Frequently Asked Questions
General FAQ
Vetted Biz is the premier online platform for qualified existing business and franchiseA franchise is when a business (franchisor) allows a party (franchisee) to acquire its know-how, procedures, processes, trademarks, intellectual property, use of its business model, brand and rights to sell its products and services. The franchisee signs a contract (franchise agreement) with the franchisor to acquire the franchise and generally has a territory granted to operate…. listings. Our platform brings transparency to all sides by providing current industry data, detailed business information, and lead generation support to franchisors and business brokers in connecting them with qualified leads.
Our goal at Vetted Biz is to bring as much transparency as possible to individuals that are seeking to purchase existing businesses. In order to learn more detailed information about any given listing on the Vetted Biz platform, please fill out the contact form of the business listing you would like to learn about and the listing agent will reach out to you directly.
If you are interested in a franchise or business opportunity that is a part of our portfolio, you can submit your information through their direct page on our website. After submitting it, you will receive an email with more information on the concept and the franchisor/business owner will get in touch with you directly.
Some points Vetted Biz recommends candidates to consider when evaluating a specific franchise include:
- Why am I looking to buy a franchise?
- Is there a specific background or experience the franchise system is looking for?
- Understand the business and have all questions answered before moving forward
- Meet the management team / Take part on discovery day
- Speak to current franchisees
- In-depth review of the Franchise Disclosure Document (Vetted Biz recommends all candidates to hire a franchise attorney for the review)
When you are interested in buying a franchise, you are presented by the franchisor with a legal document, the Franchise Disclosure Document (FDD)The Franchise Disclosure Document (“FDD”) is a legal document that the franchisor presents to prospective franchisees in the franchise pre-sale process. Every U.S. franchise must register their Franchise Disclosure Document in order to sell the franchise opportunity. It is a very extensive document that discloses detailed information about the franchisor and the franchise…., that details your rights and obligations as a franchisee. When you become a franchisee, you obtain the right to operate your business under the franchise’s name and you are also required to pay the initial fee and royalties.
Regarding obligations, the amount and details of rules differ depending on the type of business. If your franchise sells goods or food, you may have to use specific ingredients and products that will be provided by the franchisor. If, instead, your business is service-oriented, you will likely have to follow your franchisor’s manuals and procedures. Any item or service must be previously authorized by the franchisor if not yet specified in the franchise agreement.
If you are passionate about owning your own business, have a strong worth ethic, commitment, motivation to succeed and can follow a proven system then you are the right candidate for franchising.
Advantages:
- Brand recognition and network
- Proven business model
- Guidance for management and how to run the business
- Pre-opening support: site selection, construction, design, etc.
- Training and ongoing support from the franchisor
- Network of franchisees for support
- Help with local marketing and advertising
- National advertising by franchisor
While some franchisors offer assistance with financing, others do not. You should also consider alternative modes of financing however such as SBA loans, friends and family loans as well as external.
You can find more information on SBA loans here.
Although there is no guarantee from the franchisor’s end, you may be able to have a better idea of the franchise’s earning and/or revenues on Item 19 of their Franchise Disclosure Document.
You can find more information on franchise profits here.
Franchisor FAQ
We have cultivated a strong and growing network of potential existing businesses and franchise buyers through our years of working as a premier franchise consultant via our sister company, Visa Franchise, where we offered consulting services to hundreds of investing clients interested in investing in a franchise business. Our network is comprised of individuals with substantial liquid capital and a strong incentive to invest in a franchise business model.
Most importantly, we mandate that individuals interested in speaking with a franchise opportunity must submit personal information, including metrics such as liquid capital, that can help indicate early on whether they will be a viable franchise candidate or not. A franchise listed on Vetted Biz will only receive the information of franchise leads that meet their stipulated criteria. This translates into higher quality franchise leads and significant time saved for the franchisor.
More often than not, the existing franchise platforms contain inaccurate information that have not been updated on their respective websites. They allow any franchise, or company claiming to be a franchise, to list their company on their platforms. While our competitors are more similar to “CraigsList” for franchise portals, with virtually no vetting occurring, Vetted Biz is more similar to “AirBnB” through our commitment to vetting the franchise opportunities listed on our platform as well as requiring individuals to provide qualifying information in order to connect with a specific franchisor. Our goal has always been to make a high quality, transparent marketplace for the franchise market.
