Sound financial foundations for your franchise www.FranchiseAccountantsNetwork.com 1 Franchise Accountants Network Expo Talk 2014.

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Presentation transcript:

Sound financial foundations for your franchise 1 Franchise Accountants Network Expo Talk 2014

“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 …

“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 Network Expo Talk 2014

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

Seek appropriate advice The Franchising Code of Conduct – You must be notified to get advice 6 Franchise Accountants Network Expo Talk 2014

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

Seek appropriate advice Independent legal advice = Lawyer Independent business advice = Accountant 8 Franchise Accountants Network Expo Talk 2014

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

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

SNAKES & LADDERS Role of the accountant?

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

How to choose an Accountant The big question is this… Do they understand franchising? 13 Franchise Accountants Network Expo Talk 2014

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

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 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

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

Thank You! 18 Franchise Accountants Network Expo Talk 2014