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Franchising for Dummies

Book Information: 

Author's Comments: Franchising for Dummies was written by the late Dave Thomas, founder of Wendy's and myself as a primer for prospective and current franchisors and franchisees.  It carefully takes the reader through the legal issues surrounding franchising, helps the prospective franchisee understand how they should approach the selection of a franchise and also provides them guidance on operating their businesses and working within a franchise setting.  For more mature or larger franchisees it deals with issues related to conflicts with the franchisor, terminations, expirations and acquiring additional or new franchise opportunities.  For prospective and current franchisors it looks closely at how to become a franchisor and also how to manage the franchise relationship once you are a franchisor and how to expand their system domestically and internationally.  It does not replace the need for professional business and legal advisors but allows the franchisor and franchisee to have a solid grounding into the world of franchising that will make them better decision makers, business managers and operators.

In late September 2006, Franchising for Dummies 2nd edition will be published.  The 2nd edition is greatly expanded from the first edition.

While it contains all of the same information in an updated version, it adds considerably to the knowledge for franchisors and franchisees.  The 2nd edition also contains a vast CD Rom that also includes contributions from some of the most experienced franchise advisors in franchising.  On the CD ROM you will find a workbook entitled Making the Franchise Decision which we wrote to help franchisees work through the process of asking questions and gathering information from franchisors as they make their decision on which franchise to select.  It also contains a sample Employee Handbook, an analysis of international laws, an analysis of the construction of a UFOC, A Franchise Sales and Compliance Manual for franchisors, two real estate workbooks - one for franchisees to assist them in finding the perfect location and the other for franchisors in managing the system's real estate issues among other checklists and articles that could not be included in the written text.  We are excited about the launch of the 2nd edition and as with the first edition, all proceeds from the book that would be earned by the authors has been donated to the Dave Thomas Foundation for Adoption.

Michael H. Seid
Managing Director
Michael H. Seid & Associates (MSA)
94 Mohegan DriveWest Hartford, CT  06117
(860) 523-4257(860) 523-4530 - facsimile
www.msaworldwide.com

Your rating: None Average: 3.3 (6 votes)

4 Comments

michael webster's picture

My initial review - up to page 20

I had difficulty swallowing what had been written in the Myths of Franchising Section.

Here is what Seid say is not a myth:

1. A proven and successful way of doing business.

2. A nationally known brand.

3.  A complete training program with advanced training and updates.

4.  Research and development into new products and services.

5.  Professionally designed local, regional, and national advertising and marketing programs.

6. Often a chance to own more than one franchise.

7.  A shortcut around the common mistakes of [a] start-up business.

8. Frequently a buying cooperative or negotiated lower costs from suppliers for many of the things they need to run and operate the business.

9. Your fellow franchisees as a network of peer advisors.

10.  Thorough and ongoing field and headquarters support.

11. Often, a protected market or territory.

Frankly, except for 6, most of this is not offered in a standard FA - just review the FDD.  Most of these benefits are not present.

And if they were present - why would the franchisor rent out this business opportunity instead of simply borrowing the money from the bank and hiring staff?

Seid makes franchising seem like something for nothing. Oh well, now I suppose that I have to read the rest of the book.

Peter Silverman's picture

Franchising is for Dummies

I regularly recommend this book to clients -- prospective franchisors and franchisees.  It covers all the major topics, and it provides smart business advice in addition to all the technical information on the subject.  For prospective franchisors, it gives them a reality check as to whether they're really ready to franchise and, if so, all the subjects they need to consider and address.  It also helps educate them as to how best use a franchise attorney, and gives them enought knowledge to sniff out potential lawyers who don't know what they're talking about.  For prospective franchisees -- especially those dealing with newer franchisors -- the book arms them with the knowledge to investigate and evaluate whether the franchisor has done the right things and is ready for market.

Jim Coen's picture

Franchising For Dummies

I agree, Franchising For Dummies is a good read for everyone interested in franchising!

It's informative, thoughtful and engaging. It's not just for dummies!

Congratulations to Michael Seid for the upcoming second edition.

Jim Coen, Franchise Perfection, 877-469-3002, jim@franchiseperfection.com, www.franchiseperfetion.com

Don Sniegowski's picture

Franchising For Dummies

For those interested in becoming, operating, or selling a franchise, this book will take the reader through the ins and outs. Franchising for Dummies covers franchising and it does so with personal insights on the keys to success from industry leader and long-time franchise consultant Michael Seid as well as the founder and CEO of Wendy's International, the late Dave Thomas.

When those involved in franchising have asked what book do I read or would I recommend, Franchising for Dummies has come out on top. It allows me to find any basic topic on franchising fast. I can also easily find Mr. Seid's or Mr. Thomas' remarks, sharing pearls of wisdom about a given topic. The book provides straight-forward answers that are technically sound on how franchising works-- whether it is types of franchises, raising capital, legal issues, location, operating a franchise, managing staff, selling a franchise, or more.

It is with great honor that I introduce Franchising for Dummies to kick off the community's new book review section.

I was surprised to learn of the breadth of experiences Mr. Seid has.  Besides the American Bar, CPA and numerous franchising affiliations, did you know he is also affiliated with the American College of Forensic Examiners? I guess we now know where he disappears to when he's bored with life. Here's a man who obviously squeezes as much as he can get into a day.

Franchising for Dummies is soon to enter the digital age. The 2nd Edition will be coming out at the end of September '06 (see author's comments). It will have a CD loaded with digital files aimed at making life for franchise buyers, owners and franchisers easier. Please click on "comments" below to read the author describe it.

Please add your review to this book or add your own book recommendation. These books can be organized by book stacks -- food, buying, hospitality, business services. These book stacks can be organized in countless ways to help spark thought on your franchise journey or in the building of your own business library.

Don Sniegowski
Founder
Blue MauMau

About Michael Seid

Michael Seid's picture

Public Profile

Michael H. Seid is the founder and Managing Director of MSA Worldwide.

Area of Interest
Franchise Consultant