We drive traffic to our website through optimized franchise listings that contain very relevant information for individuals looking to invest in a franchise. Additionally, we have a network of leads and international buyers who are living in the U.S. or are looking to move to the U.S. in the near future.
Through our network, we have 20,000+ social media followers, 10,000+ monthly website visitors, and 36,000+ newsletter subscribers.
Franchises that have signed on to the Vetted Biz platform receive an email from Vetted Biz containing the information the lead has submitted, including their contact information. Every month Vetted Biz sends out a summary email of all the leads that have been sent over along with the billing invoice for the month.
We support business brokers, independent businesses, and franchisors.
Yes, one franchise resale is the equivalent of one business listing. Our platform is optimized for franchise listings as well as existing business listings.
We verify every lead’s email and phone number through text message.
Vetted Biz makes the billing process as seamless as possible by charging for leads on a monthly basis through processing the credit card on file. The franchise partner will receive a detailed summary of all of the leads they received along with the invoice for the particular month.
In the case a lead confirms they did not reach out to franchisor or if the lead is not interested in the franchise, we can issue a refund. We will do our best to process any refund as quickly as possible.
Yes, we offer a variety of packages you can choose from that limit your monthly spending with our platform. These packages vary according to total investment amount, investment location, time frame to invest, etc.
When you sign up we will send you a manual intake form for you to customize your profile before we post it.
We are currently in the initial stages of our website launch hence why we are waiving the initial set up fee and minimum fee per month for franchisors that sign up before July 31.
Yes, note however that you would need to cancel at least 15 days in advance of the first of the following month in order to not be charged.
Additionally, the leads would come to us instead of going to you, the franchisor.
Business Broker FAQ
We have cultivated a strong and growing network of potential existing businesses and franchise buyers through our years of working as a premier small business consultant via our sister company, Visa Franchise, where we offered consulting services to hundreds of investing clients interested in investing in a franchise or small business. Our network is comprised of individuals with substantial liquid capital and a strong incentive to invest in an existing small business.
Most importantly, we mandate that individuals interested in speaking with a business must submit personal information, including metrics such as liquid capital, that can help indicate early on whether they will be a viable buyer or not. This translates into higher quality franchise leads and significant time saved for the individual listing the existing business on our platform.
More often than not, the existing business platforms contain listing with inaccurate or very little information. This lack of transparency causes a decrease in the interestA payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum, at a particular rate. In Vetted Biz, it is typically the additional rate of a loan a business buyer would pay off over time to borrow in purchasing a business…. of potential buyers of existing businesses. Vetted Biz’s goal is to bring much greater transparency to the existing business market, thereby improving deal flow for business brokers and individuals listing businesses for sale. While our competitors are more similar to “CraigsList”, with virtually no vetting occurring, Vetted Biz is more similar to “AirBnB” through our commitment to bringing transparency to existing business listings listed on our platform as well as requiring individuals to provide qualifying information in order to connect with a specific listing agent. Our goal has always been to make a high quality, transparent marketplace for the existing business market.
We drive traffic to our website through optimized listings that contain very relevant information for individuals looking to invest in a business. Additionally, we have a network of leads and international buyers who are living in the U.S. or are looking to move to the U.S. in the near future.
Through our network, we have 20,000+ social media followers, 10,000+ monthly website visitors, and 36,000+ newsletter subscribers.
Businesses that have signed on to the Vetted Biz platform receive an email from Vetted Biz containing the information the lead has submitted, including their contact information.
Vetted Biz will not publish information that a listing agent does not want to be published on their listing page. Additionally, Vetted Biz can facilitate the signing of a nondisclosure agreement if preferred by the business broker or owner.
We support business brokers, independent businesses, and franchisors.
Vetted Biz makes the billing process as seamless as possible by charging for listings on a monthly basis through processing the credit card on file. The business broker partner will receive a detailed invoice for the particular month.
When you sign up we will send you a manual intake form for you to customize your profile before we post it.
We offer different monthly subscription packages based on the number of listings.
Yes, note however that you would need to cancel at least 15 days in advance of the first of the following month in order to not be charged.
Additionally, the leads would come to us instead of going to the listing agent.