Monthly Archives: January 2021

5 Important Facts About Franchise Rankings and Franchise Reviews

Jan 29, 2021 - Blog by |

When you are looking for information about franchise opportunities online, you will find lots of sites that promote their own franchise rankings and offer franchise reviews.  While some of these rankings and reviews provide useful insights, it is important to understand their limitations as well. If a franchise is ranked first in a particular category, what does this mean, exactly? How do different sites come up with their rating systems, and how do they choose which franchises to review? These are crucial questions; and, when analyzing rankings and reviews, it is necessary to go beyond the ranking or review itself and consider the factors upon which each ranking and review is based. Fact #1: Many Rankings and Reviews are “Pay for Play” Many websites require franchisors to pay in order to receive consideration for their rankings, and many franchise reviews are provided on a paid basis. However, this fact is often obscured in the published ranking or review. Obviously, paid reviews should be taken with a grain of salt, and it will be important to gather information about the franchise from several unbiased sources as well. Fact #2: All Franchise Rankings are Based On Selected Data All franchise rankings are based on selected data, and many rankings weight certain factors more heavily than others. As a result, when reviewing rankings, it is important to examine the ranking criteria in order to discern exactly what it means for one franchise system to be ranked above or below another. Fact #3: Franchise […]

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A Look at the State of the Food Franchise Industry Heading Into 2021

Jan 27, 2021 - Blog by |

Food franchises account for nearly a third of all franchised outlets in the United States. As a result, the health of the food franchise industry is crucial to the health of the franchise industry as a whole, and trends in food franchising often make their way into other sectors. 5 Key Insights About the Food Franchise Industry So, as we move forward in 2021, how is the food franchise industry doing? FranchiseDirect.com recently provided an overview. Here, franchisee attorney Jeffrey M. Goldstein covers some of the highlights. 1. The Food Franchise Industry has Been Hit Hard By the Pandemic, But is Still Poised for Long-Term Growth Many food franchises have been hit hard by the pandemic. Mandatory closures, capacity restrictions and other economic impacts of the pandemic have been felt across virtually all segments of the food industry. However, many of the leading food franchise systems have shown both adaptability and resilience, and those with the capital to weather the storm remain poised for long-term growth. 2. Some Recent Trends are Starting to Take Hold Some recent trends that seemed like they might fade are starting to take hold. Many of these trends are health and fitness-related. For example, juice franchises are still growing in popularity, and new vegan and vegetarian franchise concepts are emerging while many of the mainstay franchise concepts are adding vegan and vegetarian options to their permanent menus. 3. Established Models and Franchise Systems are Holding Strong While new trends are emerging, established models and franchise […]

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Is Now the Time to Invest in an Education Franchise?

Jan 22, 2021 - Blog by |

The COVID-19 pandemic has had an unprecedented impact on our education system. With many students missing months of school in 2020, and with students across the country attending class remotely and relying on working parents for daily guidance in 2021, experts are forecasting long-term impacts for students of all ages. As reported by the Organization for Economic Co-operation and Development (OECD): “This crisis has exposed the many inadequacies and inequities in our education systems – from access to the broadband and computers needed for online education . . . up to the misalignment between resources and needs. The lockdowns in response to COVID-19 have interrupted conventional schooling with nationwide school closures . . . [and w]hile the educational community have made concerted efforts to maintain learning continuity during this period, children and students have had to rely more on their own resources to continue learning remotely . . . .” Given these impacts, parents across the country are looking to non-traditional venues to ensure that their children are able to receive the education they need. This includes relying on education franchises. Should You Invest in an Education Franchise During the COVID-19 Pandemic? If you are thinking about investing in an education franchise during the COVID-19 pandemic, there are several important factors you will need to consider. While the short-term demand may be enticing, this is just one of numerous considerations that should ultimately guide your buying decision. Here is an overview of some of the key issues involved in buying […]

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What Should You Do if COVID-19 Threatens Your Franchise in 2021?

Jan 20, 2021 - Blog by |

While the start of the New Year was a symbolic refresh for many people, as 2021 is now in full swing, it is clear that things are still far from normal. Spikes in COVID-19 cases are once again triggering new shutdowns and restrictions around the country, and many business owners – franchisees in particular – are struggling as a result. If your franchise is at risk in 2021 due to the effects of the pandemic, what do you need to know? Here are some important insights from franchise lawyer Jeffrey M. Goldstein: 1. Lots of Franchisees are Going to Struggle in 2021 First, if your franchise is struggling, you are not alone. The COVID-19 pandemic has hit the franchise industry particularly hard, as many franchises either: (i) operate out of retail locations that have faced restrictions, (ii) provide products and services that consumers and businesses have cut out of their budgets due to the economic effects of the pandemic, or (iii) are facing both of these challenges simultaneously. 2. Some Franchisors are Offering Grace to Struggling Franchisees During the pandemic, some franchisors have launched initiatives focused on helping struggling franchisees. These initiatives range from providing loans to deferring royalty fees and cutting other mandatory expenditures. If your franchisor is offering support to franchisees during the pandemic, this may be an option you will want (or need) to consider. However, it will be important for you to read the fine print as well. 3. Financial Relief Programs May Be an Option […]

