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E-Myth – “Why most small businesses don’t work & what to do about it”

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CFO services | What A Wonderful Start To Time And Financial Freedom.

CFO services that getting into business for yourself is daunting at the best of times. Likewise, it can be equally as troublesome, and time-consuming, and very hard-working, in whatever type of business or franchise the you get into.

Often times what happens is a lot of people want to get in to the business and they will want to build it from the ground up so that they can make it their own. They can put their own touches on it, and it will legitimately feel like they own their own business. This is a very poor symbol and a very popular choice.

However, there are in fact people who like to get into business where they have team behind them already, that is set up, with the experience of owning many of the same types of businesses. In Athe case of franchises, they will have owned exactly the same business as you.

You will be able to get into a turnkey franchise that does not require any building from the ground up, any renovations, any product investigations. Etc. everything will have been prepared and ready for you, and you walk in and start your business and hopefully making money. That is considered a turnkey business, a franchise.

In your search, if you are looking into indeed franchising, what you will do is you will get involved with a representative from that particular franchises conglomerate, or had office. They will then coach you through what happens within their franchise. What they will do is they will “aid,” your investigation of owning a franchise in giving you the addresses of three individual standalone franchises from within their conglomerate.

Then what they will do, is they will ask you to go visit them and talk with the owners, and see what type of experience it is owning that particular franchise.

However, CFO services says, what they won’t do is they won’t give you a average of the successful businesses to the unsuccessful businesses. They will strictly give you the addresses to three very successful businesses and three very hard-working and happy owners.

CFO services says that what you should do is take upon yourself to hit the ground running and do your own research and do your own phone calling and your own visiting franchises. Do a simple Google search and find out which businesses that you can visit and potentially find a little bit about the success and failure of them.

You may phone them as it is absolutely within your right to see if they are able to talk with you about their experiences from within the business. A better idea would be to go visit them in person, and if they are not yet ready to talk, then make an appointment with them to sit down with them and asked him questions.

Then you have to think of a lot of the paperwork that you will be dealing with. You will be dealing with franchise disclosure documents.

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CFO services reminds you that you can potentially get a loan from the government, at least in Canada, in order to start a franchise. This loan is called the Canada small business financing loan. It is a loan to a maximum of $350,000. You will apply for that loan, and hopefully get the ceiling of $350,000. However, don’t be sad if you do indeed get some but get less. The $350,000 is the ceiling for the loan.

As well, says CFO services, the bank is going to help you out if you get a favourable banker behind you to do and work with you. That should be the limit that you are looking at at least. Consider putting in some of your own collateral in order to make a better case for you to get that loan. If the bank sees that you are legitimately interested, and have your own “skin in the game”, they may be more apt to accept your loan application.

There are several new documents that you will have to navigate and learn all about. One of the documents is called the franchise disclosure documents. As well, you’re going to get plain paper documents, so there’s no involvement at all from an external accountant. But the plain paper documents are are just the internally prepared financials. What happens is sometimes you will get incomplete information and they will change, subject to what happens with the financials at year-end. It’s almost like there’s always adjustments at the year-end. In fact, they are not quite as reliable as you may think, and be careful as you can potentially make wrong decisions based on those numbers. It’s a good idea to try and request external accountant prepared financials for each and every location that you have visited.

You can also start to get a little more completeness from the picture that those three individual owners will give you of the franchise, says CFO services. Oftentimes we have entire categories of expenses that are conspicuously missing in the plain paper documents. Plain paper as a matter fact is just the internal documents. You are also going to need a notice to reader engagement report. It is in fact a good idea to ask for the external accountant prepared financials. The reason for this because they generally more comprehensive and quite frankly honest. These are the more complete documents.

CPAs are going to go through and be very detailed and their gut as they start to talk tabulated and calculate the recent abilities of you owning a very viable business. They didn’t just take the numbers and were given and worked with those particular numbers. The franchise agreement, and apply the royalty against the revenue. That is not necessarily a very viable idea and something that is not necessarily going to give you a very clear picture. Make sure that your CPA gets the proper numbers in order to give you a clear picture of this franchise.