In the same way as any kind of investment, do your homework. As I posted yesterday, if the franchisees of Cork and Olive had checked public records in Florida, they would have found out that Michael Probst had a judgment against him for over $800,000. That alone would have scared me off.
In addition, each franchise is required to submit a Franchise Disclosure Document, according to FTC guidelines. Sean Kelly also has information on selection criteria to use when evaluating a franchise.
For baby boomers, choosing a franchise is even trickier, because we don’t get any second chances. Spending your retirement savings on a franchise means you can’t afford to try again.
Don’t forget my “50 things to do at 50-something” contest - comment and put yourself in the running for a $30 book gift certificate. Final comments must be posted by June 20.
Tags: baby booomers, Cork and Olive, Franchise Disclosure Document, franchises, FTC
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