spray carb cleaner in thecarb throat and try to start it. if it fires and runs, you have a fuel problem. if it does nothing, you have an electrical or compression problem. so pull the plug and check for spark. if no spark, clean and gap your points to .014"-.016". if it has spark,use a gauge and get a compression reading. you need to have 120lbs or higher.
the franco morini uses three wires from its magneto. two hot leads and one ground. use a meter to determine which leads produces the lower voltage and plug that wire into the + side of the ignition coil. the wire that does not provide power needs to be tested with an ohm meter to ensure the points are opening and closing. if so,plug this wire into the - side of the ignition coil. doing this eliminates the entire electrical system except for the parts needed to get spark.
make sure you have adequate (sp?) fuel flow from the tank to thecarb. clean the carb using a fine piece of wire and run it thru every hole you can find in thecarb body and its parts.
also check your exhaust port and baffle to ensure they are not plugged up.