Read this before you go into business with your spouse
This is the Q & A you need to read.
Husband and wife team Mark and Gianna Uzzell, who will be operating their Hotondo Homes franchise in South Brisbane, Logan and surrounding areas, take our Q & A
1. Why buy a franchise and not go into business for yourself?
There are so many facets to running a business today, from accounting systems to marketing including digital and traditional marketing and that all-important website giving an online presence. We felt that a ‘ready-made’ franchise ticked all these boxes as well as having tried and trusted building plans and national supplier purchasing. For us, there was no need to reinvent the wheel when we found something that is already doing really well.
2. What are you looking forward to the most about being a franchisee?
Being new to the franchise system it is a massive bonus to have support from both Head Office for systems and processes. Knowing there is a team of experts across a number of fields just a phone call away is a huge relief! The other franchisees themselves are also a huge help, we’ve only been a part of the system for a short amount of time and already feel part of the family. Their tips, experiences and even troubleshooting has already come in handy.
3. How long was the due diligence process for you?
We spent 18 months doing our due diligence. While it was a long time we had to make sure we were making the right decision for ourselves and our family. We needed to know that Hotondo Homes was the right franchise for us too.
4. What advice would you give to potential buyers about the process of selecting a franchise system?
Research a few franchise systems and compare them so you really know what you’re getting. Get expert advice from your accountant/financial consultant. Complete your analysis with real figures and spreadsheets and don’t be afraid to ask the franchisor all the nitty gritty questions - keep asking until you get an answer. Remember, they want your business and transparency and honesty is an important factor. Ask the franchisor for contact phone numbers of existing franchise owners and discuss any questions you have with them – this will give you a greater insight into what it is like to be a part of the network. Unless you are willing to dig deep and do your due diligence, you cannot make a truly informed decision. Question, question and question until you have the complete picture!
5. Have you both set out your responsibilities already? What will the role of your children be?
We both have different skill sets and strengths so this was an easy task for us. Our children are teenagers with one starting a dual honours degree at university in Engineering/Business. Our children are a very big part of our lives and as such we are including them in our business. We have already discussed the opportunity for our son to use our business as a springboard for experience and both children will be helping out when required.
6. What advice do you have for other couples considering going into business together?
Business is no different to marriage – respect, communication and compromise are an absolute must. Acknowledge each other’s strengths and skill sets and communicate with each other, even down to the little things - it all counts. Aim for perfection but remember there will be times where you may fall short. We stand by our mission statement - “We will strive to grow our business with honesty and integrity; we are team players and consider “our team” as family. We treat customers, suppliers and employees with respect. We pledge to establish lasting relationships with all our customers, by exceeding their expectations with trust and finesse in all areas of our work”.
Interested in a Hotondo Homes franchise? Take the next steps now.