Franchising & Buying a Business: Know the Difference

A recent article from the U.S. Small Business Administration entitled “Buy an existing business or franchise” discusses the process of how to successfully buy a business or franchise. It is important to follow a thorough process in order to achieve a successful acquisition.

Know the difference between franchising and buying a business – Franchising gives you more guidance but less control, whereas buying an existing business gives you more control but less guidance.

Consider these factors before franchising or buying – Quantify your investment, consider your talents and lifestyle, and review the full landscape.

Get ready to buy your franchise or business – Consider hiring an attorney and an accountant. The tax rules surrounding franchises are often complex. A specialist in franchise law can assist you with evaluating the franchise package and tax considerations. An accountant can help you determine the full costs of purchasing and operating the business, and even help estimate potential profit.

Article Courtesy of Business Brokerage Press

Scroll to Top