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| | | Ice Cream Franchise - Top 10 Questions to Ask before Buying Jul 18, 2008 | |
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If you're interested in opening a Ice Cream franchise, you will need to speak with the franchisor company sales team. Not sure what to ask them? Have no fear, below are some key questions you must have your franchise company answer before doing business with them.
1. What is the risk involved with franchising and how do you (the franchiser) intend to minimize that risk?
2. What happens if I decide I no longer want to operate the franchise? Do you (the franchiser) have a policy that requires me to pay a cancellation fee?
3. Do you have any lawsuits against your franchise? May I see the list of lawsuits?(Look at reasons sited to see if there is a pattern).
4. What is your franchisee turnover rate? Can I have a list of the franchisees that left?
5. How much money can I potentially earn? - They should not answer this question, as the law prohibits them. Be careful of the ones who do answer this.
6. Do the company-owned stores provide most of the support for the parent company? (Should be a yes to avoid over-dependence on the royalty stream).
7. Is your franchise trademarked? (Should be because it's what you are buying with the franchising fee).
8. How long is your franchise-training program? (Don't want it to be too short/long).
9. Can I see some of your company's financial statements?
10. Can I have a list of all the current franchise owners close to my area? (Speak to the owners and discover their level of satisfaction and profitability).
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