Potential franchisees looking for trustworthy information on the ins and outs of buying and running a franchise now have a place to gather and pick each other’s brains. Self-proclaimed Franchise King Joel Libava has created a new group on LinkedIn specifically designed for would-be franchisees.
Titled the How To Buy A Franchise Group, membership is open to anyone interested in buying a franchise, whether actively engaged in the process or even just considering the possibilities. As the host and moderator, Libava hopes to foster much lively discussion and proffer a wealth of sage advice on the many intricate aspects of franchise ownership.
Who is Joel Libava?
On his website (one of many, many) JoelLibava.com, Libava proclaims himself to be a “franchise book author, marketer, advisor and an advocate for prospective franchise owners.” Based in Cleveland, Ohio, he’s the President of Franchise Selection Specialists, a franchise advisory service company started by his later father in 1991. Prior to joining the company in 2001, Libava’s career spanned a variety of management positions in the restaurant industry followed by over a decade in automobile franchising.
Dubbed The Franchise King by colleagues at a trade show one year, Libava decided to trademark the moniker, and now publishes a regular blog at TheFranchiseKing.com. He’s also started the Franchise Biz Directory, a web directory dedicated to showcasing top franchising and business opportunities.
Passionate about the franchise business, you can find The Franchise King on Facebook, follow him on Twitter, watch his videos on YouTube, read his articles on Entrepreneur.com, and order his book, Become a Franchise Owner! from Amazon.com. You can even call him on the phone.
By Invitation Only
Like other LinkedIn Groups, How To Buy A Franchise Group is by invitation only. Libava promises to personally vet potential members, to weed out “franchisors, franchise brokers, franchise consultants etc.,” insisting “I don’t want group members to be influenced by individuals or companies that sell franchises.” The only exceptions will be a few current franchise owners Libava likes and trusts, whom he plans to invite to share some of their real-life lessons learned.
“I decided to create this LinkedIn Group because I wanted to have a central place for people interested in franchise ownership to meet, ask questions, and share their experiences,” he proclaims on his blog. This ties in with his many efforts on various media platforms to educate potential franchisees on the rigors involved in operating a franchise.
“It is so important for people to figure out before they even start looking around if they are really right for franchising,” says Libava. “There’s this myth created by franchise marketing that franchises are businesses-in-a-box or turnkey businesses. It creates a false sense of security, and people think all they have to do is write a $35,000 check for the franchise fee and get $100,000 from the bank, and then they’ll be rockin’ and rollin’. That’s the part I fight every day. You have to make sure you have the right traits and characteristics needed for franchising, or you’re going to fail.”
So if you’re considering buying a franchise, or just thinking about considering maybe looking into buying a franchise and want to find fellow professionals in the same boat, head to LinkedIn and join the How To Buy A Franchise Group for some helpful advice from The Franchise King.