Purchasing a Franchise? 10 reasons to contact us first!

Hey guys, I wanted to discuss this week’s focus on “Reasons to contact your Accountant.”

Franchising is one of these times, where it’s essential to seek advice from an experienced accountant before you make any final decisions.

Franchising can be a lucrative business venture, but it can also be a risk if you don’t have the right guidance, from an accountant or even a solicitor.

Here are 10 reasons why you should contact your accountant before purchasing a franchised business.

1. Assessing the financial viability of the business

Before investing, it’s crucial to evaluate the financial viability of the franchise and the business that you’re buying into. We can provide insights to the profitability of the franchise, the potential risks, and the financial projections.

4. Tax Planning

We can assist you in understanding the taxation implications of owning a franchise business. We can help you plan for tax obligations, deductions that can be available, we can also advise you on the best ways to structure your business for optimal tax efficiency.

5. Financing Options that might be available to you

We can help you explore your financing options for purchasing a franchise. We can advise you on the different types of loans available, help you determine the best way to finance your investment, and where to go for the lending you may required.

6. Business Plan Development

We can help you develop your business plan for your franchise business. We can assist you in determining the financial feasibility of the business and help you identify the areas of potential growth and expansion as you continue.

7. Cash Flow Management

We can help you not only manage your cash flow effectively, we can also help you develop a budget and cash flow forecast. We can assist you in monitoring your cash flow to ensure that you have enough working capital to run your business.

8. Business Compliance

We can help you set up your Accounting Software Package and other record keeping systems. This will assist you in maintaining accurate financial records, help you file your tax returns and other regulatory documentation on time, and also make sure that the franchise business is on track, as you’ve expected within your Business Plan Development.

9. Exit Strategies

We can also help you plan your exit strategy from the franchise. We can help you understand the terms of your Franchise Agreement, and advise you on the financial implications and benefits of selling your franchise.

10. Ongoing Financial Support

We can provide you ongoing financial support and advice as you operate your business or franchise. We can assist you in preparing financial reports, analysing your business performance and assist in guiding you through any strategic financial decisions to grow your business.

Purchasing a Franchised Business can be an exciting and rewarding venture, but it’s important to always remember that it comes with its own unique set of financial challenges and risks.

If this is something that you’re considering, please feel free to make an appointment to discuss with me the purchase, to make sure you’re making an informed decision and we would love to help you build a successful franchise business.

I’m Nathan Rigney, the Profit Generator.

If you would like more information, or to book an appointment with me to discuss your business and personal financial planning goals and how to achieve them, feel free to contact us on 02 9011 6669 or email us at info@ngraccounting.com.au

Updated 14th March, 2023