During the qualifying process, a franchise broker would work with a buyer to see if they are right for franchising in general and if so, what franchises they have the option of moving forward with.
The franchise broker will listen to the buyer’s wants and needs and enter them into the FranLink System (FLS) to see what franchises match the buyer’s needs. Then, they begin a process of researching that franchise at a deeper level to ensure it continues to be a good match. When confirmed, they introduce that franchise to the buyer.
Our brokers are very hands on. They have a huge array of tools and services available to assist a buyer in researching a franchise. This is very helpful for new brokers learning the business as well as seasoned brokers wanting to show tremendous value to the buyer. This is part of our “secret sauce” and gives our brokers a dramatic competitive advantage over others. For more information, contact us.
The broker acts as a buffer between the Franchisor and the buyer. This allows the buyer to give honest feedback to the broker. It allows the buyer to easily move between the franchises they are interested in without having to deal with the emotional side of turning down a franchise. This is a tremendous benefit to the buyer and helps the broker to become a strong advocate for the buyer.
The broker ensures the Franchisor and the buyer stay on task throughout the research process. Many times a Franchisor will require homework to be done prior to the next meeting. The broker ensures the Franchisor sends the homework and the buyer completes it before the meeting. They notify all parties along the way of what is expected at each step.
When the buyer is ready to speak to an attorney, accountant or funding source, the broker would make those introductions and provide the buyer with access to several free consultations by these professionals. Here, the broker acts as a liaison to all industry professionals who would participate in the due diligence and purchase of a franchise.