Proper Franchise Selection Is a Process Not an Event

Making an important decision based primarily on the content of a contract is tantamount to making an ill-informed decision. Organizations that market due diligence assistance as the key to quality decision making, especially when its marketing efforts focus on novices, are not helping people see the ‘big picture’ about life and relationships. Neither franchise agreements, nor prenuptial agreements, nor Purchase & Sales agreements on a house should be the deciding factor on the question of ‘Should I do it?” Those things are merely ‘pieces of information’ and should be treated as such – pieces.

Making a proper franchise decision, like any other important decision, is a process not an event.  And of course, franchise selection should also consist of many elements focused on both collecting objective information and subjective insights. It is the melding of both objective information and subjective insights that can result in quality, confident decision-making as opposed to accepting opinions from ‘professionals’ as the ultimate guidance to take a certain path.  And make no mistake, discarding or not paying sufficient attention to the ‘subjective side’ of processing because it is viewed as too ‘touchy feely’ will similarly dilute the quality of a decision. The entire concept of ‘FIT’ is based on feeling confident.  Another person’s opinion should never take the place of one’s own feeling of confidence; not bravado, but rather quiet confidence.

Now, I am not railing against the vast numbers of franchise attorneys I know that provide contract and disclosure document reviews. The critical analysis they provide should always be added to the process when buying a franchise.  I’m also not dismissing some of the inherent problems brought into the mix by the overwhelming number of ‘franchise brokers’, aka ‘franchise consultants’. (Broker involvement brings both positive and negative issues regarding salesmanship and emotional ‘matchmaking’ that sometimes discounts ‘facts’ and best intentions. But that’s another discussion.)

Prospective franchisees, especially first time franchisees, must first understand themselves and what it’s going to take to satisfy their long-term needs and desires. Only when they have chartered a logical ‘personal plan’ can they appreciate and make use of professional examiners.. Until the franchise buyer knows what will fit their life plan, they have no business collecting and paying for the examination of documents that usually hit the circular file as soon as the next ‘hot’ opportunity presents itself. 

The actual starting point and ending point for selecting anything is ‘the person’ making the decision, not a legal document or another person’s opinion.