Buying An Existing Franchise & Passing It Down
“Shirtsleeves to shirtsleeves in three generations” is how Americans describe the high failure rate of family businesses—a phenomenon noted in many cultures.nnnBrazil “Pai rico, filho nobre, neto pobre” (Rich father, noble son, poor grandson)nnnChina “Fu bu guo san dai” (Wealth [...]
EQ vs Logic for Purchasing a Business
Do you sometimes feel like your emotions get the best of you? Have you ever had a moment where a gut reaction was the right reaction? We live in a business environment where both emotion and logic play a role [...]
Discovery Day
Once you have made your phone calls and narrowed it down to a few franchises, it is time for Discovery Day (D-Day) or as some refer to it: Meet the Team Day. This might be the first face-to-face meeting you [...]
Dealing with Fear
Most Americans will agree that a big part of the “American dream” is business ownership. Many believe that the percentages are as high as 70%! If this is true, why don’t most Americans actually become business owners? As with many [...]
Tough Questions to Ask Yourself Prior to Starting a Business
Businesses succeed - businesses also fail.nnnWhy?nnnIn his book Small Business Management (published by West Publishing Co.), Michael Ames gives us the following reasons for small business failure:nn· Lack of experiencenn· Insufficient capital (money)nn· Poor locationnn· Poor inventory managementnn· Over-investment in [...]
Understand Your Leadership Style
There are dozens of leadership styles. Here are some questions I often see new franchise owners ask as they explore what kind of leader they will become when they own a new business. Is a franchisor supposed to be the [...]
