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ARTICLE | February 3, 2012

Featured Franchisee: Steve Boos, Home Instead

Home Instead Senior Care franchisee Steve Boos has always followed his heart in business, starting when he worked in the paper industry for a company that was focused on reducing waste in paper manufacturing. So it’s not surprising that a stint in the Army Reserves and a year in Iraq drastically changed his career path.
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NEWS | January 11, 2012

Padgett Business Services Joins Frantopia as Business Partner

Franchise Business Review announced today that Padgett Business Services, which offers financial services to small businesses, has become a business partner and content expert for Frantopia, FBR’s social networking and business resources site.
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SECTOR REPORT | November 1, 2011

Veterans Report 2011

Veterans and Franchise Report 2011Although many organizations have set out to look at the “best” franchise opportunities for veterans, until now, none of these listings included data on actual veteran franchisee satisfaction and performance—perhaps the most telling data of all. Franchise Business Review’s Veterans and Franchising 2011 is the first report to look at which franchise opportunities are most veteran-friendly based on franchisee satisfaction.
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ASK FBR | June 15, 2010

What are some of the best cleaning franchises?

There are plenty of franchise opportunities in the cleaning services and maintenance sector. They vary by many aspects including investment level, commercial vs. residential services, the amount of support the franchisor supplies and several other factors...
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Home > Blogs

Where Is All the Financial Information?

by Michelle Rowan

I received an email from someone researching franchises the other day, and since we seem to get quite a few touching on the same topic, I thought it was a good topic to share:

I just found your site and was listening to your podcast on 1-800-radiators. I think what you all are doing is wonderful, but I have a question. Why during the interviews don't they talk about what the franchise owner makes. Why don't they talk about specific financial figures. What it costs to start up, how much you can expect in your first year. What your costs are. Etc. To me, it seems like this is the most important information of all. Is it that your site does not want to discuss such figures or do the businesses you interview not want to discuss the figures and what is the logic behind that?

If you are doing your homework on a franchise, financial information can be the biggest thing you want to know, and it's usually the hardest to track down! The easiest place to start is asking the Franchisor. If they have an Earnings Claim in their UFOC they can share some data there and share the document with you. But if they don't have an Earnings Claim, their hands are tied by the law... there isn't much they can tell you. In all cases your BEST source for this information is existing franchisees. You will find some are open and willing to share the details, and others might not. If you are serious about investing, don't give up- find someone that wants to share the information, don't start with financials but ease into the conversation. Talk to franchisees that have been in the system a long time, as well as franchisees new to the system to get several perspectives. When the talk turns to money, here are some great topics to cover with franchisees:

        - Was the amount you spent to get started in line with what the Franchisor told you?
        - How much can you expect to make in the first year?
        - How long did it take you to become profitable?
        - How much money did you have in the bank to cover expenses?
        - Are you earnings in line with what you expected?

It may be hard, but you should be able to gather enough information to help in making your decision. 

 

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