Sara's Coaching Corner
February 2024
In last month's newsletter, we acknowledged the start of a new year - an opportunity to pause and reflect on our accomplishments, acknowledge past regrets and embrace new hopes and dreams for the future. That typically starts with setting resolutions aimed at improving some aspect of our life. But do you know what the second Friday of January is? I've never heard of this until this year. It's referred to as "Quitter's Day!" Research has shown that a high percentage of resolution makers lose motivation starting on this day with most resolutions abandoned by the end of the month.
Good news! It doesn't have to remain that way. That's why February is known as "the month for doers." While January is the month of change, February is the month of lasting change. Further research has shown that people who pick up their resolutions again early in the month of February tend to make lasting habitual changes going forward. So it's time to get motivated, pick up those resolutions again and move beyond the dreaming stage to be come a doer in February!
All my best!
Sara
What is a Franchise Disclosure Document (FDD)?
Congratulations! You've made it to discovery, talking to franchise business partners, learning about their various business models and the next thing you know, you receive a 150+ page document called a Franchise Disclosure Document (FDD). It can be overwhelming to understand what it is, the purpose it serves, and most importantly, how to tackle reading, retaining and comprehending what's in it.
At a high level, all franchisors are required by law to provide prospective franchisees with information about the franchisor, their franchise system, and draft agreements to help them make an informed decision on whether or not to purchase a franchise. There are 23 Items each franchise is required to disclose, so once you review one FDD, the flow and format are similar, with the exception of course that each FDD pertains to different franchise business models.
Now how to tackle that review? It depends on you and how you take in information. FDDs don't necessarily have to be read front to back. If you find the thought of reviewing this lengthy document next to impossible without nodding off to sleep, I recommend combing through the Table Of Contents/Index and picking out 3-4 sections you want to tackle at a time until you get through the entire document.
Other recommendations for reviewing the FDD include taking a highlighter and highlighting important requirements and using sticky notes to write out your questions/concerns that you want to discuss with the franchisor. To learn more about FDDs in depth, click here, and reach out to me for any additional questions or concerns. Happy Reading!!!
- I'm honored to be a permanent co-host on Thriving Women Network's The Financial Freedom Show. Click HERE for more details on how to watch live every Monday at 11am CST / 12pm EST or access prior episodes.
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About Me
Email: sroy@esourcecoach.com
Website: https://sroy.esourcecoach.com/
Phone: 913-359-9939
