Although no one can completely error-proof their buying decisions, many commonly-made mistakes can be easily mitigated a priori. And, if not, it can be the beginning of an unhappy, short-lived and financially-underwhelming nuptial period.
In this article, we highlight the five common Pitfalls a Prospective Buyer Must Avoid:
1. Asking Only the Obvious and Relative Questions
Too many buyers basically ask only 3 questions during their due diligence process:
How much can I make?
How much will it cost?
Where are the best available markets?Not only are these questions inadequate, they are devoid of context. They almost beg to be answered with a series of rhetorical questions right back at the interrogator: How much do you want to make? Can you follow a system? What are you gifted at or enjoy doing (hint: passion usually leads to profits)? What is your Exit Strategy? Etc, etc.
The point is, a prospective franchisee can make inaccurate inferences, good or bad, from these context-lacking questions, potentially leading to a buying decision based on relative answers.
Mitigating Actions… continue reading this article.