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Common Concerns
Click on any
question to view the answer.
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Q.1. |
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If I quit my
job, can I still get health insurance?
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A.1.This
is one of the most often asked questions
when someone has been an employee for a
number of years. First, you must remember
that your employer may have been covering
some of the cost of your health insurance.
Next, you must always consider your
insurability and seek the advice of a
licensed insurance professional. There are
a number of programs available for small
business owners to enable you to get
health insurance without pre-existing
conditions for your health at group rates
even if you are a business of one person.
We recommend that you follow this link to
FranSynergy to read about their
program. Always
if you need further help, please call us
TOLL FREE at 1-800-961-0420. |
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Q.2. |
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Should I put my
franchise in a corporation or limited
liability company (LLC)?
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A.2.
It is commonly accepted that in today’s
business environment one should seek to
protect their personal assets by using a
legal entity such as a corporation or LLC.
Most attorney’s will agree that sole
proprietorship and partnership contain to
much personal asset risk to be used for
holding your franchise. For this reason,
choosing between a C-Corporation,
S-Corporation or LLC may take asking
questions of your CPA and attorney. We
cannot offer you legal advice, so you
should ask your attorney.
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Q.3. |
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Is
financing available for my franchise?
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A.3.
While obtaining financing for anything
requires a consideration of your credit
score, franchise financing is easier to
obtain than a typical business start-up.
For start-ups, banks typically will
require that you have been in business for
two (2) years before they will offer the
business financing. Franchising on the
other hand is widely accepted as safer and
therefore obtaining a Small Business
Administration (SBA) backed loan may be
easier with a franchise than a start-up.
Additionally there are a number of banks,
such as American Express – OPEN, Bank of
America, and Chase to name a few that will
offer you signature loans up to $100,000
if you have qualifying credit.
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Q.4. |
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How do I
find the right franchise for me?
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A.4.
There are more than 3,000 franchise offers
and likely even more business
opportunities. It can be confusing sorting
through all these details to find the
right business for you. We offer a
FREE service
to assist you in matching your business
goals with the proper franchisor. Also,
our president has written a book “Solving
The Puzzle Of Owning A Franchise” we
recommend you get a copy. We can make it
as simple as “3-2-1”!
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Q.5. |
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Why do
franchisors need my financial information?
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A.5.
Franchisors are obligated by the
Federal Trade Commission to fully disclose
all material information about themselves
according to federal law called the
Franchise Rule.
Additionally, they are required to conduct
due diligence to determine if you are
qualified to purchase their business
offering. One of those qualifications is
your financial status. The franchisor will
be sending you a document called the
Uniform Franchise Offering Circular (UFOC)
which will contain the financial
statements of the franchisor.
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Q.6. |
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What is
the UFOC?
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A.6.
The Uniform Franchise Offering Circular
(UFOC) is a standard format developed by
the North American Securities
Administrators Association (NASAA) to meet
the disclosure requirements of the Federal
Trade Commission (FTC)
Franchise Rule
(16 CFR 436). This document
contains 23 Sections and Exhibits as
required to meet the full disclosure
requirements of the Franchise Rule. You
will be asked to sign a receipt (Item 23)
which will acknowledge back to the
franchisor that you received the UFOC and
related documents (including the franchise
agreement) and will start the 10
“business” day pre-disclosure requirements
prior to your being able to purchase the
franchise. In July 2007, the law will
change requiring a 14 calendar day
pre-disclosure, which fundamentally is the
same time period but eliminates any
ambiguity in the definition of a
“business” day. There are other changes
such as the creation of 16 CFR 437 The
Business Opportunity Rule, see the
FTC
site for more details.
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Q.7. |
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What is a
franchise broker?
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A.7.
According to the Franchise Rule, a
franchise broker is any third-party that
assists the franchisor in the process of
selling a franchise. All franchise
consultants are franchise brokers, but not
all franchise brokers are consultants. For
example, we determine if a broker is a
consultant, if the consultant provides
services to the industry and in particular
to franchisors outside the franchise sales
process. FranchiseInc! is a franchise
consulting firm, we provide a wide variety
of services in nine (9) distinct service
areas to the franchise industry.
Always if you
need further help, please call us TOLL
FREE at 1-800-961-0420. |
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Insider's
Secrets Revealed! |
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Franchise
Royalty Collection |
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is a simple easy to use Royalty Collection Tool for
Franchisors. It provides franchisors with a
low-cost branded solution for payment collection.
Click here to learn more! |
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Franchise
Management Software |
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is a software package
built for franchisors. It allows them to manage
their business completely online through a secure
intranet.
Click here to learn more! |
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