Everybody wants to be a part of the “next big thing.” Today’s consumer-driven economy pushes out new retail market concepts daily and they fail just as often. If timed correctly, an entrepreneur can ride the wave of a new retail concept to a very profitable and sustainable franchise-based business. Some franchise concepts last what seems like forever (McDonald’s), while others never get off the ground.
Having represented franchisees and franchisors in a wide array of retail markets, from fitness facilities to frozen yogurt, we’ve seen the good, the bad and the ugly of these relationships. The agreements behind franchises are every bit as complicated and complex as the markets in which they compete. Every franchise arrangement should be reviewed in detail with legal counsel before venturing into these waters, but we have found three key questions to be critical to every deal:
These are just a few of the more salient points when looking at franchising. Please give us a call if you are considering franchising or are in a current franchise arrangement that you need to better understand.
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