With new variants spreading rapidly and vaccination rates remaining below what is necessary to gain control of the virus, the COVID-19 pandemic is continuing to play a major role in the way that many franchisees conduct business. Franchisees must make difficult decisions about whether (and to what extent) to impose restrictions and requirements, and they must do so while receiving guidance that seems to shift on a near-daily basis. They must take their franchisors’ requirements into account as well.
Author: Goldstein Law Firm
You want to own your own business, and you are considering a franchise as an alternative to starting from scratch. But, is buying a franchise worth it? Or, will the fees consume your profits (and potentially more)? Here are some insights from national franchise attorney Jeffrey M. Goldstein:
You own a franchise, and you are ready for more. You’ve gotten comfortable operating within the franchise model, and you are now at a point where you can rely on your employees to manage the business’s day-to-day operations. So, you are thinking about opening franchise number two. What do you need to know? Here are five important business and legal considerations from franchisee attorney Jeffrey M. Goldstein:
Many franchisors are making major changes to their systems in 2021. While most view these changes as being necessary in light of the economic and cultural impacts of the COVID-19 pandemic, they often carry a hefty price tag, and it is franchisees who are being forced to foot the bill. If your franchisor is implementing major updates, do you have to comply? What if you cannot afford to do so? Franchisee lawyer Jeffrey M. Goldstein explains:
The Franchise Times recently reported on a survey conducted by the Coalition of Franchisee Associations. According to the publication, the Coalition of Franchisee Associations collected responses from “just shy of 700 franchisees,” the majority of whom own five or fewer locations. The survey responses shed light on a number of prevailing concerns, as well as some general trends in the franchise industry. Franchisee attorney Jeffrey M. Goldstein shares his thoughts below:
Selecting a franchise involves a unique blend of considerations. On the one hand, you want a well-established brand with a proven track record of helping franchisees grow successful independent businesses. On the other, you need to make sure your franchise is relevant by today’s standards, and you need to know that your franchisor isn’t going to fall behind the times. With this in mind, is an “emerging” franchise a good investment? In this article, franchise attorney Jeffrey M. Goldstein shares his thoughts:
If you are thinking about buying a franchise, obtaining a franchise business review is an important part of the process. Getting advice from an experienced franchise lawyer allows you to make informed decisions; and, while you may want your lawyer to provide a “seal of approval” for your chosen franchise opportunity, the true goal is to get unbiased legal advice focused on your long-term best interests.
When you buy a franchise, there is a chance that your franchise will fail. This is a risk you take when you sign your franchise agreement, and it is a risk that you should take only if you have a clear and comprehensive understanding of what you can expect as a franchisee. But, while there are many factors that prospective franchisees need to consider, there is one factor that they shouldn’t: Franchisees shouldn’t have to worry about their franchisors failing. Unfortunately, in many cases they do. This is a fact our franchise lawyers know all too well.
A recent article on FranchiseDirect.com, entitled 5 Traits of Successful Franchisees, discusses what it takes to grow a profitable franchised outlet. Here, franchisee attorney Jeffrey M. Goldstein shares his thoughts based on more than 30 years of experience exclusively representing franchisees and dealers.
Firm founder and nationally-recognized franchisee lawyer Jeffrey M. Goldstein was recently quoted by the Franchise Times. The quote comes from Mr. Goldstein’s statements during the 2021 Franchise Times Legal Eagles Roundtable, which took place on June 10, 2021. The Goldstein Law Firm was a sponsor of the Roundtable discussion.