Dispel the Myth

First of all, let’s dispel the myth that a franchise coach doesn't have your best interest in mind and has a goal to quickly sell you into a franchise so that he/she can move on to the next opportunity. To borrow a phrase from my grandfather, "that's just plain poppycock."

Think about it...a franchise is a growth strategy and to properly grow, the franchise must have the right fitting franchisees who are financially qualified, motivated, skilled, passionate and "buy in" to their business philosophy. If a franchise coach does not do his/her job properly, what happens? Well, the franchise will quickly realize that the potential franchisees that are introduced to them by the franchise coach are not a fit and they will start to question the coach’s ability to provide good, potential franchisees. They may chalk up the first one as one that “just didn’t work” (which does happen in the franchise business), but after that, they will begin to question the integrity and ability of the coach if he/she continues introducing 'non-fitting' candidates.

A franchise coach is in a relationship business and if the coach does not do his/her job properly, he/she will eventually be out of business. A franchise coach’s job is to understand your skills, qualifications, passion, motivation and financial picture. The coach will then take what they learn about you and thoroughly research their inventory of franchises who are a good fit for you and match you to the perfect franchise. Sure, the franchise coach gets paid by the franchise to do this, but the relationship is symbiotic. This ideal fit is what franchises are looking for.

Second, a franchise coach can leverage the relationships and intimate knowledge of the franchises that he/she works with. The best coaches know and have met franchise owners, have visited corporate offices, and understand the landscape so that he/she can utilize that relationship when working with you.

Third, a franchise coach can keep you out of the landmines that are throughout the process. He/she can coach you regarding what to look for, what questions to ask, when to ask and the details that you should be provided and when.

Fourth, a franchise coach will keep you grounded. This process is exciting and you are eager to get going--to control your outcome, but a franchise coach will ensure that you sift through all of the emotions so that you look at the opportunity objectively both from an operational and financial point of view. When working with a franchise coach you should never be under any pressure or obligation to buy. If a franchise coach does his/her job properly, then the end result will be beneficial for you and the coach.

And finally, a franchise coach can leverage relationships that he/she has with legal council and lending sources. What can be more intimidating than trying to put together a business plan, getting dressed up, and walking into a bank to get a loan---sounds like fun, doesn't it? Don't get me wrong, many of us like our local bank and the personal interaction we get when we walk in, but they are not necessarily the lending experts for franchising. A franchise coach has experience working with lenders who understand the franchise model and have different solutions to fit your lending needs for franchising.

More Intimidating than a Bank?

What is often more intimidating than trying to get a loan from a bank is when you are trying to read a franchise agreement or a Franchise Disclosure Document (FDD). A franchise coach should always guide his/her clients to hire a franchise attorney to ensure that they understand the legal aspects of the agreement. The franchise is looking after their best interest by creating a franchise agreement and it naturally makes sense that you look after yours as well. A franchise coach should have legal council in this area that can be leveraged as well.

The Last Word

Franchising is a great way to achieve financial independence, but should not be approached by the faint of heart. You have to be able to match up your passion with knowledge so that you are equipped to make an informed decision. A franchise coach can provide the necessary information for you and keep you out of the pitfalls to avoid so that you make the best possible decision when setting sail in the world of franchising.