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Thursday, April 9, 2009

How Should I Fill Out My Application Form When Buying a Franchise?

As a former franchisor and having helped friends buy franchises I've witnessed quite a bit of things with regards to filling out franchise applications. Many folks attempt to cheat on resumes, but in the franchising world, well that is just a really bad mistake.

For instance if you lie on a franchise application form and then sign it, you might find that the franchisor in a future legal dispute could use that against you and state that had you told the truth they may have not sold you the franchise in the first place, thus, giving them the upper hand in litigation. Besides that issue, it is really setting a bad precedent to lie on a franchise application at the beginning of the franchise relationship.

You see, the franchisor is bound to find out anyway. It would be the same if you lied to your future husband or wife before you married them, and franchising has been likened to a marriage of sorts by just about everyone in the industry at one time or another. So, do yourself a favor, yes put your best foot forward and do what it takes to make yourself look like the best candidate of choice, but tell the truth.

Whatever you do, don't lie about your ability to finance the franchise or pay for it, as you will need working capital and cash flow in the beginning to survive, lying about that could cause you to fail and lose everything. Additionally realize that the franchisor wants a team player, a hard charger, and someone that will proudly represent the brand to the best of their ability, that's what I always looked for in the franchisees we accepted. Please consider this.

[expert=Lance_Winslow]

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