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Digg it UP - My Franchise Experience
Expectation sets the height of the bar, but it is regular inspection that resets the height of the bar so as to ensure it is achievable. The common notion is that what gets measured, gets performed. This is why it is useful to have key performance indicators. They serve to inform management which aspects of the business are performing according to its intended objectives or otherwise. They act as a preliminary diagnostic tool that enables management to identify a
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going
This week I have attended three seminars and listened to several other speakers on the subject of focus and diversify. There is a large amount of information about focusing on one thing to make your business grow. I fully agree with what they have to say, however, I also fully agree with those that say diversify to grow. The real challenge is "how do you do both" so your business stays on track. It may not be as difficult as you think. In my business, I consult wi
When my Son was born in 1997 I thought maybe it was time to invest in a more consistent living. So what I did was examine different opportunities, and decided on a franchise that was well known, and people really liked their products. I was under the misconception that getting involved with a franchise was like a safety net. If you had a problem they would help you succeed.
Boy was I wrong!!!!
After filling out all their paperwork with my financials ECT... They invited me to come for an interview at their head office that was 6 hours from where I lived. They put me in a room and interrogated me for two hours. Three different people came in and asked the exact same questions. They told me they would let me know if I was accepted.
A week later they called with good news, I was accepted. Yeah!!! Then I needed to find a location. I thought buying a resale might work better because it was established, and I could see accurate figures. I found one in a good location, did my due diligence, had my accountant, and lawyer look things over, and everything seemed to be fine. The person was selling because they couldn’t manage two, not living in the same province as both of them.
The cost of this franchise was almost $250,000, and you had to have a certain amount in the bank for cash flow. I put down a portion and got a business loan for the rest. I was required to put down a $20,000 deposit and attend their school for three weeks at their head office. My personal expenses for this three week period exceeded $10,000. We were told as soon as we got there, if we did not get 85% or above in everything, no franchise, and we loose are deposit. No pressure at all, eh!! They condensed the equivalent of a university semester into three weeks. A few people in the class literally had breakdowns, no joke.
I did get through the school and passed. When I started working my franchise I found out that the people working there were selling drugs out of it, and that is why it was so busy. I had the task of cleaning everything up with no help from the franchisor at all. The morning crowd was a government office building around the corner, which moved a month after I took it over. I worked 18 hours a day, 7 days a week, for over 12 months. The business lost $20,000/month on average which I covered, and franchisor would not offer any relief as far as their royalties or a rent reduction. I had ideas how to recover the business, but they shot down every idea, and hide behind their franchise agreement. They let me sink and drown, and laughed at me all the way. Here’s why
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going
Working in a market such as Dayton, OH requires business savvy and complete understanding of demographics. For instants the difference between Ohio on the whole and the Greater Dayton Area MSA, which includes such county areas as: Butler, Clark, Darke, Greene, Miami, Montgomery, Preble and Warren. The demographics of Montgomery and Miami are excellent for an expanding company to put in a service type outlet.The population backdrop is somewhat similar to the entire s
Boy was I wrong!!!!
After filling out all their paperwork with my financials ECT... They invited me to come for an interview at their head office that was 6 hours from where I lived. They put me in a room and interrogated me for two hours. Three different people came in and asked the exact same questions. They told me they would let me know if I was accepted.
A week later they called with good news, I was accepted. Yeah!!! Then I needed to find a location. I thought buying a resale might work better because it was established, and I could see accurate figures. I found one in a good location, did my due diligence, had my accountant, and lawyer look things over, and everything seemed to be fine. The person was selling because they couldn’t manage two, not living in the same province as both of them.
The cost of this franchise was almost $250,000, and you had to have a certain amount in the bank for cash flow. I put down a portion and got a business loan for the rest. I was required to put down a $20,000 deposit and attend their school for three weeks at their head office. My personal expenses for this three week period exceeded $10,000. We were told as soon as we got there, if we did not get 85% or above in everything, no franchise, and we loose are deposit. No pressure at all, eh!! They condensed the equivalent of a university semester into three weeks. A few people in the class literally had breakdowns, no joke.
