Suppose you ran into an old friend who is just about to buy into a replacement battery retail franchise. He tells you that he is excited about the opportunity because the system he is about to buy into
(1) Is in an industry that virtually guarantees its success,
(2) Has a “proven” business model, and
(3) Is operated by people who are so honest that he can skip the expense of hiring a franchise attorney to review the documents he has to sign. If your friend asked you, “What do you think? Am I approaching this opportunity correctly?” how would you respond?