For many, owning your own business is a dream. You get the opportunity to lead a team, boost your community and build wealth for your future generations. When starting a whole business from scratch feels like an impossible feat, purchasing a well-established franchise...
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Franchise Agreements
How a bill introduced in Congress would improve franchisee rights
The Federal Trade Commission’s (FTC) Franchise Rule details information that franchisors are required to disclose to prospective franchisees. The Franchise Disclosure Document (FDD) is required to include information like a financial statement, history of litigation...
3 signs it may be time to end your franchise arrangements
Buying into a franchise can be a shortcut to business success. You get to make money off of an established brand with a loyal customer base. You benefit from investments made by the parent company into product development and advertisement, and you likely have a...
Is someone encroaching on your franchise?
You pay an elevated fee when you peg your loyalty to a franchise. For instance, opening a convenience store as part of the 7-Eleven franchise will cost you more than opening it without the brand association. It is a model that can work well. Otherwise, no one would do...
3 signs that buying a franchise isn’t the right option
Buying a franchise can be a good way to open a business and bring in compensation. However, buying into the wrong franchise can come back to hurt you later by resulting in poor returns or even negative returns. There are times when it’s not appropriate to buy a...
Your responsibilities when your business partner dies or quits
It’s a simple fact that franchise business partners owe fiduciary duties to each other. You share in the profits of your business as well as the risks and liability, and you make important decisions together. If your partner passes away, or if they decide to leave the...
What to look for in a franchisor
When you want to open a franchise, you should look for one that would be a good fit for you as a person and an entrepreneur. Franchising offers a codified business plan and resources designed for success. Your job as a franchisee would be to understand where you fit...
Negotiating a franchise agreement
A recent article in Franchise Times featured an interview with Mark Dady, managing partner at Dady & Gardner, detailed the pros and cons of franchise negotiations. The purchase of a franchise provides the franchisee with many built-in benefits. The work necessary...
Franchisor-franchisee relationships during a pandemic
The impact of COVID-19 on businesses over the past twelve months has been well documented. Some had no choice but to temporarily or permanently shutter their operations. Others have remained open but continue to struggle with government-mandated restrictions and...
Common mistakes when buying a franchise
Buying a franchise is a major life event that can have many benefits for the new owner, but it is not as simple as going down the store for some groceries. The process for buying a franchise can be very complicated, and a single mistake can jeopardize your business's...