{"id":221455,"date":"2023-03-08T13:19:16","date_gmt":"2023-03-08T00:19:16","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=221455"},"modified":"2023-04-03T12:16:36","modified_gmt":"2023-04-02T23:16:36","slug":"financial-report-franchising","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/franchising\/financial-report-franchising\/","title":{"rendered":"3 Things to Look For in a Financial Report When Buying a Franchise NZ"},"content":{"rendered":"\n<p>If you want to purchase a franchise, you should carefully consider the business&#8217; financial report. This includes looking at the business&#8217; expenses and projected costs. Unfortunately, this information can be challenging to come by in New Zealand. This is because franchisors in New Zealand are not legally required to provide you with <a href=\"https:\/\/legalvision.co.nz\/franchising\/disclosure-document-essential-information\/\">a disclosure document<\/a>. However, sometimes, a franchisor will provide the information needed to help you make an informed decision. This article will take you through three things to look for in a financial report when buying a franchise in New Zealand.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. How Much Will the Business Make?<\/h2>\n\n\n\n<p>The first thing to consider when buying any business is how much the business could realistically make. If you buy an existing business, you can rely on the existing financial report and statements to assess this. However, you will have to prepare your own financial projections based on the information you are provided. Sometimes, a franchisor will have sample financial data available based on existing franchise locations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sales<\/h3>\n\n\n\n<p>The first thing to consider is the business&#8217; expected sales. There are a few things to consider when assessing what types of sales you can expect. For example, you should ask:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Are the goods or services offered seasonally?<\/li>\n\n\n\n<li>How many sales will I have to make to break even?<\/li>\n\n\n\n<li>What is the market like for the goods or services I am selling?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Profit and Loss<\/h3>\n\n\n\n<p>The profit and loss statement is the first significant document to consider when assessing a business&#8217;s financial potential. Again, historical statements will exist if the franchise location has been operating for some time. However, where you are opening a new franchise, this will be based on estimates.<\/p>\n\n\n\n<p>The profit and loss statement lists both the income and expenditure. It tells you how much revenue you are making or how much you are spending. This provides invaluable insight into how the business is expected to perform financially.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Other considerations<\/h3>\n\n\n\n<p>On top of sales and profit and loss, you will also need to factor in other potential fees. For example, you should account for <a href=\"https:\/\/legalvision.co.nz\/franchising\/how-to-calculate-franchise-fees\/\">ongoing franchise fees<\/a>. This might include royalty fees and any ongoing contributions to a marketing fund. Further, you should budget for routine updates to the fit-out. Alternatively, you might need a vehicle if the business is a mobile franchise. As such, you should consider vehicle upgrades when assessing the business&#8217; costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Is the Business Worth It?<\/h2>\n\n\n\n<p>The next thing to assess is whether the business is worth purchasing. While sales, profit, and loss are important considerations, this does not necessarily mean the business is in good shape.<\/p>\n\n\n\n<p>If buying an existing franchise, you should look at the balance sheet.<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <!-- wp:paragraph -->\n<p>The balance sheet shows the financial condition of the business based on:<\/p>\n<!-- \/wp:paragraph --> <!-- wp:list -->\n<ul>\n<li style=\"list-style-type: none\">\n<ul><!-- wp:list-item --><\/p>\n<li>assets;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li>liabilities; and<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none\">\n<ul>\n<li>equity.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<\/div>\n\n\n\n<p>If you are looking to open a new franchise location, you will need to assess the assets you will have to purchase and the liabilities you will have to take out to get the business up and running.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Assets<\/h3>\n\n\n\n<p>Assets refer to what the business owns. This might include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>cash in the bank;<\/li>\n\n\n\n<li>money owned by others;<\/li>\n\n\n\n<li>stock, such as any raw metals or goods on hand;<\/li>\n\n\n\n<li>equipment;<\/li>\n\n\n\n<li>vehicles; and<\/li>\n\n\n\n<li>property.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Liabilities<\/h3>\n\n\n\n<p>Liabilities refer to the money that the business owes. This might include money owed to the bank or suppliers or even wages owed to staff. Liabilities are not necessarily bad. Instead, a stable business should have a solid balance of assets, liabilities and equities.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Equity<\/h3>\n\n\n\n<p>Equity refers to the value of the business&#8217; assets after deducing the business&#8217; liabilities. Where you incur more liabilities, your equity decreases. Similarly, when you gain additional assets, your equity increases. A business with negative equity is at risk of insolvency and will be a significant red flag to lenders.&nbsp;<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    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Can I Afford to Buy the Franchise?<\/h2>\n\n\n\n<p>Once you assess the business&#8217;s financial standing or projected financials, you must consider whether you can afford to buy the franchise.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Assets<\/h3>\n\n\n\n<p>The first step to evaluating if you can afford any business is to evaluate your net worth. This is important to understand what franchise businesses are realistically within your budget. You can determine your net worth by compiling a statement of your personal finances, including your assets and debts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Loans<\/h3>\n\n\n\n<p>Once you have evaluated your assets, you must consider <a href=\"https:\/\/legalvision.co.nz\/corporations\/can-i-use-property-security-for-loan-nz\/\">your business loan access<\/a>. This will be repaid from the cash flow of the business.