Hey everybody,
So when I introduced myself here a while ago I told everyone that I would be becoming a franchisee for a company. Several of you said becoming a franchisee isn't fastlane which I agree with to an extent. So after several months of working with the founder & President of the company it came time to sign the contracts for opening the locations and pay the start up fees. I read through the contracts and a lot of red flags popped up 1) A introductory franchisee cost of 50% profit for the first year (a ****ing joke). I was promised at least 85% in my pocket. 2) Allegedly in the contract they would take 50% and spend it on advertising, accounting, etc... obv. not that expensive. 3) After being promised voting rights and being able to buy 1/3 of the company the contract said they would dictate when and if that would happen. 4) Also in not so friendly terms that if I didn't want to abide by their terms and operating procedure I could hit the road.
The President of this company has been a close friend of mine for years and I am very insulted that they would lie to me about the franchising cost. A positive of this is I figured out the ends and outs of their small business and the many flaws it has. I am tempted to enter the same field of business because it has a lot of potential and most likely franchise in a similar way. (Not 50% more like 90-10 or less) I know that my friend who has a MBA and I could create a much better business model and absolutely succeed where the former company has and is failing. What do you guys think?
Thanks for listening to me fume a little.
Trevor
So when I introduced myself here a while ago I told everyone that I would be becoming a franchisee for a company. Several of you said becoming a franchisee isn't fastlane which I agree with to an extent. So after several months of working with the founder & President of the company it came time to sign the contracts for opening the locations and pay the start up fees. I read through the contracts and a lot of red flags popped up 1) A introductory franchisee cost of 50% profit for the first year (a ****ing joke). I was promised at least 85% in my pocket. 2) Allegedly in the contract they would take 50% and spend it on advertising, accounting, etc... obv. not that expensive. 3) After being promised voting rights and being able to buy 1/3 of the company the contract said they would dictate when and if that would happen. 4) Also in not so friendly terms that if I didn't want to abide by their terms and operating procedure I could hit the road.
The President of this company has been a close friend of mine for years and I am very insulted that they would lie to me about the franchising cost. A positive of this is I figured out the ends and outs of their small business and the many flaws it has. I am tempted to enter the same field of business because it has a lot of potential and most likely franchise in a similar way. (Not 50% more like 90-10 or less) I know that my friend who has a MBA and I could create a much better business model and absolutely succeed where the former company has and is failing. What do you guys think?
Thanks for listening to me fume a little.
Trevor
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