Franchising For Dummies (For Dummies (Business & Personal Finance)) (Paperback)

by Michael Seid (Author), Dave Thomas (Author)
Key Phrases: great franchisors, product distribution franchises, franchisee advisory council, United States, International Franchise Association, Uniform Franchise Offering Circular (more...)

Editorial Reviews

Amazon.com Review
Franchising for Dummies, by Michael Seid and Dave Thomas, details everything you need to know about this ever-popular route to self-employment. In typical Dummies fashion, it outlines the basics (from initial research through signing on the dotted line); development procedures (such as training employees, choosing locations, and buying goods); running the business (attracting customers, managing staff, dealing with franchisors); and moving on (considering further acquisitions, franchising your own ideas). Seid, a well-known consultant with 20 years in the field, and Thomas, the high-profile founder of and low-key spokesman for the fast-food chain Wendy's International, make this volume especially valuable by including inside tips taken from their extensive personal experience. "Too often, franchisees make the mistake of hiring an attorney to do battle with their franchisor, rather than simply sitting down with the franchisor, discussing their concerns, and coming to a negotiated conclusion," Seid advises at one point. "Training is nonstop, never-ending. It has to be," Thomas suggests elsewhere. "It has to remain a priority in your business because, one, you have turnover, but two, you can always improve." The combination provides a clear and complete primer for enlightened decision-making on virtually all aspects of franchise purchase and operation. --Howard Rothman --This text refers to an out of print or unavailable edition of this title.

Review
...a must read for anyone interested in the fundamentals of franchising. Franchisees and franchisors alike owe a debt of gratitude... -- James H. Amos, Jr., President and CEO, Mail Boxes, Etc.

Dave Thomas -- a super guy, great business leader, generous individual. Thanks to Dave for sharing his wisdom through his book. -- S. Truett Cathy, Founder & Chairman of Chick-fil-A, Inc.

Franchising For Dummies offers invaluable information for prospective franchisees in their search for the best franchise opportunity that suits them. -- Regina Gardner, Franchisee, UNIGLOBE Travel

Two great entrepreneurial minds have created one fantastic book. -- Don DeBolt, President, International Franchise Association --This text refers to an out of print or unavailable edition of this title.

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Product Details

• Paperback: 408 pages
• Publisher: For Dummies; 2 edition (October 16, 2006)
• Language: English
• ISBN-10: 0470045817
• ISBN-13: 978-0470045817
• Product Dimensions: 9.2 x 7.2 x 1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars See all reviews (12 customer reviews)
• Amazon.com Sales Rank: #107,675 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

190 of 193 people found the following review helpful:

5.0 out of 5 stars Thorough Overview of Franchising, Good and Bad, August 16, 2002

By	newchapter "newchapter" (Atlanta, GA USA) - See all my reviews

This review is from: Franchising for Dummies (Paperback)

A thorough overview of the process of evaluating, buying, running, and selling a franchise. Definitely read through this book (even if only in parts) before you start to invest yourself (time and money) into a franchise. It is a frank, and straightforward book about a complicated subject.

Some clues from the book:

1) As a franchisee, you buy "the right to use the franchisor's expertise, brand name, experience, methods, and support." (pg. 14).

2) Although you get a proven system, the business is yours.
It is work and it is not for everyone. Successful franchisees must be very good operators who stick to the rules.

3) Franchisors vary. Since you will be paying a royalty going forward, make sure you do the research and know what you are getting for your money. A contract can be a life preserver and a trap.

4) The evaluation, preparation, funding, and negotiation for the franchise is paramount. This book gives detailed lists, and questions to ask before you sign on that contract.

5) Top two reasons franchises fail: 1) not enough money going into the investment 2) absentee owners

6) Factors in assessing your location: population density, neighboring stores (cross promotion), anchor tenants, traffic patterns, speed of traffic, seasonal factors, day / night, competition, security, access to employees, size of property, zoning, landscaping, parking, landlord reputation, visibility, signs, environmental concerns, title, buy vs. lease, hidden costs.

7) Royalties vary according to franchisors. Wendy's is 4%

8) In the end, franchising is a relationship business with franchisor, customers, other franchisees, suppliers, attorneys, bankers, and family.

9) When selling the franchise to others, the franchisor often has the "right of first refusal" which means they can purchase it on the same terms and conditions as the offer you received from a prospective buyer. Check this clause prior to signing.

10) Use the International Franchise Association's webpage:
www.franchise.org.

23 of 24 people found the following review helpful:

4.0 out of 5 stars A good helping hand, March 10, 2004

By	Gadgester "No Time, No Money" (Mother Earth) - See all my reviews (TOP 100 REVIEWER)

This review is from: Franchising for Dummies (Paperback)

Despite my initial misgivings about a franchising book written by the late founder of Wendy's, I have come to like the book a lot, because it gives you exactly the information you need to (1) consider whether franchising is right for you, and (2) get started becoming a franchisee.

The book starts with a general discussion of what franchising is and what the different types and varieties are, then proceeds to discuss the most important topic of the entire book (and your decision-making process): is becoming a franchisee right for you. An entire chapter is devoted to this topic and it's an open and honest discussion with a focus on what *you* want out of franchising. After you decide yes, it's right for you, it's time to get your hands dirty, and the book gives you a lot of information on every aspect of establishing a franchise and running it. Luckily, the authors do not promote Wendy's blatantly, although there's little information on their hamburger franchising competitors.

I first read a library copy of this book but it was good enough for me so I bought my own copy. I'm considering joining the franchising army, even though the compenstation doesn't seem attractive esp. in the first few years. Maybe in 5 years I'll come back to this page and report my experience. :)

This book was published in 2000 but the information (except statistics cited) is quite up-to-date.

11 of 12 people found the following review helpful:

5.0 out of 5 stars From Duh! to Ahh!, November 5, 2004

By	Oskar Latek (Rochester, NY USA) - See all my reviews (REAL NAME)

This review is from: Franchising for Dummies (Paperback)

I'm the kind of person that needs to research something before I start doing it. I was contemplating purchasing a franchise, however I didn't know whether it was the right thing for me to do. Let me just tell you that this book was the right book for me. I've learned more than I needed to make my decision. I'm sure that it could also answer a lot of questions for you.

This was the first book that I've read from the "for dummies" creators and I must say I was very satisfied. The authors did a great job braking down the information into specific parts. Each chapter was thorough and well written. In fact, the book is so well written that you may just as easy use it as a reference book. For example, prior to purchasing my Fish Window Cleaning franchise, I often used the book as a reference guide to navigate through my UFOC or Franchise Agreement. I also used the book when I was searching for the location of my office and my employees.

I really can't stress enough how well organized this book is. You will find answers to most all questions regarding the franchising process. All together there are six parts to this book. These parts range from simple franchise facts to complex business transactions.

Franchising for Dummies also offers several important warnings. Although I agree with most of them, I must dispute one. The authors discourage the potential franchisees from working with franchise brokers. I actually think it's very important to work with a broker. However, before you decide to seek services of one, you should definitely investigate your choices.

In conclusion, this book is not only intended for the "to be" franchisees. It is also beneficial for the current franchisees, franchisors and even a regular small business owner. If you need a complete book about the franchising process, I suggest that you buy a copy of this book.