When examining franchise opportunities to purchase, one helpful trend to look for in any franchise concept is how well the franchise adapts to any form of change. With this in mind, at no time are innovative franchise actions more significant than during economic slowdowns. Following are some examples of situations where franchises have found continued success through some inventive and inspired means/relationships.
Franchises As Vendors/Partners of Franchises - Of course, many franchise concepts have benefited from business affiliation with other franchises over the years. There exists any number of instances in which one franchise operates as a vendor or exclusive partner by way of another chain. Whether it’s an Information Technology franchise service supporting the computers of a fast food business, or a juice/coffee bar situated in the lobby of fitness center, franchise concepts can (and do) assist one-another greatly. By the way of our example, while the said fast food chain benefits from the IT franchise’s services directly, the fitness franchise simply shares a similar target market customer base with that of the juice/coffee bar. Occasionally, the benefits of such relationships are recognized for their extreme value company-wide; subsequently both franchises are sometimes then co-branded and co-marketed as an altogether new opportunity.
Adapting to Changing Technologies - While a franchise can be explained as a unique “system” for doing business, components or “pieces” of the system might always be improved upon to further progress the concept overall. Technology is definitely one of these “pieces” that can drive change in many areas of franchising. Let’s consider a simple POS (point of sale) example and how cash-register technology can improve retail business success. A retail franchise that started 30 years ago or more typically used a standard cash register system to complete the POS transaction. Today, retail cash registers can be fast operating computers that are usually networked together. Not only do these computers assist in the exchange of legal tender, but they can also perform functions such as tracking inventories, evaluating customer shopping habits, gathering different forms of customer information, and more. In short, the original retail franchise business that started 30 years ago might not be around today if it weren’t able to compete though adapting and changing with newer technologies.
About The Author - Peter Siegel is the founder and President of BizBen.com - Businesses For Sale In California. A nationally recognized author (3 books and a syndicated small business blog) and expert consultant. If you are selling a business and need professional assistance utilizing high performance advertising, marketing, and highly effective strategies, or individual customization with your BizBen Power Search options in buying a California business, you can reach him at 866-270-6278.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Ranvir S. Sandhu, Esq. - Legal Services For Buyers And Sellers
I've worked at top Bay Area law firms and have extensive experience with business entity formation, mergers, dissolutions, conversions, employment matters, including experience in reviewing and negotiating transactional documents such as leases and purchase agreements.
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Diane Boudreau-Tschetter: Escrow And Bulk Sale Services
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Mark Chatow, Esq.: Legal Services For Buying, Selling Businesses
Mark has a broad range of small business purchase & sale experience from analyzing potential acquisition targets to successfully guiding buyers and sellers through the purchase & sale of small businesses. Mark can assist with contracts, negotiations, legal matters, etc. Reach Mark at 949-478-8393.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
|Brad Steinberg, Broker - Laundromat Specialists
PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.
|Helen Yoo: Escrow & Bulk Sale Services - Southern California
New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.
|Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services
Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.
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