Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Making Money, and Owning What You Do
By Joel Libava, The Franchise King
Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Making Money, and Owning What You Do, is a valuable resource for the franchise buyer. The Franchise King, Joel Libava takes a very honest look at the franchising buying process providing readers with; real life examples, an effective methodical approach to researching and selecting the right franchise opportunity, and it is sprinkled with tasteful humor all throughout the book. There are tools and tips to assist anyone that has ever considered quitting their day job to take a shot a franchising.
This is the first book available as a resource to assist the franchise buyer during the franchise buying process (it is crazy that up until now franchise buyers had to 'wing it' during the franchise buying process). Libava begins the book by introducing us to James Pennington, a seemingly ideal candidate for franchise ownership who quickly turns out to be the poster-boy for what not to do when purchasing a franchise. His franchise buying experience is referenced throughout the book. Libava also briefs readers on the history of franchising and it is here that he made me realize that the invention and mass production of the automobile really was a catalyst for many franchise offerings today from gas stations to fast food and everything else in between. Shortly after the history readers are instructed to take an unscientific but very effective quiz created by Libava that assesses whether or not franchise ownership is a viable option for them. Tools are provided to assess a franchise buyers skill set and financial outlook. Additionally there are 40 important questions that should be asked before purchasing a franchise as well as critical loan and legal information. Libava even walks readers through the 'Discovery Day' process and provides a 'royal collection of resources' that are valuable for any small purchase book review business owner.
Six reasons Become a Franchise Owner! The Start-Up Guide to Lowering Risk, Making Money, and Owning What You Do is a valuable resource:
As a great personal touch, Joel Libava grades the self-evaluation quiz that determines rather or not your franchise material himself and delivers your personal score via email. I know because I took the quiz and scored relatively low (38) which came as no surprise to me because I like to be in control utilizing my own systems. But I have to admit that I am glad that I did take the quiz because I have looked at a few franchise opportunities in the past. Had I not read this book, I may have opted to make a very bad financial investment in the future (thanks Joel for the intervention!).
As a part of lowering risks, Libava instructs readers to create two valuable lists that will assist with evaluating overall skill set and overall financial situation. The process of creating these lists' and gathering information should be utilized for any business buying process rather it is for purchasing; a franchise, an existing business, or a start-up (this fact alone makes the book priceless in my opinion).
Learn about the FDD, the most important document a franchise candidate will receive from a franchisor and the 23 items that must be included in there by law.
Learn about using ROBS (Rollovers as a business start-up) as a possible financing option.
Libava's humor really makes the lessons hit home and provides an entertaining spin on a very serious decision making process.
This information is not available anywhere else (except for on The Franchise King's website and blog). Joel Libava is the leading authority on the franchise buying process, with over 11 years advising franchise candidates, he is the president of Franchise Selection Specialists, he is recognized as the "The Franchise Expert in Residence" for small business resource website Small Biz Trends. Additionally he contributes articles to; American Express website for small business owners Open Forum, the Community section of the U.S. Small Business Adminstration's website, and Cox Business Small Business Navigation Program. Who better to guide you with that $200,000 purchase than The Franchise King?
Except for the fact that Joel does not come with the book, there is zip-zilch-nada bad to say about this book. Although, Joel does not come with the book he does offer his services for those that would like to explore franchise ownership a bit further --and get this if you purchase the book and request advisory services from Joel he is willing to knock off the retail price of the book for any services that you purchase from him!
Buy it or Leave it?
Buy it! This is an extremely valuable resource for franchise candidates and small business owners. It puts franchise buying into the proper perspective for the buyer making what has been a very cloudy and opaque industry; rather naviagable and transparent. The Franchise King leaves no stone left un-turned when it comes to the franchise buying process and most importantly he does it all because he cares. Buy this book before making any decisions to move forward purchase book review with purchasing a franchise. It is much better to spend $21.95 (retail price) for this book and worse-case scenario find out that franchising is not for you than to spend hundreds of thousands of dollars on a franchise opportunity that is not for you (think that sounds dumb you'd be amazed at the number of people that purchase franchises unequipped with the right knowledge on how to do so!). Even if franchising is not for you, you'll take away other precious small business knowledge from reading this book.
Author's note: Check out my new blog Small Biz Diamonds, Joel took the time out of his busy schedule for a QA session. Click here to get a taste of his franchise expertise, endless humor, and find out approximately how many questions a franchise candidate typically asks before purchasing a franchise.
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