<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <!-- wp:paragraph -->\n<p>The amount each bank will loan you will differ on several factors, including:<!-- \/wp:paragraph --> <!-- wp:list --><\/p>\n<ul><!-- wp:list-item --><\/p>\n<li>your financial position;<\/li>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<li>the bank&#8217;s lending policies;<\/li>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<li>the industry you will operate in;<\/li>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<li>the type of franchise system; and<\/li>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<li>the current economic climate.<\/li>\n<p><!-- \/wp:list-item --><\/ul>\n<p><!-- \/wp:list --><\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Working<strong> <\/strong>Capital<\/h3>\n\n\n\n<p>It will likely take some time for a franchise to generate revenue or break even. This means you will need to account for working capital. Working capital refers to the money needed for daily business operations, such as buying stock or paying staff and utility bills.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In addition to working capital, you will need to sustain your lifestyle while your business takes off. This requires you to assess how much money you need for your expenses.&nbsp;<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/11\/30121230\/franchisor-toolkit-nz-small.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Franchisor Toolkit New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>This publication provides you with the fundamentals for franchising your New Zealand business, including set up, branding and management.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/franchisor-toolkit-nz.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>You should carefully review the financial report of the franchise you want to buy. Unfortunately, franchises in New Zealand are not legally required to have a disclosure document. However, in some cases, a franchisor will provide the information needed to help you make the best financial decision. Some key things to question when assessing financial information include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How much will the business make?&nbsp;<\/li>\n\n\n\n<li>Is the business worth it?&nbsp;<\/li>\n\n\n\n<li>Can I afford to buy the business?<\/li>\n<\/ul>\n\n\n\n<p>If you need assistance deciding if you should buy a franchise in New Zealand, our <a href=\"https:\/\/legalvision.co.nz\/franchise-lawyers-lp\">experienced franchise lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or <a href=\"https:\/\/legalvision.co.nz\/membership\/\">visit our membership page<\/a>.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1678234298243\"><strong class=\"schema-faq-question\"><strong>How do I assess if a franchise is a good investment for me?<\/strong><\/strong> <p class=\"schema-faq-answer\">Before buying a franchise, you should consider how much the business will make. Then, once you have this information, you should carefully consider if it is worth buying. Finally, you should assess your own financial situation to determine if you can afford to buy the business.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1678234304387\"><strong class=\"schema-faq-question\"><strong>Why should I buy a franchise?<\/strong><\/strong> <p class=\"schema-faq-answer\">There are several reasons someone might choose to purchase a franchise instead of starting an entirely new business from scratch. In a franchise, the franchisor provides access to proven business operations and ongoing guidance and support.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you want to purchase a franchise, you should carefully consider the business&#8217; financial report. This includes looking at the business&#8217; expenses and projected costs. Unfortunately, this information can be challenging to come by in New Zealand. This is because franchisors in New Zealand are not legally required to provide you with a disclosure document.<a href=\"https:\/\/legalvision.co.nz\/franchising\/financial-report-franchising\/\">Continue reading <span class=\"sr-only\">&#8220;3 Things to Look For in a Financial Report When Buying a Franchise NZ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13267,"featured_media":215608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"206090,1577,221312,208535,212512,211795","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[7],"tags":[25,54,126,1824],"class_list":["post-221455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchising","tag-small-business","tag-medium-business","tag-franchising","tag-finance-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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She graduated with a Bachelor of Laws (Hons) from Bond University in 2018.","url":"https:\/\/legalvision.co.nz\/author\/emilyyoung\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/franchising\/financial-report-franchising\/#faq-question-1678234298243","name":"How do I assess if a franchise is a good investment for me?","acceptedAnswer":{"@type":"Answer","text":"Before buying a franchise, you should consider how much the business will make. Then, once you have this information, you should carefully consider if it is worth buying. Finally, you should assess your own financial situation to determine if you can afford to buy the business.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/franchising\/financial-report-franchising\/#faq-question-1678234304387","name":"Why should I buy a franchise?","acceptedAnswer":{"@type":"Answer","text":"There are several reasons someone might choose to purchase a franchise instead of starting an entirely new business from scratch. In a franchise, the franchisor provides access to proven business operations and ongoing guidance and support.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13267"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=221455"}],"version-history":[{"count":5,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221455\/revisions"}],"predecessor-version":[{"id":222081,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221455\/revisions\/222081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/215608"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=221455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=221455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=221455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}