Add new comment
Guest claims: "People need to street clear of franchising completely. "
I think Guest means "steer", but no. What people need to do is buy the right franchise for the right reasons. The top reason being a brand name that brings business through the front door. That's probably the top 3 reasons. You are renting a brand name. We have been franchisees for nearly 20 years, are mutli-operators of a small patch of stores, and have a greatly above average household income. BMM is full of people who bought into crummy systems, in industries they knew little about, for the wrong reasons.
If you have an independent business that is not working you can simply close it down before any more damage is done. But as a franchisee you are legally locked in. You have the option of continuing to operate at a loss until you are bankrupt or walk away and be sued for "lost royalties". People need to street clear of franchising completely.
Guest says "How many more systems have to be shown for the worthless garbage they are, how many more families have to be financially and emotionally destroyed before we get it thru our heads that we have to fight to change things?"
How many people will keep buying junk in industries they know nothing about, just because they are franchises? How many people will keep taking buying advice from what is basically an adverse party trying to separate them from their money?
Whether we want to admit it or not, franchising is built on a bed of lies. The IFA, franchisors and all involved know full well the "oh, I'm sorry for using that #" apology will appear on the obituary page in a 3 line retraction where it will never be seen.
Franchising will only be cleaned up when franchisees finally work together side by side and fight. Unfortunately, we are too busy losing our money, our homes and our families as we work day and night in these jokes called "proven business models". Franchising in and of itself is, in fact, a 'proven business model': sell anything you want as a "proven system", distort the truth by providing fictitious financial details, rip off the franchisee for everything they're worth, and then start all over again tomorrow morning - that is the only model that is successful in franchising.
How many more systems have to be shown for the worthless garbage they are, how many more families have to be financially and emotionally destroyed before we get it thru our heads that we have to fight to change things?
I certainly share your frustration. As a small business and franchise attorney, I am continuously frustrated by the misinformation passed on to the general public. I recently attended a Master Franchising Event. The consultants that spoke and were pushing their prospective brands used 94% as the success rate for franchising. Ridiculous!
Visit the legal directory
Visit the supplier directory