Buying a franchise involves a “highly controlled” six-to-eight week courtship in which the franchisor learns about the potential franchisee and the interested buyer completes assigned tasks that prepare them for potential franchise ownership.
“If they are good in the sales process,” York said, “they are going to control each stage of how you progress very closely. They are going to indoctrinate to see if you are right for them and to see if they are right for you. What tends to happen is you become very emotionally involved in the idea.”
Though potential franchise owners typically must adhere to a firm purchase deadline, York tells buyers not to be afraid to back out of a deal if they have second thoughts at any point in the sales process.
“So have cold feet,” he said. “There’s no reason to do it if you are less than 100 percent comfortable. It’s your lifesavings. No matter what anybody says, you have to look after yourself.”