The Franchise Purchase Process

Contact Us
Consultation
Research
Presentation
Introduction to Franchisor
Review of the UFOC
Call Franchisees
Consultation with Attorney and Accountant
Attend a Discovery Day
Decision Time

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. Simply select a concept or concepts listed on First Prize Franchise, fill out and register the contact form and an experienced franchise consultant will contact you for your FREE no obligation consultation.

Step 2 - Consultation
A franchise consultant will contact you to setup an appointment to discuss your selections and its opportunities of meeting your personal and business goals. This will take about an hour and can be accomplished over the phone. Understanding your particular goals and needs will allow the consultant to assist in your decision, making sure you meet the minimum franchise qualifications, saving you time and money and that this is the best opportunity for you and your family. On your initial consultation your personal consultant will simply begin by getting to know you; your desires, your expectations, your goals as well as your lifestyle requirements. Upon the conclusion of your initial consultation with your personal consultant you will then be asked to fill out and submit a confidential questionnaire detailing your work experience, personal interests, hobbies, financial information and the time frame in which you are looking to move forward. This information will help us assist you in developing a unique model of your ideal franchise, which will help serve you to evaluate the businesses you have choose to learn more about. We will set a follow up appointment to present you with our findings of theses opportunities and if they fit your requirements.

Step 3 - Research
If the concepts do not fit your requirements the franchise consultant takes the information provided by you, researches available franchises and matches them with your stated goals and needs. There are over 5000 franchises in the world and First Prize Franchise list only the best of the best. The franchise consultants goal is to identify the best 3-5 franchises that meet your requirements.

Step 4 - Presentation
The franchise consultant presents the opportunities that they have identified in their research. This meeting should accomplish two goals. First, if any of the opportunities are of interest to you and if you would like more information. This will require that you have completed and submitted the confidential questionnaire. The Franchisor wants to know that you are financially qualified to purchase their franchise, that your timeframe to buy is within reasonable limits, and that your partners or family are in complete agreement with you 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 & 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 for the best opportunity for you is an ongoing process.

Step 5 - Introduction to Franchisor
For each of the opportunities that you have an interest, the franchise consultant will introduce you to the Franchisor. Preferably, we make this introduction on a 3-way call so that we can help you obtain complete information from the Franchisor. The Franchisor will send additional materials and request for information that will help you and them make a decision about you as a franchisee. They will also send the UFOC, which a full disclosure of the opportunity. The UFOC receipt should be signed and returned immediately.

Step 6 - Review of the UFOC
The franchise consultant will discuss the items that are contained in an UFOC; in particular items that you should pay close attention. You should then review the UFOC, in complete detail, writing down any questions or concerns for discussion with the Franchisor. The UFOC will contain a list of franchisees and contact information.

Step 7 - Call Franchisees
The Franchisor should provide you a list of several franchisees to call to ask 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 be successful.

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 that 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 to see how you will be trained and for continuing support.

During your personal research stage with your franchisors, the franchise consultant will stay in touch with you to see if you feel you are headed in the right direction, and to make sure that you are satisfied that the franchisers you are talking to meet your personal criteria.

We encourage you to do extensive research, and urge you not to settle if you are not sure that what you are looking at is the right business for you. There are simply too many choices to have to buy one that you are not satisfied with, no matter what your risk tolerance and personal strategy is.

If you have not found a proper fit in the first group of franchises that you look at, we factor in any additional criteria that you may have, further refine your personal model, and invite you to contact us back so we may work together towards finding you just the right opportunity to secure your successful future as our list of First Prize Franchises is constantly growing.

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 own your own franchise. You have decided to become a Frantrepreneur - a cross between a traditional entrepreneur and a modern franchise owner. One possessing the desire to be a business owner without the desire to recreate the wheel. You have chosen to follow a proven system for the benefit of your personal and professional goals.

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