Monthly Archives: May 2022
While local residents have always known Philadelphia as a food town (and while the city is renowned worldwide for its cheesesteaks), the city has only recently gained broader recognition as a gastronomy hub. This recognition has attracted several new franchised and independently-owned franchises over the past few years. If you are thinking about buying a restaurant franchise, here are three important considerations from Philadelphia franchise attorney Jeffrey M. Goldstein.
While various sources report that most franchisees are in their 40s and 50s, franchise ownership is becoming increasingly popular with Millennials. In other words, if you are thinking about buying a franchise in your 30s, you are not alone. In fact, the Franchise Times recently published an article highlighting “[a] new wave of investors . . . storming the franchise mergers and acquisitions game,” all of whom are in their 30s.
In most parts of the country, franchisees negotiate territories measured in miles. But, in New York City, a territory with a several-mile radius could effectively provide protection for the entire city. So, if you are buying a franchise in one of the five boroughs, what can you reasonably expect in terms of your “protected” or “exclusive” territory? New York City franchise lawyer Jeffrey M. Goldstein shares his thoughts.
The Franchise Times recently reported Unleaded Brands’ acquisition of XP League, an e-sports franchise concept. According to the publication, XP League “blends traditional youth sports with video games,” and has expanded to more than 20 company-owned locations since its founding in 2020.
The labor market is posing significant challenges for many franchisees in 2022. This is especially true in large cities like Chicago. When franchisees can’t hire, they can’t run their businesses effectively, and this means they risk losing customers, revenue and potentially even their franchise rights. So, what can franchisees do given the current state of affairs? Here are some insights from Chicago franchise attorney Jeffrey M. Goldstein.
One of the biggest challenges for any business is offering a popular product or service while also standing out from the crowd. To succeed, businesses need to strike just the right balance between familiarity and novelty—and this is one of the reasons why franchising is so popular. Strong franchise systems offer a recognizable brand coupled with unique (often proprietary) and in-demand products and services.