This document may be used to register an offer and sale of franchises or to register a renewal statement or annual report. The document also contains a certification statement.
New York Illinois Franchise Broker Registration Application
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US-4-16-1-STP
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How to fill out Illinois Franchise Broker Registration Application?
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FAQ
A franchise broker helps match prospective investors with the right franchise opportunities. While it's a broker's job to get to know you and look out for your best interests, it's important to understand that a franchise broker doesn't represent you?he or she represents a portfolio of franchises.
Franchise brokers are paid their commission only when you buy a franchise from one of their clients. The simple answer is that franchise brokers are hired by franchise companies to sell you a franchise. If you are looking at franchise opportunities, sooner or later you will become acquainted with a broker network.
A typical franchise consultant may be paid by the franchisors they represent by taking commissions on the sale and/or a portion of the franchise fees that you are paying to become a franchisee.
The Benefits of a Franchise Broker For franchisors, they act as a partner to help find quality candidates and move the buying and investing process forward. Consultants also help candidates determine if franchising is for them and keep them motivated, for no cost.
By definition, a consultant is a professional who offers advice in a specific area. A broker, by definition, connects a buyer and a seller. In the eyes of a potential franchisee, a consultant offers professional advice. To a franchisor, the broker helps connect the brand with a buyer.
How to become a franchise broker Earn an undergraduate degree in business. To become a franchise broker, earn an undergraduate degree in a business-related field. ... Earn a CFC certification. ... Expand your professional network. ... Expand your skills.
When you sign your franchise agreement, the broker will typically earn 40% to 50% of the franchise fee you pay to the franchisor or even more, since most brokers have a minimum fee in the range of $12,000.
For the most part, brokers represent franchise brands, while most consultants work directly with franchise candidates.
New York is a franchise registration state. Before you offer or sell a franchise in New York you must first file and register your FDD with the Investor Protection Bureau of the New York Attorney General. The initial New York FDD filing fee is $750 and the annual renewal fee is $150.
What is a franchise broker? Franchise brokers generate leads to help connect franchisors with qualified franchisee candidates. Their job is to identify and verify potential franchisees, educate them about franchise options and, ultimately, introduce them to franchisors whose goals match theirs.
