Going international is one of the major goals of any business. Many of the biggest corporations today were once tiny local businesses that were able to take their good idea, combine it with a great business model and turn it into a global market business. But more than a dream-come-true situation, the fact that some companies were able to grow and expand under the franchise model has to do with strategy and wise decision making. And this is where corporate investigations, due diligence and company verifications come into the picture. In today’s high risk world, it’s smart to verify your business partners before you dive right in and risk your brand.
The most valuable asset a franchise has is its brand. Great ideas help when a business is born, but it takes a lot more than that to make a company grow internationally. Many other businesses can try to copy the product or the business model, but a solid brand will remain. Protecting the brand is one of the most important reasons why major brands and franchises rely on Wymoo International for their expansion efforts and their new business strategies. Professional due diligence services help managers and owners screen franchisee applicants, anywhere in the world.
“Companies in the past only relied on international private investigations as a service for employment screening cases, however things have shifted due to higher risk in today’s world, and more companies are using due diligence to expand safely with less risk. This risk mitigation leads to smarter investments and business growth”, explains Paul Fletcher from the Due Diligence division at Wymoo.
Many franchises are now using corporate investigation services because they are interested in growing, but they do it with caution. It has been a very good year for many franchises and the figures prove it. But the global crisis and the big corporate scandals are still fresh and have sent some companies to bankruptcy or led to significant losses. Corruption is at an all-time high, and fraud schemes are every day more elaborate and sophisticated. Identifying the real opportunities and legitimate offers from a wide range of frauds, criminals and con-artists is no easy task, not to mention checking for any negative history or reputation. Doing business with a criminal or someone with ties to terrorism, for example, can cause major problems down the road. Business leaders need to know in advance what they’re getting into with clear evidence.
Companies are now more cautious about their future steps and take measures not only to expand, but to maintain stability and to be prepared for future crisis. These days, negative publicity alone can kill a brand and should be avoided at all cost.
The free market has left everyone in the business world with a lesson: those who are prepared for the rough times will survive. Company investigations have turned into a tool to protect brands and be prepared for the storm in case it arrives, regardless of where it´s coming from.
A proper due diligence, a company verification or a business background check can reveal very important information for a company. For instance, franchises can confirm if an applicant is really a good prospect or not, based not only on financial information but also other aspects. Having accurate information is 90% of a successful information, and trained investigators provide evidence that sheds light on the subject’s identity, history and background, and reputation. When your applicant is from another country or continent, verifying is essential.
Private investigators can verify any known businesses, employment claims, criminal and court records, litigation history, check for reputation and obtain independent references, verify operations and physical offices, and screen the case for fraud. A solid brand stays a solid brand by being cautious about who it does busines with. Even aggressive brands who are successful rely on proper due diligence to grow. There is simply too much at stake to go it alone. After all, hoping for the best and not getting evidence can have serious consequences for the company.
Even some multinationals have been unable to stand up after a fatal decision, and franchises are not an exception. When engaging in a new deal, franchises are putting the whole business on the table: a brand that took a lot of effort and experience to build, a reputation that was not created from one day to the next, a business know-how that was probably the product of years of investigation and experience that finally resulted in such a great strategy that the business was able to leap into the global market. Professional investigators offer a form of insurance through confidential international background checks and due diligence, so franchise owners can make informed decisions.
Expanding overseas has many risks, but fortunately having the right information at the right time can save any company from making a terrible decision. Today’s consumers take bribery, money laundering, trafficking and any other form of corruption very seriously. Protect your brand and assets, seek out professional advice on how to verify your international opportunities – before you put your money on the line!
© 2014 Wymoo International
© Copyright 2015 Wymoo International. All Rights Reserved. This content is the property of Wymoo International, LLC and is protected by United States of America and international copyright laws. Wymoo® is a registered trademark.