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Step 1
Designate one of the partners as the main contact with the franchisor. Most franchise systems will require this designation of a partnership because they don't want to step into the middle of disagreements.
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Step 2
Choose a partner who complements your skills. If you are a people person and can hire staff and work with the public, then look for a partner who is well organized and can handle the paperwork and keep the books.
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Step 3
Decide how your partnerships will be structured. Some partners split all the work 50/50, from running the store to hiring the managers. Other franchise partnerships are based only on financial aspects, where the one investor pays the initial costs in exchange for future profits while the other partner runs the day to day operations.
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Step 4
Hire an attorney to draw up financial agreements for the partners to give to the franchisor. The corporate office will require personal guarantees from all partners, no matter how much of a stake they have in a company.
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Step 5
Treat the partnership like you would a long-lasting marriage. Seek outside counseling if you find yourself in a stalemate over a decision. Learn to compromise and pick your battles carefully.
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Step 6
Purchase the option to buy a master franchise so you and your partner can branch out and each have stores or locations that you are responsible for. You can grow your business much quicker with more than one owner. You should be prepared to take it to the next level with more units to keep the business, and the partnership, thriving.
Comments
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