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FAQs

Frequently Asked Questions

Why use a specialist franchise accounting practice for advice?

For the same reasons you would go to a specialist and not a GP is why you go to a chartered accounting practice that specialises in Franchising.

Good advice pays – because you are dealing with professionals who know and understand franchise businesses. You end up paying less and getting better advice.

We at Franchise Accountants know the industry norms, what to look for, how to save tax, refer you to our trusted network of franchise bankers and franchise lawyers and can provide best practice advice.

Are all franchise systems the same?

There is 8% to 10% of the New Zealand’s GDP is generated from the Franchise Industry. There is approximately 450 franchise systems operating which generate.

However just like there are many models of cars on the road there are different type of franchise system formats. It is not a one size fits all approach.

For example some franchise formats are more suitable to service industries versus retail industries. There a many different ways franchise systems can be built some charging royalties others none. Some Use reputable franchise professionals to build the system others DIY.

Is there a code of compliance Franchisors are required to adhere to?

There is no mandatory code of compliance for a Franchisor to follow, The Franchise Association of New Zealand (FANZ) offers guidelines on best practice within the franchise industry however the membership to this is voluntary. Anyone can set up a franchise business without complying to these standards so buyer beware.

Should I buy a franchise that is not a member of Franchise Association of New Zealand (FANZ)?

FANZ members are made up of franchise systems and associates who advise franchisors and franchisees.

Franchisors:
The benefit of buying from a Franchise system that is a FANZ member is you they adhere to best practice in franchising and make themselves accountable to a peer group.

For example they must be solvent to sell franchises, there documentation must be up to required standard, They offer a mediation service to franchisees in dispute with the franchisor.

Associates (for example Lawyers, Accountants, etc):
They must meet certain criteria to be able to offer advice to franchisees or franchisors. For example demonstrate experience, knowledge in offering advice, supported by testimonials from customers to support this.

These check are required annually. Seek advice from FANZ associates you will have greater confidence you are dealing with a trusted advisor.

Main reasons people buy a franchise?

People purchase franchises for a number of different reasons. One of the most reason people purchase a franchise business opportunity is there is support. You are in business for yourself but not by yourself.

The number one need in SME business owners is isolation. In a franchise business you work as a team of business owners sharing common systems, knowhow, challenges and opportunities

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