Looking around the world, most people, specifically the younger generation, are looking forward to entrepreneurship as a career option. Surrounded by the highs and lows of the market, one of the brightest and safest ideas to step into the market lies within the franchise business.
Though franchise opportunity is considered one of the safest options, it is well known that there is no such word as ‘safest’ in the business world. This is where it becomes essential to understand the franchise business, legal franchise requirements, franchise agreement, and, if you’ve made up your mind on a franchise, the Franchise Disclosure Document (FDD) too.
With many things to go through, adjoining is a string of questions, including ‘is it safe?’ ‘Should I go for it?’ or ‘what is exactly written in all these documents?’ One might consider researching the topics trying to understand the franchise business better.
Despite being an honest and reasonable option, research is quite time-consuming. Is it better to go to someone who already knows about the business and has done it many times than you have? When in doubt, the best way to get through it is to have an expert’s opinion, who in this case would be a Franchise lawyer or an attorney!
No rocket science, but the fact is that lawyers are well known to get a person out of ‘walking on a rope’ situations, and in this specific case, they might turn the rope into a plank to walk on to.
If you are looking for one reason to hire a franchisee lawyer before buying a franchise, we’ve got six right here! Let’s have a look at how hiring a franchise lawyer could help you in buying a franchise:
The decision to buy a franchise is easy; what is challenging is going through the process of purchasing a franchise. The entire process is lengthy and involves a lot of work and documents to be prepared, understood, and signed. When you choose to buy a franchise, it might be a doubtful question as to which franchise to decide.
While there is always an option to ask people around you or the other franchise owner, there’s no doubt that the most accurate and personalized answer would come from a franchise lawyer, and come on, who doesn’t like personalized things?
The lawyer might also help in contacting the franchising and understanding the FDD and other specifications.
Understanding the Specifics
Understanding the specifics requires the knowledge of specification, which means a lot of work to anyone out of the field. With loads of documents coming in while buying a franchise, one of the most important and lengthy documents would be FDD. This document is around 150 to 200 pages and includes many technical terms and conditions. Though the attempt to understand it would be worthy of praise, as an entrepreneur, you require assurance that the document is wholly understood.
A franchise lawyer understands it better than anyone outside the field by going through numerous such documents and creating them. Apart from it, they are also aware of the nit-picks of the field and could explain it better.
Isn’t it much easier and better to let experts do their job, helping you understand the basics and specifics of the documents and be more confident about the decisions you make? This will also create certainty regarding the franchise you are planning to buy, as now you are aware of the franchise’s ins and outs.
Assurance and Confidence
We’ve been hearing since the ages about believing in what you do; ever questioned where dose the belief comes from? Well, most of the time, evidence and assurance are provided by a Franchise lawyer in case of buying a franchise.
While buying the franchise, a lawyer will help you create this confidence and assurance as they will help you through your questions and propose solutions. This would also help a buyer make correct choices regarding the franchise and put forth his perspective to the franchisor.
Negotiating the Terms
While many franchises do not offer an area for negotiation, some may, which is where a Franchise lawyer would be your knight. A lawyer would help you put in the conditions you want more appropriately, bringing out the best benefits of the deal.
Apart from just the negotiations, the lawyer would help understand some of the complicated documents, such as the commercial lease, which is one of the most complex things to handle.
Spotting the Red Flags
While one might go through the process thoroughly, it happens more often for a thing or two to be left out, which is noticed later on, and then we regret it. Avoiding it is not easy, especially in business, where things are well hidden in the covering of letters. One has to know where exactly to look and what, which is not something one who is not accustomed to it could do.
A franchise lawyer helps the buyer find these red flags and tackle them, creating a good platform for a firm business.
Not So Hefty!
With all these benefits, it might sound like the service charges of a Franchise lawyer would be sky-touching; however, contradictorily, appointing a Franchise lawyer is a moderate expense. Though it is well known that a lawyer’s advice is often expensive, a Franchise lawyer charges the least in the list of lawyers. This provides a chance for all the entrepreneurs out there planning to buy a franchise to invest a little in a Franchise lawyer and be more confident about their decisions.
Going through this piece might have probably given you a glimpse of the possible cons of having a franchise lawyer at your side. Though it might add a tiny bit of extra expense to the list of your business purchase, it would ensure the business’s safety and instill confidence in the work.
If you were looking for a sign to know whether or not to hire a franchise lawyer, this is the sign you should have!