When you’re looking to buy a franchise from a specific franchisor, you should learn as much as you can about the company. That includes reading over the franchise disclosure document, doing research and finding out what options you have in terms of purchasing it, among other things. One of the most important ways of learning about the franchisor is the in-person one-on-one interview between yourself and its representative. There is a lot at stake: You have to show the franchising company that you’ll be a capable owner, while this person has to prove that earning a franchise from them is in your best interest. When dealing with a representative from the Moran Family of Brands, you’ll learn much about the company’s history and proven business model. In addition, you will get honest, straightforward answers to your questions about the Alta Mere Automotive Outfitters, Mr. Transmission and Milex Complete Auto Care franchises.
Ask what your franchise can do for you…
When you first meet the franchisor, it’s likely that you’ll have a lot of questions to ask. This is the case even if you spoke to someone over the phone about applying to purchase a franchise. The more you know about the organization and fellow franchisees, the better informed you are when you make a decision. The simplest question is how much you expect to make out of running a business under a specific brand.
However, it’s important to note that this information you are unlikely to get a direct answer because of legal reasons. There is also the basic fact that this answer can vary based entirely on the circumstances, such as location, owner and current economic situation. Instead, look to ask about what’s in the Item 19 of the FDD, which will provide information on gross revenues and expenses.
Stepping away from the money situation, you should look to ask about the culture and values of the company, and see if they match with what you believe in business. Having strong values that align with the franchisor’s ideals can help you perform better as a business. Moran’s is built on the proven philosophy of DRIVE: Dedication to the company’s mission, Respect for everyone they work with, Integrity with every effort made, a Vision towards the future, and Enthusiasm for the company.
…And what you can do for your franchise
However, the franchisor will have some questions of its own. After all, running a franchise is a major investment in anyone’s life, and the company wants to make sure they can trust you to do a fine job. The first thing the representative will want to know is what your goals are for working with this franchise. Similar to how you should know if your values match up, the company will want to know what you intend to do with the franchise as a whole. By having goals that mesh well with what the franchises can do, you’ll find yourself more compatible with the business over the course of the interview. The representative will also ask about your experience both in franchising and in the industry. While neither are entirely necessary, they can make the franchisor feel more comfortable with the prospect of you purchasing a franchise.
In addition to being asked about your experiences running a franchise, you will likely be asked about the sacrifices you’re willing to make. You should be able to respond on what kind of hours you’re willing to work, what kind of financing will back your purchase and how your family members feel about doing this. Demonstrating support and commitment, especially to a Moran representative, will show that you have the DRIVE to run an Alta Mere or Mr. Transmission.
Want to learn more about franchising? Visit the Moran Family of Brands website!