I have been fortunate enough in my career to be exposed to business and franchise ownership on multiple levels. On the business advisory side, as the President of CrossRoads Business Brokers involved in dozens of business transactions, and previously as a Senior Manager with KPMG Consulting (BearingPoint) advising mid-market companies in operations and strategy. In the franchising side, as a national Franchise Consultant with FranChoice advising hundreds of franchise Candidates, and as a Multi-Unit owner/operator of a Home Care Franchise in California. Even though success in owning a business or a franchise is influenced by many circumstances, there are some fundamental factors that matter.
Buying the right franchise opportunities is not about how much you like the offering (product or service) and is not about first mover advantage in your geography. It is also not about following the hottest trend based on the latest statistic, the franchises for sale with the best track record, or even about following the footsteps of someone you know who did the same thing successfully. It’s about finding a business that fits your lifestyle preferences, skills, financial goals and life objectives. It’s about reducing business risk through fact finding and understanding the right information, and more importantly, by matching your unique skills and abilities to the optimum franchise opportunity that fits YOU, which would result in the best long term success.
As an example, take my experience in choosing a Home Care franchise as an investment in 2007. I knew that I wanted to partner with my wife who has social services/psychology background. I knew we were both comfortable dealing with people, both clients and employees. I knew I could apply my organizational skills to help run operations. However, it was important to understand that buying a franchise like that would require very proactive marketing. That meant reaching out to clients and client referral sources in order to establish relationships, being able to present in a public setting, and being effective in a consultative sales scenario. Those requirements may not be the right fit for everyone, no matter how promising, high-growth, and in-demand the Senior care market promises to be.
My goal in launching this educational website is to help people navigate through a maze of franchise choices, and help them identify the right opportunity that best fits them. I encourage every one of you to reach out to me for a free one-on-one in-depth franchise consultation.
Vasilis Georgiou, CBI, M&AMI, CBB, MBA, CIRM
President, CrossRoads Business Brokers, Inc.
Toll Free: 888-854-1249