Franchise Contracts - Getting Sick would really Suck
Franchise Contracts - Getting Sick would really Suck
This is a noble cause and I strongly encourage it. The business owner must take into account 1 little thing - what happens if they are unavailable to run the business due to a major health related event?
Running a business is an emotional roller coaster. You will be dealing with staff issues, customer issues, stock, product, weather, paying bills, franchise fees etc. things are moving along and WHAM - you have a heart attack - what next? What about Cancer or Stroke?
Wouldn’t it be nice if you have a clause in your franchise agreement that ops you out of paying the fees for 1 to 2 years allowing you to recover? Wouldn’t it be nice to be able to keep that car lease and you mortgage? Is the person that co-signed the financing going to be able to assume the debt because you can’t work?
Tough choice, because we don’t know who this will happen to. All we know is that we have to protect ourselves from it. There are a number of insurance plans that can be tailored to stabilize your income while you safely recover from an illness - it just makes sense! Critical Illness insurance, Disability Insurance are products created with you in mind - if you get sick or hurt, you can recover knowing you have income.
Ask yourself - How much do I need to pay for one year for the following:
- franchise fees
- lease agreements
- cost of attracting a manager to assume responsibilities while you are recovering?
I know that there is much to think about as a business owner - don’t forget you are the driving force, you are a key person. If you get sick, get paid so that you can recover without the stress of losing money, the business or your home.
Franchise Contracts Getting Sick would really Suck - To learn more about this author, visit Claudio Cipriani's Website.
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Owning a franchise is the dream on many entrepreneurs - you have access to a brand name that is recognized for quality and service. to quote the Toronto Franchise Show Press Release from Jan 2009 - “In a recent survey, over 1.3 million Canadians hate their jobs”, states Fred Cox, President of National Event Management. “We wanted to produce an event that gave Canadians and business owners the chance to seize an opportunity, meet face to face and explore how to make their dreams of becoming their own boss a reality.”
This is a noble cause and I strongly encourage it. The business owner must take into account 1 little thing - what happens if they are unavailable to run the business due to a major health related event?
Running a business is an emotional roller coaster. You will be dealing with staff issues, customer issues, stock, product, weather, paying bills, franchise fees etc. things are moving along and WHAM - you have a heart attack - what next? What about Cancer or Stroke?
Wouldn’t it be nice if you have a clause in your franchise agreement that ops you out of paying the fees for 1 to 2 years allowing you to recover? Wouldn’t it be nice to be able to keep that car lease and you mortgage? Is the person that co-signed the financing going to be able to assume the debt because you can’t work?
Tough choice, because we don’t know who this will happen to. All we know is that we have to protect ourselves from it. There are a number of insurance plans that can be tailored to stabilize your income while you safely recover from an illness - it just makes sense! Critical Illness insurance, Disability Insurance are products created with you in mind - if you get sick or hurt, you can recover knowing you have income.
Ask yourself - How much do I need to pay for one year for the following:
- franchise fees
- lease agreements
- cost of attracting a manager to assume responsibilities while you are recovering?
I know that there is much to think about as a business owner - don’t forget you are the driving force, you are a key person. If you get sick, get paid so that you can recover without the stress of losing money, the business or your home.
Franchise Contracts Getting Sick would really Suck - To learn more about this author, visit Claudio Cipriani's Website.
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Anne BarrAnne 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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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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