Franchise Q&A
[Bio] Pip Wilkins is head of operations at the bfa
A: The British Franchise Association (bfa) is the non-profit representative body for ethical franchising in the UK and provides impartial and objective advice to prospective franchisees, as well as identifying brands that can prove they operate ethically and reach a standard when it comes to how they interact with their franchisees.
Q: How does the British Franchise Association help
prospective franchisees?
Membership involves accreditation against a strict set of ethical criteria that evaluate: the franchise agreement, support and training offered, full and fair disclosure of relevant information to prospects and proven financial sustainability. It’s not as simple as stumping up membership fees; some companies are turned down because they cannot pass all the checks required. Acheiving accreditation is not a guarantee of success, but it does indicate that a business operates ethically and for the sustainable benefit of its franchisees. Franchisees of bfa member brands can
enter the annual bfa HSBC Franchisee of the Year awards, as well as being able to join the Association themselves to take advantage of extra business support and special offers. The bfa runs seminars for prospective franchisees around the country, as well as panels at the National Franchise Exhibitions, featuring existing franchisees giving insights into their personal experiences.
Membership is also looked on favourably by the high-street banks, meaning that finance can be easier for prospects to secure.
[Bio] Carl Reader
is a partner at Dennis & Turnbull Chartered Accountants and Strategic Advisors
Q: What should I look for in a franchise accountant?
A: Choosing an accountant for your new franchise might not seem to be the most exciting part of an entrepreneur’s journey, but making the right choice at this stage can ensure that you set up your business on a firm financial footing. Make sure that your accountant is fully conversant with franchising. Ideally, you would want to use an accountant who is affiliated with the bfa and holds the QFP (Qualified Franchise Professional) qualification.
You would also be wise to ensure that they fully understand the specific tax legislation that surrounds franchising, and that they have experience in your sector and preferably your chosen franchise brand, as this means that they already understand your business.
The best accountants tend to come
from referrals, so ask other professionals, such as your franchise solicitor and indeed your franchisor, to find out who they have found most useful to work alongside. n
December/January 2015 |
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