At Murphy Business we have a proven approach to helping our clients find the right Franchise that fits their goals.
Step 1 – Contact Us
There is no time like the present to see what options you have. Your contact information is kept confidential and is reviewed by our staff to provide you the best opportunities for your particular needs.
Step 2 – First Appointment
One of our consultants will contact you to setup an appointment to discuss your goals in finding the right franchise for you. The first appointment will take about an hour and can be accomplished over the phone. Understanding your particular goals and needs will allow us to find the best opportunity for you. We will set a follow-up appointment to present you with opportunities that fit your requirements.
Step 3 – Research
We take the information provided by you, research available franchises and match them with your stated goals and needs. There are over 5,000 franchises and our goal is to identify the best 3 to 4 franchises that match your requirement.
Step 4 – Presentation
We present you with the opportunities that we have identified in our research. This meeting should accomplish two goals. First, if any of the opportunities are of interest to you, then we will arrange an introduction directly to the representative of the franchise. This will require that you complete and submit a confidential questionnaire to be supplied to the franchisor. The franchisor wants to know that you are financially qualified to purchase their franchise, that your time frame to buy is within reasonable limits, and that your partners or family are in complete agreement with your buying a business. This does not obligate you in any way. It simply shows the Franchisor that when you find the right opportunity then you are capable of buying it.
Second, this step will allow us to clarify your goals and needs identified in Step 2, sending us back through Steps 3 and 4. This may take place several times throughout the process.
It is important to remember that the franchise consultant is presenting you opportunities, but you must make the decision that is best for you and your family. Therefore, refining the criteria to find the best opportunity for you is an ongoing process.
Step 5 – Introduction to Franchisor
For each of the opportunities that you are interested in, we will introduce you to the franchisor. The franchisor will send materials to help you become acquainted with their franchise. They will also send the Franchise Disclosure Document (FDD), a Federal Trade Commission-mandated document that provides a wealth of information about the franchise and the officers. All FDDs follow a standard outline and provide the same basic information. The FDD is everything the FTC thinks you need in order to make an informed decision, and very little of what you need to actually determine if the franchise is a good fit for you.
In the early stages of your research, you want to take a “high level view” of this document. Get a general idea of the company history, management and whether it makes any financial representations of franchisee earnings. Once you have worked your way down to the ONE franchise that you think you want to take to the finish line, then go through this document with a fine-tooth comb and make a list of questions that you might want to review with the franchisor, other franchisees and finally, a franchise attorney. The FDD receipt should be signed and returned immediately.
Step 6 – Review of the FDD
We will discuss the items that are contained in a FDD – in particular, items that you should closely examine. You should then review the FDD in complete detail, writing down any questions or concerns for discussion with the franchisor. The FDD will contain a list of franchisees and contact information.
Step 7 – Call Franchisees
The franchisor should provide you a list of several franchisees for you to call to ask questions about the franchise. Obviously, the franchisor is going to give you a list of franchisees that are successful and have positive things to say about the franchise. The reason for calling these references is that you want to ask them why and how they became successful. Then you need to determine if you can be do the same things that they did to excel in the business.
Step 8 – Consultation with Attorney and Accountant
You should always consult with an attorney and an accountant before making a decision. It is important to insure that both people have a good background in franchising. If they don’t, then the process may cost you more than you needed to pay while they do their research.
Step 9 – Attend a Discovery Day
Most franchisors have a Discovery Day where they will invite you to their location. You will not only get crucial information for your decision, but will get to meet the staff that will be providing your initial training and continuing support.
Step 10 – Decision Time
You have taken all of the steps up to the door, and now you must open it. Decision time. Congratulations! You have decided to buy a franchise. You have become a “frantrepreneur,” a cross between a traditional entrepreneur and a modern franchise owner. You are an individual that possesses the desire to be a business owner but does not want to reinvent the wheel.