Articles of interest for franchisees.
“I’m sorry, I don’t speak legalese. Only English,” stated the perplexed entrepreneur. Prospective franchisees can sometimes be intimidated by a certain legal document. The “terrifying” uniform franchise disclosure document. But before entering into any business relationship using your John Hancock, there’s a diligence process to follow. We’ll outline this method here. Let’s start you down … Read more
When you buy a franchise, you are buying the right to use a company’s name and its business model. In return for this license, you agree to pay the franchisor a fee. This is called a franchise fee, and it is one of the main sources of revenue for the franchisor. They can range from … Read more
When it comes to starting your own business, many people think that the only option is to go it alone. However, this isn’t always the case. There are many franchise opportunities for those who are looking to be their own boss without all of the risk. Franchise owners can cut through much of the stressful … Read more
Excitement runs high when operating your very first franchise. But as time goes on, hiccups may dim the light you initially felt. This is normal and shouldn’t lead to frustration. Knowing some hidden tidbits your franchisor may have missed during early talks can help. By the end of your reading expect your light to once … Read more
Benefits abound when taking on established branding, processes, marketing, and other business activities from a franchise. It gives franchisees like yourself a solid foundation and allows you to then use your unique leadership style to grow the business. There’s just one thing. Before hiring an attorney to help you solidify an agreement, there’s some terms … Read more
No matter what type of business you operate, if you need space for your offices, warehouse, retail store, or restaurant, your company will probably need to sign a commercial lease. Although you should always ask a qualified business attorney to review any lease agreement before you sign it, it is nonetheless important to understand the … Read more
While bankruptcy is not a pleasant topic to discuss, it is prudent to at least understand the process, implications, and ultimately the benefits of utilizing a business or personal bankruptcy for distressed businesses. Franchisees facing extreme economic hardship should take careful note of the benefits and costs to a business bankruptcy and understand the terminology, … Read more
Managing franchise relationships is a key indication of how successful a franchise system will be. Every franchise system is only as strong as its weakest franchise franchisee and that relationship is paramount to succeeding as a franchisor. While being proactive as a franchisor can quell any potential franchise relationship issues early on, what are the … Read more
Why Have a Professional Review My FDD? Typically one of the first questions I hear from any potential franchisees reaching out to Reidel Law Firm to inquire about the FDD review process. Franchisors, in my experience, will recommend that they have the FDD reviewed by an attorney but will then qualify it by saying that … Read more
How to Sell Your Business Every business owner should have an eventual exit strategy for their business. Often this exit strategy involves selling the business or its assets when the owner decides to retire or move on. While selling a business can be straightforward and simple, there are several steps every business owner seeking to … Read more
