So You Want to Franchise Your Business
“This book is great. Definitively a best seller. It should be the number one consultation reference book for anyone related to the franchise business. Congratulations Harold!”
Tomas, Chairman of The Taco Maker in San Juan, PR Turn Your Business Into A Franchise Harold Kestenbaum has worked with more than 100 businesses in their franchising efforts including such household names as Sbarro and Nathan’s. A 30-year veteran of franchise law and a board member of four
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The Franchise Handbook: A Complete Guide to All Aspects of Buying Selling or Investing in a Franchise
This book is a great resource for both prospective franchises and franchisors as it explains in detail what the franchise system entails and the precise benefits it offers to both parties
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R U an entrepreneur who wants to move her biz to a new level & make informed decisions as to how best to achieve growth? Read on,
I loved this book. I found it to be well written, well outlined, and informative. What more can one ask from a book? It has 15 chapters divided into the following 4 parts:
I. Why franchise? (1-3)
II. Moving forward (4-6)
III. Rolling it out (7-9)
IV. Keeping it going (10-15)
And it has the following 3 appendices:
A. Franchise Disclosure Document
B. Guidelines for an operations manual
C. Franchise resources
Each chapter ended with a wonderful summary of what was covered in the chapter. So the book was incredibly easy to breeze through. I read the summaries before I tackled the book. The book’s target audience no doubt is comprised of entrepreneurs and small business owners who might want to consider franchising as an option for expanding their businesses. And after reading this book you will understand that given the right business coupled with the right leadership team, franchising can be a very lucrative win-win option to pursue and provide.
This book is clearly a marketing piece for the author’s boutique law practice regarding franchising that also provides some non-law firm offerings too:
>>Feasibility studies
>>Determination of franchise format
>>Business plan development
>>Capital resources
>>Manual preparation
After reading this book you should be an educated consumer when contacting the author to help you turn your small business into a franchise. Of course, depending on how entrepreneurial you are will determine how much you need the author to help you through the franchising process. You can do much of what is covered in this book yourself. Or you can use professionals to help you. But this is a wonderful book for any entrepreneur to read if they want to move their business to a new level and make an informed decision as to how best to achieve growth. 5 stars!
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|Mr. Franchise, Franchise Expert and Attorney Weighs In – and 2 stars is being very generous,
Like the author, I am a franchise attorney with over 30 years experience exclusively in franchising, but that’s where our similarity ends. I also have an MBA, have owned a successful franchise before, and am a testifying, international franchise expert, author and instructor, known in the industry as Mr. Franchise. Rather than delve into a review that could be as long as this book, let me just address a couple top level business issues that I found very troubling. In addition to the other gross inconsistency mentioned by another reviewer (back cover says “franchise a concept for less than $100k vs. page 10 says you need $100k to $150k – and this is just for starters), there are more serious problems:
(1) There is no actual budget for specific items; just general statements, like “you will need between $100k and $150k to …. hire a franchise attorney …. and an experienced franchise consulting firm…” How much is needed for various categories like the franchise attorney, the franchise consulting firm, advertising and marketing costs, etc. are not detailed, except for a one liner later in the book that it takes $10k to $20k to launch a website (and how this is broken down is anyone’s guess).
(2) Nor is it a good idea to hire a franchise consulting firm to write the operations manual as the author recommends. This produces a very mediocre, boilerplate document that is not only expensive but also filled with legal risk. See the article about this on the Franchise Foundations website on the Operations Manual page, based on my experience as a testifying franchise expert and having personally written and edited hundreds of operations manuals. The author talks about the McDonalds Operations Manual as a lesson in excellence, but fails to mention the most important lesson: it was all done in-house by McDonalds (as it should be) and not by outside franchise consultants who charge $25k or more to write boilerplate manuals.
