Sound financial foundations
for your franchise
www.FranchiseAccountantsNetwork.com
1
Franchise Accountants Network Expo Ta...
“Honey, let’s buy a franchise”
2
Franchise Accountants Network Expo Talk
2014
There’s more to making a
well informed decis...
“What about the money?”
3
Franchise Accountants Network Expo Talk
2014
“What about the money?”
Can we afford it?
Can we live on the income?
Will we get our money back?
4
Franchise Accountants N...
Understand & manage your risk
“…Entering into a franchise agreement is a serious undertaking.
Franchising is a business an...
Seek appropriate advice
• The Franchising Code of Conduct
– You must be notified to get advice
6
Franchise Accountants Net...
Seek appropriate advice
The Franchising Code tells you to get advice about the franchise
agreement or business, from:
an i...
Seek appropriate advice
Independent legal advice = Lawyer
Independent business advice = Accountant
8
Franchise Accountants...
Three important questions
1
• How much will it cost to start the
business?
2
• What will it cost to operate the
business?
...
You also need to consider:
What income do you need?
And … What income would you like to have?
10
Franchise Accountants Net...
SNAKES
&
LADDERS
WWW.PRESENTATIONMAGAZINE.COM
Role
of the
accountant?
Role of Accountant
1. To identify
– Set-up costs
– Operating costs
– Sales required to make profit
– Business and financia...
How to choose an Accountant
The big question is
this…
Do they understand
franchising?
13
Franchise Accountants Network Exp...
How to choose an Accountant
• What is their focus?
– Tax Accountants
– Business Accountants
– Franchise Accountants
• Qual...
A network of independent
accountants with
specialist skills in franchising
15
Franchise Accountants Network Expo Talk
2014
Pre-Purchase Review
Helps you answer the questions:
1. How much does it cost?
2. How much does it cost to operate each mon...
Next Steps
• Sign up for our 3 weekly
articles
– How much can I make?
– Preparing a business plan
– How to work with your
...
Thank You!
www.FranchiseAccountantsNetwork.com
18
Franchise Accountants Network Expo Talk
2014
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How a franchise accountant can help you get a good start in franchising

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Slides from presentation at the 2014 Franchise and Business Opportunities Expo by Peter Knight and Kate Groom. In this talk we suggested three questions a prospective franchisee should consider, and how an accountant can help assess a franchise.

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How a franchise accountant can help you get a good start in franchising

  1. 1. Sound financial foundations for your franchise www.FranchiseAccountantsNetwork.com 1 Franchise Accountants Network Expo Talk 2014
  2. 2. “Honey, let’s buy a franchise” 2 Franchise Accountants Network Expo Talk 2014 There’s more to making a well informed decision than finding a franchise you’re excited about. At some stage you’ll ask …
  3. 3. “What about the money?” 3 Franchise Accountants Network Expo Talk 2014
  4. 4. “What about the money?” Can we afford it? Can we live on the income? Will we get our money back? 4 Franchise Accountants Network Expo Talk 2014
  5. 5. Understand & manage your risk “…Entering into a franchise agreement is a serious undertaking. Franchising is a business and, like any business, the franchise (or franchisor) could fail during the franchise term. This could have consequences for the franchisee.” Mandatory statement – page 1 of Disclosure Document 5 Franchise Accountants Network Expo Talk 2014
  6. 6. Seek appropriate advice • The Franchising Code of Conduct – You must be notified to get advice 6 Franchise Accountants Network Expo Talk 2014
  7. 7. Seek appropriate advice The Franchising Code tells you to get advice about the franchise agreement or business, from: an independent legal adviser; an independent business adviser: or an independent accountant; Or sign a statement that you have been given that kind of advice … or decided not to seek it. 7 Franchise Accountants Network Expo Talk 2014
  8. 8. Seek appropriate advice Independent legal advice = Lawyer Independent business advice = Accountant 8 Franchise Accountants Network Expo Talk 2014
  9. 9. Three important questions 1 • How much will it cost to start the business? 2 • What will it cost to operate the business? 3 • What sales are needed to cover the costs? Franchise Accountants Network Expo Talk 2014 9
  10. 10. You also need to consider: What income do you need? And … What income would you like to have? 10 Franchise Accountants Network Expo Talk 2014
  11. 11. SNAKES & LADDERS WWW.PRESENTATIONMAGAZINE.COM Role of the accountant?
  12. 12. Role of Accountant 1. To identify – Set-up costs – Operating costs – Sales required to make profit – Business and financial risks 2. Set up business structure – Sole trader, company, trust etc 3. Accounting & tax advice 12 Franchise Accountants Network Expo Talk 2014
  13. 13. How to choose an Accountant The big question is this… Do they understand franchising? 13 Franchise Accountants Network Expo Talk 2014
  14. 14. How to choose an Accountant • What is their focus? – Tax Accountants – Business Accountants – Franchise Accountants • Qualification and professional memberships – Chartered, CPA 14 Franchise Accountants Network Expo Talk 2014
  15. 15. A network of independent accountants with specialist skills in franchising 15 Franchise Accountants Network Expo Talk 2014
  16. 16. Pre-Purchase Review Helps you answer the questions: 1. How much does it cost? 2. How much does it cost to operate each month? 3. What level of sales are needed to cover costs 4. Tax and reporting 5. Ongoing role and support 16 Franchise Accountants Network Expo Talk 2014
  17. 17. Next Steps • Sign up for our 3 weekly articles – How much can I make? – Preparing a business plan – How to work with your accountant • Visit our stand – Collect article on Family Financial conversations 17 Franchise Accountants Network Expo Talk 2014
  18. 18. Thank You! www.FranchiseAccountantsNetwork.com 18 Franchise Accountants Network Expo Talk 2014

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