A tuning fork is an acoustic resonator in the form of a two-pronged fork with the tines formed from a U-shaped bar of elastic metal (usually steel). It resonates at a specific constant pitch when set vibrating by striking it against a surface or with an object… Wikipedia
If what Richard Solomon is saying over at Blue MauMau is NOT resonating with you, you’re a potential individual in…
…a sea of dead franchise fish stinking up the franchise world for many years to come in the near future.
Tens of thousands are exiting companies due to tough economic conditions. They have poor job prospects. They have access to half a million dollars and more in liquidity. They are considering small business ownership as their next move.
Whatever their prior experience, none has ever done pre investment due diligence on any small business investment, and none has ever done pre investment due diligence on franchise investment. Despite their education and experience, they are fish out of water.
You should read every word Solomon has to say. And then make sure your spouse does the same. Then give the article to any family member or friend you’d hit up to save your sorry future ass by throwing good money after bad.
- This advice goes double for those poor pathetic souls stuck in franchising now.
There are three types of franchisees and all of them are in a certain % of denial:
- the smug profitable ones (so the future is the same as the past? okay…),
- the ones just scraping by (can’t make ROI in good times but in bad times…?) and
- the ones bleed internally and anally.
No sane individual should invest or renew in any franchise heading into these worldwide recessionary times.
Richard’s advice stands on its own.