I did get through the school and passed. When I started working my franchise I found out that the people working there were selling drugs out of it, and that is why it was so busy. I had the task of cleaning everything up with no help from the franchisor at all. The morning crowd was a government office building around the corner, which moved a month after I took it over. I worked 18 hours a day, 7 days a week, for over 12 months. The business lost $20,000/month on average which I covered, and franchisor would not offer any relief as far as their royalties or a rent reduction. I had ideas how to recover the business, but they shot down every idea, and hide behind their franchise agreement. They let me sink and drown, and laughed at me all the way. Here’s why
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going
The world admires and benefits those that have high integrity. If you are a person of integrity, a person of quality, a person of excellence, the world will reward you. This is an important key to being a winner in life and business.People will be attracted to you, be persuaded by you and willing to help you toward your ends, to do the things that you want them to do.To be a person of high integrity, go the extra mile, do more than you
The cost of this franchise was almost $250,000, and you had to have a certain amount in the bank for cash flow. I put down a portion and got a business loan for the rest. I was required to put down a $20,000 deposit and attend their school for three weeks at their head office. My personal expenses for this three week period exceeded $10,000. We were told as soon as we got there, if we did not get 85% or above in everything, no franchise, and we loose are deposit. No pressure at all, eh!! They condensed the equivalent of a university semester into three weeks. A few people in the class literally had breakdowns, no joke.
I did get through the school and passed. When I started working my franchise I found out that the people working there were selling drugs out of it, and that is why it was so busy. I had the task of cleaning everything up with no help from the franchisor at all. The morning crowd was a government office building around the corner, which moved a month after I took it over. I worked 18 hours a day, 7 days a week, for over 12 months. The business lost $20,000/month on average which I covered, and franchisor would not offer any relief as far as their royalties or a rent reduction. I had ideas how to recover the business, but they shot down every idea, and hide behind their franchise agreement. They let me sink and drown, and laughed at me all the way. Here’s why
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going
Becoming a fighter pilot isn't something that happens overnight. It requires lots of time, dedication and perseverance if you want to be successful. A special type of person is required to join such an elite group. Funnily enough, most people think that becoming a fighter pilot is mostly about flying, when in fact that isn't the case. You also need to successfully train as an officer. So you're primarily an officer, even if you continue on to be a fighter pilot. Your
I did get through the school and passed. When I started working my franchise I found out that the people working there were selling drugs out of it, and that is why it was so busy. I had the task of cleaning everything up with no help from the franchisor at all. The morning crowd was a government office building around the corner, which moved a month after I took it over. I worked 18 hours a day, 7 days a week, for over 12 months. The business lost $20,000/month on average which I covered, and franchisor would not offer any relief as far as their royalties or a rent reduction. I had ideas how to recover the business, but they shot down every idea, and hide behind their franchise agreement. They let me sink and drown, and laughed at me all the way. Here’s why
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going
Many youngsters are completely baffled when they are asked what they would like to do after college. It is a question, which is very commonly asked to which many find no proper answer. This state is not abnormal or a matter of discredit if one finds himself or herself in a similar situation.From a very young age that is from the time a child is admitted to a school he or she is bound in a routine as decided by the authorities of the educational institute. It is by f
The franchisor bought the store back for $10,000 from the liquidators. What ended up happening was I had to declare bankruptcy, and suffered from mental and physical exhaustion for over a year. What could I do?
When I signed the franchise agreement my lawyer told me it was a standard agreement. It happened to be about a hundred pages long, and they covered themselves a-z. I did not have a legal leg to stand on, and believe me I tried.
Advice
If you are going to hook up with a big franchisor “Buyer beware”
What have I done?
I started a venture to help and assist people in almost all aspects of business life. I have put together my own franchise business the way I think people should really be treated. Some good has come out of this experience because I am very passionate about helping other business people avoid disasters
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