Business Tips With Scott: Buying a Franchise Post-Pandemic

Scott Greenberg is an award-winning franchisee who brings his real world experience to his customized keynotes. Recently, Entrepreneur.com has invited Scott to be a contributor to their website. There he will be writing a variety of different franchise articles. Scott’s first article, published April 17, 2020, is titled “Buying a Franchise Post-Pandemic.” We are living in unprecedented times due to the Coronavirus and Scott has offered his advice on how to become a successful franchisee in a post-pandemic life. 

Scott begins his article by reminding us that current pandemic conditions are causing businesses to struggle. While our current circumstances are temporary, the effect that it will have will be permanent. Following the pandemic, it will most likely be easy to quickly acquire a business that just needs someone to turn the lights on. If you are someone who is considering going into franchising when this is all over, you will definitely want tips from Scott to ensure success. 

One of the first tips Scott offers is to keep a cool head throughout the process. The pandemic has impacted the mental health of millions across the country, Scott reminds you to not allow an emotionally driven decision to lead you here. If you are planning on buying a franchise, buy it off of a smart decision based on logic and clarity. Another pointer is to carefully evaluate the franchisor. See how they handled the pandemic situation. Are they financially stable? What did they do for franchisees during this time of crisis? These are all questions that need to be taken into consideration. Is this a company you would want to partner with through tough times?

Scott also reminds readers that they may have to prepare for another pandemic. If you’re buying a business that didn’t survive the first, what will you do to ensure it survives the second wave? How will you keep the bills and employees paid? All of these questions need answers if you want to be a successful franchisee in a post-pandemic world. 

Scott also reminds us that even when going into business, you need to remember to be kind during these times. He suggests that readers negotiate from a place of kindness, not power. Now is not the time to exploit a distressed owner. Do your best to create a deal that makes everyone as happy as possible. Another tip is to consider hiring the previous owner. If the owner is a good leader who is selling solely for financial purposes, they will most likely make a great addition to your team. They will know the business well and may be grateful for steady work in a comfortable environment. 

At the end, Scott offers some advice that you should always keep in mind when buying a franchise. Make sure you have the stomach to be a franchisee. It is a tremendous responsibility that is a lot of work and not always a lot of profit. If the pandemic taught us anything, it is always be prepared for anything. 

Looking for more tips and tricks from Scott Greenberg? Book him today for a virtual or in-person keynote!

 

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