(3) Then, beyond the initial $100k to $150k to franchise the business is the incredible statement that this investment “will not typically show any return for up to three years.” So, how much needs to be budgeted for this 3-year period, and for what types of expenses? Good question, but absolutely no answers or guidance here either. One thing is crystal clear – not having adequate working capital to pay all bills and reach a break even point that can be 3 years down the road will cause business failure. Not bothering to address this critical issue is incredulous.
Which all points to the weak link in having someone who is just an attorney (franchise or otherwise) call the shots and make recommendations for franchise consultants, etc. when it comes to franchising a business. They don’t understand the business aspects (see above), financial aspects (see above) or operational aspects (they’ve never written an operations manual before, etc.). Companies end up spending exorbitant amounts following this path and either get nowhere or fail. As I’ve been often quoted as saying, “it’s takes a lot more to succeed in franchising than a FDD from an attorney, a boilerplate operations manual, their invoice and a handshake.
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|So you want to Franchise Your Business,
Leela,I am already on page 133. I got to tell you, the book is an easy read for a nervous soon to be franchisor I am going to be.I deeply appreciate the advice it gives. I usually underline whats important in a book . In this book I have everything underlined. This book has taken alot of stress away from me. I now know going in alot more than I did yesterday. And believe me being just a simple businessman in an exploding organic mattress business that I am in , and having made the decision to capatalize on what we have, this book is the greatest thing I have read so far bar none. It was better than e myths, and easier to read.And i got it before the book signing as well. And signed by the author himself .
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|Mr. Franchise, Franchise Expert and Franchise Attorney Weighs In – . . . A Very Good Book,
As a Franchise Expert and Franchise Attorney with over 30 years of experience in the franchise industry, I was asked by the publisher to review-edit the chapters of this book. They liked my input so much, I was then asked to write the forward. Most, but not all, of my editorial comments-revisions were included in the published version. Unfortunately, they elected not to include my comments about the misleading nature of franchise ‘success’ statistics and some other critical information. For additional details about buying a franchise not included in this book, feel free to visit the Franchise Foundations website at [...] Peruse the “Buying A Franchise” and “Articles II’ pages. These will provide additional information and resources to use in making an informed evaluation-investment decision. That being said, this book stands head and shoulders above anything else that’s currently published for the general public. Kevin B. Murphy, B.S., M.B.A., J.D., Mr. Franchise
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|The Franchise Handbook covers all the bases.,
The Franchise Handbook contains a LOT, and I do mean a LOT, of information about franchise systems. Included are step-by-step guidelines regarding how to research possible franchise options including how to estimate start up costs and how to finance the franchise purchase. Of course, the information doesn’t stop there; the book goes on to outline how to prepare financial statements, how to conduct a market analysis, and how to successfully choose a franchise location. All pivotal to franchise success or failure.
Then, the book goes beyond that. It offers additional strategies on how to hire and manage employees, purchase and manage supplies, protect your franchise territory, and then, when everything is going just the way it should, how to expand your operations. The book is proactive toward developing successful franchise and business practices. It has an unbiased view of the facts and even lists the pros and cons of selecting a franchise model business. Chapter 18 looks briefly at legal issues that affect franchise models and Chapter 19 offers a list of companies that offer franchises and franchising resources.
This book is a great starting point for building a level of independence by living the American dream and becoming your own boss at your own business. A definite must read!
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|Read This Book First, Buy Franchise Second,
This book is a must for anyone even remotely considering the purchase of a franchise or, for that matter, considering the franchising of their own business. The title says it all, The Franchise Handbook, and it is indeed a comprehensive and thorough handbook treating all factors that must be considered before and after buying a franchise business.
The Handbook discusses approaches to the selection of a franchise; pre- and post-purchase financial issues; marketing, operating, and expanding the franchise; legal issues; and all of the factors that should be considered when contemplating the franchising of one’s own business.
The Handbook is a remarkable resource, and provides pretty much all that the prospective buyer of a franchise should consider before and after making the decision.
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