statement of the seller.
• The cost required to start and maintain the business.
• The responsibilities you and the seller will share once you buy a franchise.
• Litigation involving the company or its officers, if any.
• Again, use your professional support to examine all of these issues. Some of the contract terms may be negotiable. Find out before you sign; otherwise, it will be too late.

Read the documents CAREFULLY!  See if there are any deal breakers here.  There will be all sorts of good information in it on over 20 different topics, including the background of the officers, any litigation that the franchisor is involved in, audited financial statements on the franchise company, your costs and obligations, their obligations, any statements on projected sales and/or earnings and perhaps, most importantly, a list of all the franchisees!  To me, this list of franchisees is the key to the entire selection process.

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Have a discussion with the franchisor.  Begin to get a sense of who they are, and what they do.  Be very careful to see if the franchisor is trying to see who you are too.  If they are not interested in you, and whether you fit their opportunity, they are not the kind of franchisor that I would recommend to you.  During your discussion with the franchisor, assuming you are still interested in learning more, make commitments as to what the next steps will be.  Make sure you honor any commitment you make, and make sure the franchisor does the same. Then fill out the questionnaire that you will find in the sales literature.  If you work with franchise consultants, they may already have given you a questionnaire to fill out too.  Do fill them out.  The franchisor will want to see who you are and what your background is.  If you are working with franchise consultants, they will need to know the same things.  An additional bonus with a consultant is that their questionnaire may be acceptable to the franchisors so you may not have to fill out more than one! The franchisors will not take you seriously if you do not fill out their questionnaires, since they will see that as lack of commitment on your part.  If you want them to invest time and effort in you, you must do the same in return.

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Start with the sales literature.  Read the brochure that all franchises have.  If there is a video, make sure you see that too.  Try to get a copy of both and show them to other family members.  You will want their opinion, and their support, and the more they know, the less likely they will be afraid to join you in supporting your dream. As you talk to others, including friends, relatives, etc. seek their opinions.  But, beware of well intentioned people who are ignorant as to how a particular business works.  Comments like “all franchises are good” or “all franchises are bad” are ridiculous and won’t help you.  Don’t get scared off if you hear them.  Stick to your investigation.  The truth will soon reveal itself if you see it through your own eyes, and are thorough in gathering your information. As you get the sales brochure and/or videos, sit down with a clean piece of paper and write down all the questions that come up as you read the literature, and/or see the video.  Then when you speak to the franchisor, ask them EVERY question that you have.  Never be afraid that a question is silly, stupid or unimportant.  This is your business and your future, and it is critical that you do it right!

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Having researched various franchise concepts and satisfied your criteria, you now focus on the issue of the specific franchises you are interested in, and how YOU will fit in. These are the research steps you will want to do to accomplish this: 1)      Review the franchisor’s basic brochure and video. 2)      Create a list of general questions. 3)      Fill out the questionnaire. 4)      Arrange to receive the Franchise Disclosure Document (FDD). 5)      From the FDD, make a list of key information. 6)      Use the list of franchisees in the FDD and plan to call 10 to 20 franchisees. 7)      Plan to visit 3 to 5 franchisees in person after you have completed your telephone survey. 8)      Plan to visit the franchisor’s home office.  Make sure the people there have the necessary management skills to help you succeed. 9)      Use the services of professional advisors:  including an attorney and an accountant experienced with franchising. The process may seem arduous and long, but it is really not that bad.  The key is not to settle on a business that you don’t fit well with, or that is not of the quality that you need.  Researching each business carefully, and not only analyzing  them, but also comparing several to each other, should be the key to doing a good job on making a good decision for yourself.

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Ready to look at specific franchises to see how they and you fit together? Knowing who you are and what you want to achieve in business will help you to identify businesses that match up with your goals and strategies.  Once you have identified a few of those businesses you are now faced with the biggest and most important task in selecting the franchise system you ultimately become part of:  RESEARCH! Doing research on a franchise is a lot like peeling an onion.  You do your research layer by layer until you reach the center.  You MUST be prepared to walk away from any and/or all of these businesses if, as you peel away “another layer of the onion,” you find something that does not properly match up with your personal abilities, business strategies, or ethical standards. Doing the research takes time but it is not hard.  There are several key steps that you must do each and every time to insure the best chance of making a good decision. We want to make sure that any franchise organization that you investigate should meet certain criteria.  Briefly, any franchise you become interested in should: 1)      Be in a Stable Industry. 2)      Be a leader in that industry (whether the industry is large or small). 3)      Be Affordable to you. 4)      Be Very good at the core business that you will be in. 5)      Have room for you to expand and grow. 6)      Have good future vision for growth. 7)      Be in a non-consolidated industry (your competition is not made up of major chains with great competitive strength). 8)      Has a much needed product and/or service and is an excellent provider. 9)      Has an acceptable level of risk from YOUR point of view. 10)  Is an ethical, and franchisee friendly franchisor with happy successful franchisees. Having satisfied yourself that the franchise you are looking at meets the above criteria, you now focus on the issue of the specific franchises you are interested in, and how YOU will fit in.

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Reena writes: I got my PhD degree in microbiology a year ago. Since I am an international scholar, I had to wait for my immigration papers to get processed for my permanent-resident status (that I got through marriage to an American citizen) for a year. I was not legally allowed to work (earn any money) for a year. Now that I have got my permanent-resident status I have started sending out job applications, and I keep getting asked what work I did for a year since I got my PhD. I did do some volunteer work off and on during my year off, and I also did a lot of traveling. Continue Reading »

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Anonymous writes: I worked as a police officer for 17 years then resigned to become a deputy in a county jail facility. Needless to say, it didn’t work out; that was approximately 1 year ago. After having many interviews and an attempt at a career change it all seems in vain. Will I ever get a position that meets my specifications? What move should I make next?

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The Career Doctor responds: I think the most important thing you need to do is find a day or couple of days for a career retreat. What are your specifications? What do you want to do with the rest of your working life? Are you burnt out with law enforcement? What career are you now trying to change into — and what have you been doing to help facilitate that change? So many questions — that’s why you need to take some time away and do some career planning. Your goal for this career planning retreat should be to finalize your choice(s) for your next career, with specific steps for how you are going to achieve the change. If you are still searching for your next career, you need to take time for self-reflection and research. You need to really evaluate what you like to do — at work, at home, in all your activities. You should also examine your accomplishments and transferable skills. Once you have gathered all this data on yourself, the next step is researching career paths that match your interests and strengths. Once you have an idea of your next career move, you should shift your efforts to developing a plan that gets you there. Will you need more education or training? Will you need experience in the new field, and if so, how will you get it? Does anyone in your network know people working in the field? How will you grow your network to include people in the new career field? Finally, you’ll need to implement your plan. Be prepared for some bumps in the road. Career change often takes time, but with proper research and planning, it should be a little easier for you. For more help with career planning, read this article published on Quintessential Careers: 10 Tips for Successful Career Planning. And for more assistance with a career change, go to: My Career Change.

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