What's Your Next?

Goal Achievement Questions To Ask Other Franchisees During Due Diligence

July 02, 2022 Stacey Riska Episode 12
What's Your Next?
Goal Achievement Questions To Ask Other Franchisees During Due Diligence
Show Notes


We're continuing questions to ask franchisees. Previously, we've covered some other topics in the previous few episodes, history and competency, competitiveness expectations. Today, we're going to be discussing questions regarding goal achievement. As we've done in the other episodes, I'm going to ask Stacey the question. She is going to answer that from our experience and provide you with why she thinks this is such an important question.

So here are some tough questions for today.

Would you invest in this franchise if you were doing it all over again? Why or why not? If not, are you planning on selling?

Thanks for asking that question. We actually have two episodes that answer that question. “If we had to do it over again, would we”, but since you're asking me as a prospective franchisee, what I would answer to you is yes, I would do it over again. My answer would be that look business has its ups and downs. It is a roller coaster. I would say that for 16 years, it's been a fun ride. But Dave and I came into this business with an exit plan. And anybody thinking of buying a franchise should always go in with an exit plan, know what your out is, right?

We're actually working with a candidate now who actually owns a business, but wants to add on a franchise as an add-on concept. And the main reason they want to do that is because of their exit plan. They want to have something of value so that when they're at that retirement phase, they have something that they can sell. Well, Dave and I are in a similar situation. 16 years, we're kind of ready to go to our “next” and therefore we're going to be looking to sell our business. So always have that end game in mind, but along the way know that it will be like a roller coaster (a journey of ups and downs). You want a lot more ups than you have downs, but enjoy the bumps and bruises along the way.

This is such a great question and such a great reason why you want to make sure you buy the right franchise for you. Meaning, that there are 4,000+ franchises out there today. People ask us all the time. What's the best franchise?

... Continued in Podcast ...

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