Franchises offer new business owners a number of advantages over starting a business from the ground up. Starting with a proven business model, training, guidance, and financing options reduce the risk and worry that many new business owners face. With everything seemingly in place, the idea of getting a franchise attorney might seem like a waste of time and money. However, it only takes a minor area of dispute to result in having your expectations of an easy success dashed. These are some of the most important reasons you should turn to a franchise legal specialist any time you are considering buying into a franchise.
- Defining the Agreement–Every franchise comes with a contract and it is written in legal Even minor misinterpretations on your part could result in major differences in the way things are and the way you perceive them. Make sure you understand exactly what you are agreeing to before you sign.
- Solid Time Frames – Franchise companies offer perks such as training you and your employees, preparing for grand openings, and a lot more. The problem is that without solid time frames locked in place, you may run into some problems. For example, you may be guaranteed three weeks of training but find that it isn’t adequate for preparing your employees. A franchise attorney will help you get the commitment you need from the franchise company in solid terms.
- Financial Obligations – It’s your first franchise and there are going to be a lot of areas of how the business works that you haven’t considered. For example, who pays for travel to on-site training? An experienced attorney will know the areas of the franchise business that will need to be brought into question.
- Terms of Termination – Although it may be difficult to think about wanting out when you are just getting in, a franchise attorney will take a more practical approach to determining what it will take to get out if things don’t go as planned. You will also want to know under what conditions you might lose your franchise. You don’t want to learn that you must take renewal steps in the near future that you would otherwise be unaware of because you failed to have experienced legal counsel.
- Building the Business – Many franchise companies encourage their franchisees to purchase additional franchises within a specified time period after the opening of their first business. This condition is often strongly linked to financial requirements. The attorney can help you determine if your financial obligations for future business growth are realistic and what your options are.
- Avoiding or Settling Disputes – In the event that a dispute does arise or there are conditions that come into questions, your franchise attorney can oversee the process and determine what evidence you need to put forth.
The right franchise attorney will play a major role in the future of your franchise business and help to prevent potential disruptions that could have a negative impact on the success of your new business. Make sure to hire an attorney with the experience and knowledge of franchise law to get real results.