Explore Business Ownership with a SmartBooks Franchise

The 4-Stage Mutual Evaluation Process

SmartBooks Franchise 4-stage Mutual Evaluation Process

Buying into a franchise is a big decision and needs to work for both parties in order for a successful relationship to be formed.  As a franchisor, we are not successful unless our Franchisees are successful, and just as you need to feel good about SmartBooks we also need to feel good about you.  To that end, we have developed a 4-stage mutual evaluation process to ensure that franchises are awarded to franchisees who are a good fit technically, culturally, as well as financially.

Stage 1 – Introduction Stage

The Introduction Stage is designed to give you a high-level overview of the SmartBooks Franchise System and enable us to get to know one another.

  • Initial Discovery Meeting.  The initial discovery meeting is a 15 minute meeting where we review the qualifications and motivations of a prospective franchisee and share high-level information about the SmartBooks Franchise System.  
  • Franchise Overview Meeting. The franchise overview meeting is a 1 hour meeting where you will hear from our co-founders about the history of SmartBooks and an overview of the franchise system.
  • Request for FDD. The request for franchise information is a step where the prospective franchisee formally expresses interest in the franchise business opportunity and is a requirement prior to the delivery of the franchise disclosure document. 

Stage 2 – Discovery Stage

The Discovery Stage is where you dig deep into the franchise system and see exactly what the requirements are of a SmartBooks franchisee and what type of support will be provided to you.

  • Deliver Franchise Disclosure Document (FDD).  The FDD is a legal document governed by the Federal Trade Commission’s Franchise Rule. An FDD must be presented to prospective franchisees in the pre-sale disclosure process. 
  • FDD Review Meeting. You should always consult with an attorney who understands franchising to help you evaluate the FDD. We will walk through the document to highlight key information and answer any questions you have about the document.
  • Discovery Day. The discovery day is an opportunity to meet the team that will be supporting you and get a look “behind the curtain” so you can get a better feel for our culture, our systems and processes, and see firsthand what it would be like to work with SmartBooks.

Stage 3 – Application Stage

After you have all of the information about the SmartBooks franchise system, it’s time to start the official application process.  

  • Franchise Application. The franchise application provides detailed information about the candidate in order to make an informed decision.
  • Fractional CFO Assessment. The prospective franchisee will complete an exercise that tests the ability of the candidate to perform in the role of a Fractional CFO.
  • Application Review & Background Check. The franchisor will review the application and run a criminal background check.
  • Decision Reached.  Once a decision is reached, a call will be scheduled to review and discuss the next steps.

Stage 4 – Commitment Stage

  • Franchise Agreement & Initial Franchise Fee. The candidate will receive the Franchise Agreement, which is the legal document that governs the franchisor/franchisee relationship. You should consult with a franchise attorney that understands franchising to help you navigate and understand the requirements of the franchise agreement. Once the franchise agreement is signed and the initial franchise fee has been received, the franchise will officially be awarded.
  • Franchise Awarded. Congratulations! You are now officially a SmartBooks Franchisee and are on your way to building your own outsourced finance and accounting business.
  • Pre-Opening Planning. In this step we will plan for the initial training and get you on a path to successful business ownership.