buy a franchise business?
Don’t forget to assess the people as well as the profits…
In the 3P' s of business success; People, Products & Profits, People come first for a reason.
If you're looking at franchise opportunities, as a potential franchise business owner, it is important that you do the due diligence and consider you have the HR tools and resources to help you manage your future staff adequately.
As a business owner, it is likely that you won't be spending the majority of time interacting with the end customer, as you might be looking after other areas of your franchise business such as business administration, business development and - indeed - managing your staff.
So it pays to be sure that while you undertake your due diligence on the numbers and potential of the business you also assess the staff, their performance and their potential to add value to your investment.
Core HR will work alongside your lawyer and accountant for undertaking due diligence for business purchases.
What you will receive:
A report on industry specific considerations, such as wage considerations (benchmarking to industry norm), average turnover (expected cost of replacement), talent market (ease ability to recruit or replace for required skills)
Report on business specific requirements, such as roster structure, employment cost commitment, policy limitations etc
Report on current employees, including considerations for offering continuing employment
Recommendations for any efficiency changes to staffing structure (if under / over staffed)
Once you have purchased a business, we then help you to transition the franchise into your management with our HR Transition Plan. We make sure this process runs smoothly, taking the headache out of the HR.
Our HR Transition plan includes:
Consultation process with existing employees regarding the sale and transfer of business
Creating compliant employment contracts
Issuing employment offers to ongoing employees
Liaising with prior owner on risk for any terminating employees
Creating compliant personnel and HR records files
Providing base policies, procedures and a framework to ensure compliance with employment legislation on commencement as an employer
Communication with employees on key changes to operations or policies affecting their new employment (changes to payroll system, changes to leave application process, changes to structure etc)
Once your business has officially transferred, and all transition activities have completed, we can also offer one of our annual service packages.
We can act as your on-call HR manager within our Core HR full-service plan where we work within your business to advise you and manage HR projects directly. Or you can simply call on us as a consultant to provide one-off or fixed term support for any HR challenge. We also offer payroll solutions.
The cost of the service packages and payroll solutions is dependent on the size of your team and the amount of HR support you require.
By outsourcing your HR to us you can be confident that your HR administration is in safe hands, leaving you to focus your energy on growing your business.