Buy a Business
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Buying a Franchise Are You a Franchise?When searching for a business opportunity, you must first assess the type of business owner you will be. Do you prefer less risk? Are you more cautious in your business decisions? If so, buying a franchise may be the right decision for you. Other traits that typically characterize someone who may be right to buy a franchise are: • A franchisee tends to be more conservative. • A franchisee wants to replicate a successful business model. • A franchisee is open to expert guidance. • A franchisee is more methodical and prefers to mitigate risks. • A franchisee likes interaction with the franchisor and fellow franchisees. What is a Franchise?The International Franchise Association (IFA) defines a franchise as an agreement or license between two legally independent parties providing a franchisee: • The right to market a product or service using the operating methods and trademark or tradename of the franchisor. • The obligation to pay the franchisor for those rights (typically in the form of a percentage-based royalty fee). • Rights and support provided by the franchisor after you buy a franchise.
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