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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
September/October 2019
Finding the Right Franchise
For many people, starting a franchised business is the quickest way to launch a company. The best franchises provide all sorts of support and may provide access to financial and other products you need at a reduced cost. But you can also find unexpected challenges, including franchise rules that control how you run your business. Here’s how to find a happy medium:
Eyes Open
Buying a franchise can be rewarding. Many franchises offer extensive training and, most importantly, brand recognition, giving your franchise a leg up on competitors who don’t enjoy the same brand awareness. But buying a franchise isn’t for everyone. A successful franchise will typically have an established way of doing things, and you generally won’t have the freedom to stray from its approach.This means potentially paying a percentage of income or sales as royalties and contributing to franchise-wide initiatives such as advertising. Standard dress, presentation and even bookkeeping may also be mandatory. A contract will state these and other stipulations, and the franchisor may terminate or opt not to renew your contract for any number of reasons.
Insurance
Reputable franchises will require that your business has general liability, product liability, worker’s compensation and unemployment insurance. They may also require insurance to cover business interruption, employment practices and vehicle use. Typically, franchisees have access to lower rates on these protections. Sometimes, a franchisor will contractually state it be named as an additional insured on some policies.If employee benefits are not offered through your franchisor you may want to work with a financial professional, especially if you want to offer health insurance, life insurance and a retirement plan. Often, you can find these benefits at a reduced price through a group insurer.
Plan Ahead
If you are considering buying a franchise, thoroughly research it. Look for claims, scour social media for comments on it and run the numbers to make sure you can handle the financial commitment. The latter is crucial because even the best franchises take time to earn back initial investments.Most importantly, talk to legal, accounting and financial professionals who are experienced dealing with franchise issues. The work you do up front can save you grief later.
GE-2441510b (04/19)(Exp. 04/21)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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