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How to... | Due Diligence

of money in a short space of time, regardless of your effort or experience in the industry? Is the franchisor reluctant to provide you with the contact details of other franchisees?

that the franchise itself is a scam, or is otherwise not something to get involved with.

Professional advice and assistance Performing the research outlined above is critical if you wish to make a truly informed decision about buying a franchise. You don’t need to stop there, though - consider talking to a lawyer, accountant or business adviser to help you process the information you’ve gathered and give you a clear idea of any potential risks. F

If you find yourself identifying with unhappy ex-franchisees, or unsatisfied current franchisees, this may not be the right franchise for you

Dr Michael Schaper is deputy chairman of the ACCC. The ACCC has several franchising publications containing useful information for prospective franchisees, including a Franchisee Does the franchisor ask you to pay an amount of Manual and a DVD about the code. These are available at money upfront, before providing you with informawww.accc.gov.au/franchising or by calling the ACCC’s Small tion about the franchise? Business Helpline on 1300 302 021. The ACCC in conjuncIs the franchisor engaging in high pressure tion with Griffith University offers a free, online training sales tactics, pushing you to decide quickly and course for potential franchisees. Existing franchisees can also suggesting if you wait you will “miss out on an learn more about their rights and responsibilities under the amazing opportunity”? Competition and Consumer Act 2010 by accessing a free Has the franchisor sold this particular franchise online education program for small businesses, funded by the site numerous times in the past? further information and to access these courses, AD_ F RGJ GJ AN_ 1 3 . p d f Pa ge 1 4 / 1 2 / 1 2 , 4 :ACCC. 0 4 For PM Any of these behaviours may be an indication please visit www.ccaeducationprograms.org

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30/11/12 5:51 PM

Franchising Magazine May / June 2013  

What should you look for in a franchise? Find out nine key elements to consider before you purchase in the latest issue of Franchising magaz...

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