The Vetrepreneur® Franchising Coaching program takes veterans who are interested in franchising through a 10-step program. Here is a summary of those steps. If you’re ready to explore the journey, sign up today for a free consultation with a franchise coach by visiting Vetrepreneur.com/moat.

Step 1: Franchising Bootcamp

Step 1 of the Vetrepreneur® Franchise Coaching process will educate you on the basics of franchising to see if this could be the right path for you. In Step 1, we’ll also dispel some myths about franchising and educate you on the basics of what you’ll need to know to move forward.

Step 2: Self-Assessment

Congratulations! You’ve pre-qualified for franchising. Now it’s time to start digging deeper into who you are and the types of franchising sectors to help find the right fit. A thorough self-assessment prepares you for a product Discovery Meeting with your Senior Coach.

Step 3: Discovery Meeting

This is a 45-minute casual conversation on a video call with one of our coaches to determine your skills, lifestyle, financial resources and location and how those line up with the thousands of franchise opportunities.

Step 4: Presentation of Options

This is an exciting step where you get to see how your skills and experience line up with specific franchise opportunities. A few days prior to this call, you will be notified when your franchise options are viewable in the “Dashboard”. Your coach will provide 8-12 franchise options for you to review and discuss. Additional materials may be emailed to you. You should read and review all of these materials prior to your options review call.

Then, you’ll spend 45 minutes on a Discovery Meeting with your coach to ascertain what you like and what you don’t like in general about each

concept. Our goal is to eliminate choices and get down to 2-4 in ranked order. From there, your coach will conduct specific territory checks and provide a detailed introduction to franchisors.

Step 5: Franchisor Calls

The discovery and education process is in full swing at this point! You have been introduced to 2-4 franchisors and will have the opportunity to have initial conversations with them. Franchisors may ask you to register in their system, read some materials or watch some videos prior to that initial call. Your coach will schedule a 10-minute follow-up with you after each of your franchisor calls to ascertain what you liked and what you didn’t like.

Step 6: Funding

At this point, you have a general idea of how you’re going to finance your franchise along with the specific financial requirements for your selected franchise. Now it’s time to talk to the financial service providers to custom fit a funding solution to fit your needs. Just like buying a home, it’s important to understand early what you can afford, the optimal financing formula and a pre-approval. Doing so arms you with the ability to take advantage of the right opportunity when you find it so you don’t lose your territory. Keep in mind that it usually takes a minimum of a couple of weeks to get approved for any financing and up to eight weeks or even longer for SBA loans so it’s important that you get this step started as soon as you have an idea of the type of franchise you’ll be pursuing.

Another part of this step is setting up your LLC or corporation. You won’t put the franchise in your own name. You’ll form an LLC or
a corporation and that entity will purchase the franchise. You’ll also need to file to obtain an Employer Identification Number (EIN). Between now and the franchise award is the time to do this. Forming an LLC and obtaining an EIN is a simple process that your accountant or lawyer can do or you can do on your own. If you’d like referrals to professionals to do this for you, your coach can assist.

Step 7: FDD Review

If you compare the process to a five-course meal, the Franchise Disclosure Document (FDD) is the third course in our meal: the soup. It provides a tremendous amount of depth and due diligence about the business you’re considering buying.

The FDD is federally mandated by the Federal Trade Commission (FTC) and makes access to your due diligence incredibly convenient. The FDD is for your awareness and protection. The franchisor will send you the
FDD and you’ll need to provide a signature verifying that you received it. This is mandated by law because you’ll have to wait 14 full days from FDD receipt before you can purchase a franchise. The FDD is a very large document with 23 items but it is purposefully written in plain language so a layman can understand it. Your franchisor should schedule time to go over the FDD with you after you read it and you should ask lots of questions for clarification and understanding.

Step 8: Validation

Now you get to talk with other franchise owners in your chosen franchise. We recommend that you talk to as many as necessary to feel comfortable. In general, this is done by talking with 1-3 franchisees or more to validate everything you’ve learned up until this point.

Back to the five course meal analogy. This is the entree. It’s our favorite part. If talking to franchisors is like talking to Mom and Dad, then talking to fellow franchise owners is like talking to an older brother or sister. They are who you are about to be. They can talk about anything, including specifics on their revenue and earnings. So ask them lots
of questions and put those responses into context to process based on your own perspective.

Step 9: Discovery Day

Congratulations on being invited to Discovery Day! This is an exciting time where you’ll be given the opportunity to meet either virtually or in person with members of the franchisor team. You’ll meet with the senior executives about the vision and hear from the training, marketing and support staff to understand how they support your opening and ongoing operations. The vast majority of those who attend Discovery Day end up becoming a franchisee.

Some franchisors call this Confirmation Day or Team Day or Meet the Team Day. It’s all the same. Immediately after Discovery Day, the franchisor will make a final decision about choosing you and will either offer you a territory or not. You’ll make the same decision on them. If both parties agree, then it’s a done deal!

Step 10:
Franchise Award! Congratulations! You’ve been awarded a franchise and you’ve now joined 2.5 million other veterans who own and operate their own businesses! If you haven’t already, you’ll form your business entity (typically an LLC or corporation) and review the franchise agreement. Once you’ve signed the franchise agreement and paid the franchise fee, your territory is reserved and you’re officially a Vetrepreneur®! After this step comes training, ordering equipment and starting the process of opening your business!