LEARNING ACTIVITY 2:
Client 1: Amy Adams likes to cook. She likes to host big parties and often does all the cooking herself. She has started to get requests from friends and family to cook for their events. Amy has considered quitting her full-time office job to run a restaurant.
Client 2: Brad Buchanan has been a mechanic at a Honda dealership for over 10 years. Brad and his wife have worked very hard and they have managed to save a substantial amount of money. However, Brad is concerned about how he will afford to send his children to college. He is considering leaving the Honda dealership and starting his own business to make more money.
Client 3: Craig Collins recently received a large inheritance. He loves his job as a high school basketball coach, and he doesn’t plan to quit his job. He heard that a franchise could be a good investment. He is considering purchasing a franchise as an investment.
You have been approached by all three individuals above, however due to your busy schedule, you can only take on one new client at this time.
Assignment:Prepare a letter to your new client providing advice and guidance regarding whether he/she should pursue franchising.
In your letter to the client, discuss the following:
– What is a franchise
– the advantages and disadvantages of owning a franchise
– any legal issues related to franchising
– any other major considerations that the client should consider regarding franchising
– based on the client’s background and goals, provide your general guidance whether the client should pursue a franchise or consider a different type of business organization (from Week 7).
– If you recommend a franchise, what steps should the client take next? If you recommend another type of business organization, what steps should the client take next?
Your letter should include a greeting, and a closing. Your letter should be written in paragraph format using in text citations, where appropriate.
