When thinking of buying a franchise, there are many aspects you have to think over carefully. This is not a simple business investment and can greatly affect your career. In the current business environment, you’ll be leasing a franchise business rather than actually buying one in the traditional sense.
There are many websites concerned with consumer awareness, in addition to government authorities which recommend that you seek legal consultation before signing a contract for a franchise business. The document you should have your attorney take a good look at is called the Uniform Franchise Offering Circular (UFOC). This is a disclosure document all franchisees are given at least 10 days before sealing the deal .
At first glance, you may consider the terms set in the UFOC to be a bit restrictive and controlling but keep in mind that the franchiser is mainly just seeking to maintain the consistent quality of his brand name. However, this doesn’t mean you shouldn’t watch out for clauses that are unfavorable to you without necessity. This is because business disputes are always a possibility in the future, and you have to know what you’re getting yourself into.
Although many of your peers will tell you that lying on your application is common practice, avoid doing it at all costs. Disputes that may arise in the future will surely be settled in favor of your franchiser, if it’s revealed that you have not been honest all along. So consider these tips before buying a franchise.
Things to Watch Out for When Buying a Franchise - To learn more about this author, visit Sebastien Page's Website.
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Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations,
networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business
ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Sebastien Page
(Visit Sebastien's Website)
Sebas
tien Page is Director of Marketing for
Wo
rldFranchising.com, the most
comprehensive information resource for
potential franchise buyers. The company
also publishes franchise best sellers such
as Bond's Franchise Guide, and Top 100
Franchises Guide. Before joining
WorldFranchising.com, Page was Marketing
Manager for Franchise.com where he
successfully led the Marketing Department.
Sebastien Page is very active in the
franchise community and he often writes
about franchising, sales and marketing.
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