Business ventures need to be complemented with excellent consultation. The more sources of information a business person has, the more efficiently they can undergo the process. Being part of a franchise is a wise decision, but many hours of research are needed for the appropriate acquisition of knowledge. Even after the process has commenced, a good business-minded person will realize that they constantly need to learn more through experience and through the consultation of others.
Why they are needed
Getting a qualified franchise attorney is a suggested component of the franchise process. Look for an attorney that specializes in franchise law and has spent some time working with the franchise industry. Not only should they know franchising very well, but they also need to know your particular state’s franchising rules, laws, and regulations. It is also suggested that the selected attorney is not affiliated with the franchisee’s franchisor.
Good law consultation is needed at every level of the franchise process. Franchisors may have a team of legal advisors and franchisees usually have at least one source of legal counsel.
What they can help with
Franchise attorneys will aid a person with understanding legal issues and documents and guard them from making costly mistakes. Documents (especially in the beginning of the venture) are filled with technical terms and may not be easily understood by all, so having someone to serve as an interpreter is a wise decision.
Franchising is associated with a series of involved and complex laws. The system also involves many different players on varied levels. The enterprise is much easier handled along with the help of a specialized counselor.
A prospective franchisee will need to analyze particular franchises to theorize what will be the best fit for them. A franchise attorney will be able to research each franchise according to their business record and reputation within the industry.
As aforementioned, a franchise attorney will help you through the entire franchise process. The following is a list of some of the components they will help you with:
- Review of the Uniform Franchise Offering Circular
- Negotiation with the franchisor
- Preparation of shareholder agreement
- Negotiation of leases
- Help with dispute resolution
- Review of renewal agreements
Franchise attorneys can be found by:
- Referral from other attorneys
- Referral from the American Bar Association
- Referral from the International Franchise Association
Franchise Fetch delivers franchise opportunities to the public. We have businesses offering franchises in many industries. Check out our Web site to see all of the occasions we have to offer.