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The dog may as well have eaten it, for it wasn't worth much. My preparation for buying a franchise wasn't even close the quality of what yours must be if you are going to make a sound buying decisions.

Let's consider some of my mistakes.

Most significantly, I was far too driven by emotion, passion and impatience. I had recently concluded a term full of part-time university teaching and when the phone stopped ringing my nervousness about the future took over. As I sat at my home computer in August 2007, I thought, "why not buy a bookstore?" and proceeded to go to the website of the chain from which I bought most of my books to view the opportunities. Since there were three existing franchises for sale, they were the three I examined. Since I couldn't afford the start-up costs of a new store, I didn't consider any other options for establishing a store. At the very least, I should have looked at what other franchisors were offering. I didn't.

Of the three stores, only one was within my price range. While performing poorly, it looked like it would not be falling over any time soon, whoever was the owner. It was probably operating around its break-even revenues, thus offering a lower level of risk than one of the other stores, then struggling against huge local competition. It didn't open Sundays, thus appealing to my sense of family, and contained a low level of inventory, therefore reducing my required levels of borrowing.

Having said that, it seemed to be providing the existing owner with a basic salary but little more. I knew that I could turn make it run as well as it had in years past, however I missed some critical information that I should have noticed. First, the owner's partner had been employed full-time in the store yet was only being paid the equivalent of a couple of days a week. With my wife teaching part-time and looking after the kids otherwise, this was a salary expense I had not foreseen and would need to incur.

Second, the previous owner's borrowings were much lower than mine, so his loan servicing expenses didn't impact on the bottom line as much as mine did. While my accountant was competent, I should have sought advice from a financial adviser with more experience in small business generally and franchises in particular.

Third, given all of the above, I should have offered far less to buy the business than I did. While the existing owner dropped his price by about 30 percent, making me feel that I was a negotiating king, the reality was that the business was worth significantly less than I paid. The owner was pretty desperate to sell, there were no other serious buyers in the market, and I was too enthusiastic about showing my hand as a potential buyer to later have the negotiating power that I might have.

Finally, it turned out that the timing of my purchase was abysmal, at least in some respects. During September 2007, I left Australia for two months of teaching at a university in rural China. As I departed, I had decided against the idea of buying my favored franchise. The money was just not in it and something told me that it may never be. Nonetheless, on arriving in Shanghai en route to a central province, I received updated financials from the existing owner that gave me a little more hope. After another few days of reflection, no doubt encouraged by the fact that I was in the middle of nowhere and wondering about the state of my career, I took the plunge and bought the business.

All well and good, you might say, except that negotiating a price, completing the franchise documents, and filling in the never-ending pile of supplier credit forms was perhaps best undertaken from home rather than the middle of nowhere. Worse still was organizing a bank loan to buy the business. I had no previous record of business borrowings so had to start from scratch. Worse, my bank manager was out of the office far more often than she was in it. Tracking her down made for a ridiculous number of calls. What hurt the most, however, was that on my return, a Director of the franchisor asked me if I had used their preferred bank, since that bank had set up fast-track procedures for new franchisees and, better still, enabled the new franchisee to borrow against the value of the business rather than against their residence! If I'd known that at the time, much stress and heartache down the track could have been avoided.

While I still feel that the franchisor could have done a much better job of assisting me, the responsibility, when all is said and done, was mine, as it is yours if you are passionate about buying the right franchise at the right price in the right location. Carry out as much as the due diligence as you can yourself and, where you don't have the skills, bring in others to better work through the critical processes that will undoubtedly have significant bottom-line impacts for your business over the long haul.

Dr Dave Poole is a professional writer and speaker who resides in Sydney, Australia. He speaks regularly in North America, Europe, and in the Asia-Pacific region, and has taught leadership and corporate strategy at business schools around the globe. Co-author of two popular management books, Dave Poole was recently the successful CEO of a major industry association for the real estate development sector. He has served in local and state politics and currently owns a successful business in the publishing sector. His speaking topics include "Leadership in Tough Times", "Abundance Leadership", and "Communicating Passionately and Persuasively." For more information, please see http://www.stratleadership.com

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