Purchasing a franchise can be an exciting and rewarding experience; the benefits of which are well publicised.
Statistically, buying into an established franchise has much lower risk of failure than other start-ups and once signed and sealed, a franchise agreement should give you immediate access to a tried and tested business format.
However, a franchise agreement can entail significant financial commitment. You may be tying yourself into a long-term contract with substantial obligations.
Personal guarantees may also be required, making you personally liable if the business doesn’t thrive.
And importantly, you will have put a lot of trust into your franchisor and their promises of a successful franchise. Franchisors do not always keep their promises.
If you are thinking about becoming a franchisee, thorough research and good advice are of paramount importance.
“I was in process of buying a franchise and needed a firm of solicitors who were both experts and experienced in dealing with franchise agreements. The whole process from beginning to end was extremely easy and painless.
Once the franchise agreement had been read, a thorough and detailed report was sent to me explaining any areas that needed addressing with the franchisor. In addition I was offered a telephone consultation to discuss in detail any points I was unsure of.
By the time I was ready to discuss my decision with the franchisor, I had the confidence that any area of concern had been taken away by Goldstein Legal. If you are considering buying a franchise and need a franchise agreement checked out then I would highly recommend giving Goldstein Legal a call.”
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