Buying a Home Care Franchise in 10 Steps: What to Expect
Buying a home care franchise is a big decision. Before determining which brand aligns best with your values and goals, you’ll want to understand the discovery process. Generally, there are 10 steps in the franchise process. Here’s what to expect during each.
Steps to Buying a Senior Care Franchise
The franchise discovery process is a way for franchisors to introduce their business model to potential franchisees. It allows both parties to assess the fit and determine if forming a partnership is beneficial. Below is a standard framework. Keep in mind, each brand may tweak their process slightly to fit their specific needs.
- Initial inquiry: This is the first contact a potential franchisee makes with the franchisor. Usually, a franchise candidate will fill out a contact form on the franchise brand’s website to get started.
- Preliminary information: After receiving the franchise candidate’s inquiry information, the franchisor will usually send out a brochure or information packet detailing the brand, the business model, the financial requirements, and the initial investment.
- Discovery call: A franchise development representative will schedule a call to discuss the opportunity in more detail. This is a chance for both parties to ask questions. The potential franchisee can learn more about the business, while the franchisor can gauge the candidate’s initial fit and interest.
- Application: Interested prospects are usually asked to fill out a detailed application. This will cover topics like financial capability, business background, and reasons for interest in the franchise.
- Review of franchise disclosure document (FDD): Once it’s been determined that the candidate is a good fit, the franchisor will send the potential franchisee the brand’s FDD. This legal document contains details about the franchise system including parent or affiliate companies, litigation history, and financial obligations.
- Validation: Franchise candidates are encouraged to speak with current franchise owners. During this step, potential franchisees should have a set list of questions to ask each owner they speak to. These meetings are a good opportunity to learn what it’s really like to run the business.
- Discovery day: This is an in-person or virtual meeting at the franchisor’s headquarters. Prospects meet corporate team members, see the business’s operations, and get a feel for the company culture. It’s also a chance for both parties to ask any final questions before deciding if a partnership is the right next step.
- Final interview or meeting: Before final approval, there’s typically one last meeting with senior leadership or the franchise development team to address any remaining questions or concerns.
- Signing the franchise agreement: If both parties agree they’re a good fit for each other, the franchisor will send their franchise agreement to the candidate. The potential franchisee should make sure all information listed in the agreement is correct and review with an attorney before signing.
- Initial training and launch: Once the agreement is signed, the new franchisee goes through the franchisor’s training, selects their business location, oversees build-out, and eventually launches their new business.
Throughout the process, communication is paramount. Both the franchisor and the prospective franchisee should be open, transparent, and diligent in their evaluations. The goal is to ensure that the relationship is beneficial for both parties.
Buying a Home Care Franchise with HomeCare Advocacy Network
HomeCare Advocacy Network (HCAN) is a top tier senior care franchise in the home care industry. Founded in Omaha, Nebraska, HCAN has franchise opportunities available nationwide. Driven and compassionate entrepreneurs are even allowed to have exclusive rights to multiple franchise territories.
At HCAN, we understand that the quality of care comes from highly trained caregivers. Our mission is “to be the foremost provider of meaningful and results-oriented home care connections for seniors and their loved ones.” That’s why we provide all of our franchisees – and their teams – with comprehensive, caregiver-focused training.
Plus, our franchise opportunity is affordable. Startup costs to join HCAN range between $116,650 and $161,000. To get started with buying a home care franchise, submit your initial inquiry today.