Looking to buy a franchise business?
Don’t forget to assess the people as well as the profits…
Our HR Due Diligence plan includes:
(As part of the pre-purchase of a business)
A review of contracts
Review of current employees history
Policy and procedures review
Current employee vetting
In the 3P's of business success (People, Products & Profits) People come first for a reason.
As a potential franchise business owner, it’s important that you do the due diligence and have the HR tools and resources to help you manage your future staff adequately.
As a business owner, it is likely you will spend most of the time stretched across every area of your business such as administration, finance, marketing, sales recruitment and managing your staff.
So it pays to undertake your due diligence on the numbers, the potential of the business as well as assessing the staff, their performance and their potential to add value to your investment.
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“They were there right from the start to help me with the legal side of things, especially in employing new staff and transitioning the previous staff… You really can’t underestimate the value of having that sort of help and expertise there.
As a new business owner, you’re suddenly aware that you’re liable for different things so it’s a safeguard for yourself and the business. With Core taking care of those things, you’ve got the reassurance that you’re doing it correctly.”
How it works
Core HR is your outsourced HR solution. We work alongside your lawyer and accountant to undertake due diligence for business purchases.
What you will receive:
A detailed report on industry-specific considerations, such as wage considerations (benchmarking), average turnover (expected cost of replacement), talent market (ease ability to recruit or replace roles).
Reports on any business-specific requirements, such as roster structure, employment cost commitment, policy limitations, etc.
Reports on current employees, including considerations when offering continuing employment.
Recommendations for any efficiency changes to staffing structure (if under/overstaffed).
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 HR.
Our HR Transition plan includes:
The consultation process with existing employees regarding the sale and transfer of business
Creating compliant employment contracts
Issuing employment offers to ongoing employees
Liaising with the 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 the payroll system, changes to leave application process, changes to the structure, etc).
Ongoing Management
Once your business has officially transferred and all transition activities have been completed, we can also offer one of our annual service packages.
We can act as your on-call HR department with our Core HR Manager service plan. Or you can simply call when you need us to provide one-off or fixed-term support for any HR challenge. We also offer payroll solutions.
Service packages and payroll solutions are customized to the size of your business and your budget.
By outsourcing your HR to us you can be confident that your HR solutions are in safe hands, leaving you to focus your energy on growing your new business.
