1. Ways to Enter a Business

2. The Main Idea Regardless of the of the way you go into business . . .
Starting from Scratch
Buying an Existing
Entering the Family Business
Buying a Franchise
It should be compatible with your personal goals and values.

3. Entering the Family Business
Only 1/3 actually make it through a 2nd generation
+Trust and togetherness
+You KNOW the business so well
+Community trust
-Family conflicts
-Parental control
-May not be YOUR passion

4. Buying an Existing Business
+May be less risky
+Employees are trained
+Established procedures in place
+Prior owner may provide assistance
-Employees (change?)
-Creating new identity
-Adopting current issues

5. Buying an Existing Business

6. Starting a Business from Scratch
+Make it YOUR OWN
+Build the company with fresh ideas and enthusiasm
-No proven track record
-Training employees
-Starting everything
-Considered “risky” by investors

7. Buying A Franchise Terms
Franchise: the legal agreement to begin a business in the name of a recognized company
Franchisee: the buyer
Franchisor: the seller
Royalties: the amount that you pay the franchisor; generally a % of sales

8. Buying a Franchise +Trained in their methods +Proven success method
+National advertising and promotions
+Success rate
-Royalties
-Having to go with the group
-Restrictions on how you run the business
-Cannibalism

9. Table Talk Each member shares Reports will be given
May want to take notes on conversation
Topic
Which way will you enter business and why?
How does this match your personality and/or business concept?