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Old 01-10-2018, 05:40 PM   #1
jgln
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Default Would you buy a franchise?

So if you recall I was laid off just before Thanksgiving and so far no luck. It also appears if I do get an offer it will probably be much less than my previous salary which for me doesn't mean I go into foreclosure or anything, just that my plans change drastically and the future looks to be working forever or eventually selling our home (we got married last month BTW) so we can retire at a reasonable age. So another option is to not just go back working a 9-5 job for a corporation but something different with a possible better income and longevity, something we can do into retirement.

So I was looking into buying a franchise, not a MD or Subway I can't afford those ( I actually wanted to buy a Subway way back in the 80's or so but didn't have the cash....sadly it was only like $25k which is peanuts today and probably may have made me rich today) but something similar.

It appears in some ways you own your own business and other ways you don't...you still are being controlled by a corporation which is good and bad. I tried to get information about the one I am interested in but I have to file paperwork to get anything like the simple question most people have is "How much income can I expect" meaning what will my personal bank account look each month. If I am bringing home less than a 9-5 job why bother especially since they want $100k cash and $300k net worth ( I assume in case they need to sue you they know they can).

If I could make $100k a year after all is said and done I'd be happy??

I think it would be a refreshing change and something I would enjoy. So what do you think? Do you know any personal success stories or failures?

My sister worked with a couple who opened a water ice stand years ago...today she said they are filthy rich and have so much money they can actually afford to GIVE money away.
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Old 01-10-2018, 06:00 PM   #2
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Man, to me it seems a matter of the exact circumstances.
I'd analyze the franchise itself, see if any 'didn't make it', how many didn't, what the average real success rate is, what that success is, where the ones that did succeed are, what might have caused the ones that didn't, to not succeed. Then compare it to how my franchise would be, make it a best guess on predicted outcome compared to the others.
If it looked good for success and it looked like something I'd be happy doing or at least happy enough doing for a long time, I'd go for it. If not, then not.

did that make sense?

Can you say what the franchise is? Just curious
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Old 01-10-2018, 06:05 PM   #3
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I gave a serious look into this 15 years ago. The conclusion I came to was that buying a franchise was a way to into serious debt in order to work too many hours to pay it off
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Old 01-10-2018, 06:14 PM   #4
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Man, to me it seems a matter of the exact circumstances.
I'd analyze the franchise itself, see if any 'didn't make it', how many didn't, what the average real success rate is, what that success is, where the ones that did succeed are, what might have caused the ones that didn't, to not succeed. Then compare it to how my franchise would be, make it a best guess on predicted outcome compared to the others.
If it looked good for success and it looked like something I'd be happy doing or at least happy enough doing for a long time, I'd go for it. If not, then not.

did that make sense?

Can you say what the franchise is? Just curious
Yes it does but I have the same questions. The problem is getting the answers. I searched the internet in every which way and the answers to those questions are vague at best. To ask the company itself I doubt I'd get much of the downside. I even thought of going into one of the stores and ask to speak to the owner but then thought....If the guy is successful the last thing he wants is competition, so why tell me he loves it and is making a killing? If he is not would he be honest and admit it to a perfect stranger?

For now I'd rather not say.
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Old 01-10-2018, 06:15 PM   #5
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I gave a serious look into this 15 years ago. The conclusion I came to was that buying a franchise was a way to into serious debt in order to work too many hours to pay it off
Can I ask what research you did in order to get the information to come to that conclusion?
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Old 01-10-2018, 06:16 PM   #6
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I gave a serious look into this 15 years ago. The conclusion I came to was that buying a franchise was a way to into serious debt in order to work too many hours to pay it off
Which franchise?

People who can afford a Mickey D burger joint, are almost guaranteed success with the stringent rules and corporate analysis of the area, but say, a Burger King, those shut down all the time. Subway's seem to do quite well in busy areas.

But it does look like a LOT of work though, no getting off a 5 and forgetting about work till the next day.
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Old 01-10-2018, 06:17 PM   #7
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Yes it does but I have the same questions. The problem is getting the answers. I searched the internet in every which way and the answers to those questions are vague at best. To ask the company itself I doubt I'd get much of the downside. I even thought of going into one of the stores and ask to speak to the owner but then thought....If the guy is successful the last thing he wants is competition, so why tell me he loves it and is making a killing? If he is not would he be honest and admit it to a perfect stranger?

For now I'd rather not say.
Can you google locations, and maybe try to call the owners of some that are in areas similar to yours? some might be happy to chat for a few on the phone and give you some good info.?
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Old 01-10-2018, 06:37 PM   #8
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Man, to me it seems a matter of the exact circumstances.
+1

It's a complex decision and the specifics matter.
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Old 01-10-2018, 07:17 PM   #9
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You're in Jersey....

Open a Wawa. I'd open one in a heartbeat...

Yeah, I get that they're not a franchise exactly, but they're straightforward to operate and have a good support structure.
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Old 01-10-2018, 07:19 PM   #10
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Which franchise?

People who can afford a Mickey D burger joint, are almost guaranteed success with the stringent rules and corporate analysis of the area, but say, a Burger King, those shut down all the time. Subway's seem to do quite well in busy areas.

But it does look like a LOT of work though, no getting off a 5 and forgetting about work till the next day.
In my case, I was looking at non-food, specialty retail.

They were very open with analysis and numbers. Some locals looked better than others, but even the best looking locales amounted to me buying in, working my ass off 18 hours a day without any hope of making enough to pay staff so I could go part time.

It's doable and prolly a good fit for somebody or a couple that want to keep working in retirement.

Obviously some franchises will be a better fit than others, but they all put the risk on the buyer - but maintain control and contractual requirements for the purchase of equipment/inventory/services.
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