If you’re an investor, you might consider purchasing a franchise. Why? Jen Lemanski sits down with Contract Compliance Manager, Carlos Gomez, for a discussion about some of the benefits in the next PKF Texas – The Entrepreneur’s Playbook® episode.
Jen: This is the PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m back once again with Carlos Gomez, a Contract Compliance Manager here at PKF Texas and one of our Approachable Advisors™. Carlos, welcome back to the Playbook.
Carlos: Thanks, Jen.
Jen: So, we’ve talked contract compliance before, but I think another thing that you help our clients with is franchisees and franchisors. So, if you’re looking to make an investment, if you’re an investor, why would you look at investing in a franchise or purchasing a franchise? What are the benefits of that?
Carlos: Well, it’s because it’s already an established name in the marketplace, so you have brand recognition. Your store’s known for quality and they kind of give you the playbook too, so that you know how to operate effectively, where you’re getting your supplies from and things like that to improve your processes and procedures.
Jen: And do you see investors purchasing multiple locations? One location at a time? What do you typically see in that space?
Carlos: Yeah, you can. I mean, if you have the capital and the capabilities, you can be as active or as inactive as you want in a franchise. It all depends on what your target and what your goal is to grow that investment. You can be completely silent and not active in the business and operate as just the capital behind it. Or you can be in the day-to-day operations, whether it’s a 7-Eleven or a restaurant franchise or service franchise.
Jen: So, is there somebody to help somebody identify a good franchise fit for whatever their business goals are?
Carlos: Yeah. There’s a lot of good franchise consultants that do great work, not only are staying in your budget, but your capabilities, what your goals are to grow out of that, and then help you find the right brands to work with.
Jen: Perfect. Well, we’ll get you back to talk a little bit more in the franchise and licensing space. Sound good?
Carlos: Yes, ma’am. Thank you.
Jen: This has been another thought leadership production brought to you by PKF Texas – The Entrepreneur’s Playbook®. For more information, visit www.pkftexas.com/ContractCompliance. Tune in next week for another chapter.