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Franchise and Dealer Renewals: Every Minute Counts in Texas to Classicalists 

Jan 18, 2021 - Reformist Thoughts by |

Franchise and Dealer Renewals: Every Minute Counts in Texas to Classicalists By: Jeffrey M. Goldstein In Pizza Inn, Inc. v. Clairday, 979 F.3d 1064 (5th Cir. 2020), a recent decision from the United States Circuit Court for the Fifth Circuit a franchisee entered into an area development agreement with a franchisor, which included an option to renew. However, the franchisee failed timely to notify the franchisor that he wished to renew and submitted a late notice of renewal. In turn, the franchisor did not honor the tardy notice of renewal. After the district court ruled in favor of the franchisee at trial, the Circuit Court reversed finding that the district court had erred in finding that the notice of renewal was sufficiently timely under the doctrine of equitable intervention. In denying the franchisee recovery, the Court of Appeal held that the equitable intervention doctrine was not applicable to support a recovery for the franchisee because the franchisee did not suffer an unconscionable hardship from the franchisor’s failure to honor the tardy notice of renewal since a partial forfeiture of the purchase price, a forfeiture of future profits, and the shuttering of a franchise store were not sufficient hardships warranting strict enforcement of the renewal deadline. The Pizza Inn case is very troubling for several reasons. First, it appears to be a shot over the bow by Texas courts (both state and federal) aimed at neoclassical contracts theory; however, the neoclassical contracts boat left the dock safely in 1950 with the […]

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Entrepreneur.com Releases its 2021 Franchise 500 List

Jan 15, 2021 - Blog by |

Entrepreneur.com recently released its Franchise 500 list for 2021. The Franchise 500 is the online media platform’s annual ranking of the best franchises in the United States. If you are thinking about buying a franchise listed on the Entrepreneur.com 2021 Franchise 500, we encourage you to inquire about one of our fixed-fee franchise business review programs. In ranking the “best” franchises in the United States, Entrepreneur.com weighs a variety of different factors. This includes everything from the cost of ownership to brand strength, and from the franchisor’s financial stability to the overall franchise system’s size and growth. As with any ranking, the Entrepreneur.com Franchise 500 is somewhat subjective, and different metrics could be used to produce very different rankings. With this in mind, here are some notable takeaways from this year’s list: 1. Big-Name Brands Dominate the Top 50 There is a good chance that you will recognize every single brand represented by the top 50 franchises in the Entrepreneur.com Franchise 500. Big-name brands dominate the top of the list, as has been the case in years past. This is due in large part to the methodology used to determine the franchises included on the list. Farther down the list, however, you will see many smaller and lesser-known brands. 2. The Food Franchise Industry Remains Strong Five of the top 10 and nine of the top 20 franchises in the Entrepreneur.com Franchise 500 are food concepts. Taco Bell took the top spot, followed by Dunkin’ in second and Popeyes Louisiana […]

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Franchise Due Diligence During the COVID-19 Era: How Can You Still Make an Informed Decision?

Jan 13, 2021 - Blog by |

Attending large franchise conventions and visiting the franchisor’s headquarters are two hallmarks of the franchise due diligence process. They are also two events that have largely been put on hold during the COVID-19 era. But, franchisors are still selling – and franchisees are still buying – and those who are thinking about buying a franchise must still perform thorough due diligence in order to make an informed buying decision. Here are franchise attorney Jeffrey M. Goldstein’s tips for conducting franchise due diligence during the COVID-19 era: 1. Spend Time on the Phone with the Franchisor’s Representatives Franchisors are getting creative in order to attract franchise candidates and convince strong candidates to move forward with opening a franchise during the pandemic. If you are not able to visit the franchisor’s headquarters in person, you should feel free to spend as much time as you need with the franchisor’s representatives on the phone. Franchisors are using Zoom and other platforms to provide virtual tours and host group meetings, but you can (and should) schedule as much one-on-one time as you feel is necessary as well. 2. Get in Touch with Current and Former Franchisees Talking to current and former franchisees is a key component of franchise due diligence. Current franchises in your local area may be willing to arrange a tour (if you are comfortable doing so), and you will likely find that both current and former franchisees are more than happy to give you an hour or so on the phone. […]

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