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Would you like a franchise with that? You've decided to buy a franchise. Now comes the real choice—which one? We'll help you narrow down the menu so you can have it your way
Entrepreneur, Jan, 2005 by April Y. Pennington
RED LIGHT: You do a full review of the UFOC all by yourself.
GREEN LIGHT: You have the audited financials prepared by an independent CPA. Once you get independent insight into the financial health of the franchisor, you can judge whether the company is rock-solid or financially wobbly. If you're uncomfortable reading those numbers, by all means hire an accountant or business advisor who can interpret them for you. The same "green light" applies to hiring legal assistance with the franchise agreement. This is not the place to pinch the nickel until the eagle screams. Think of it as investment insurance--professional advice on your franchise is money well-spent.
RED LIGHT: You don't want to impose on current franchise owners--they must be so busy.
GREEN LIGHT: You are eager to talk to as many current franchisees as you can. This is your best source of candid views on the investment opportunity. Make an appointment and visit. A current franchisee can give you the clearest signal of all.--Andrew A. Caffey
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