Skip to main content

For athletes contemplating franchising , here are some tips from Michael Stone, a former pro football player and founder of the Professional Athletes Franchise Initiative.

Think about what comes next while you're still playing

Start thinking about your post-sports career while you are still playing. Start your education and networking, so by the time you are retiring from sports, you are ready to move forward.

Story continues below advertisement

Don't lead with your cheque book

Take the time to determine the right fit. Choose a concept that fits your personal lifestyle. For instance, if you don't want to be in a store all day, don't buy a 24-hour mini mart.

Build a team

Develop a team around you with the right professionals experienced in franchise agreements.

Get hands-on experience

Even if you plan not to be part of the day-to-day operations of a franchise, get hands-on experience very quickly so you understand the business and know what it's all about.

Know what's expected

Story continues below advertisement

Understand franchisors' expectation are. For example, a franchisor of a large restaurant brand with indoor seating may expect a franchisee to have previous restaurant experience. Find out if the franchisor expects you to be an active rather than silent partner, if you are allowed to bring in an operating partner and if you are expected to take part in training.

Find mentors

Find people who have been in business that can mentor you or that you can partner with.

Special to The Globe and Mail

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter