You think you are ready to take the plunge and open a franchise, but you have questions and concerns. Whether it is a restaurant, shipping store, or one of hundreds of options available in the franchise world, you need to know what you are doing and what you are getting into before you shake their hand.
Most franchise agreements are contracts and are hundreds of pages long. They are written in legal ease and as a result are difficult to read and understand. There is no way you can digest all the material in the contract in one setting. Considering the ramifications of signing such a large document can have so many repercussions, it is a smart idea to hire a franchise attorney.
A franchise lawyer specializes in understanding these types of contracts and can help you navigate the contract and make an informed decision about who you are considering going into business with. You need to understand the fees you will be paying, the on going obligations you will be responsible for and what options you have if you want to sell or close your franchise location. All of these questions should be answered in your contract. If not you may not want to sign on the dotted line.
While there are many great successful franchises out there, you don’t want to make the mistake of signing up with one that will come back to haunt you a few years from now as your needs or your circumstances change.