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When you are going through the process of buying a franchise, it is critical to review the franchise agreement. Not only will the franchise agreement govern your relationship with your franchisor, but it will also dictate what happens if something goes wrong. Will you be required to use designated suppliers (even if you can find lower prices elsewhere)? What will you need to do in order to renew? Will you be required to arbitrate in the franchisor’s home state in the event of a dispute? Will you be liable for liquidated damages if the relationship ends prematurely?

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So, you’re thinking about buying a franchise in 2024. What do you need to know? Buying a franchise is a major investment with significant legal financial implications—so it is critical that you make an informed buying decision. Here are some key insights from franchise attorney Jeffrey M. Goldstein.

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For many franchisees, territorial protections are essential to their profitability. Facing competition from multiple businesses serving potential clients or customers both in person and remotely, franchisees need to know that they will not face additional competition from within their own brands.

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From stores that sell Halloween costumes to stores that sell winter holiday décor, we see lots of seasonal businesses pop up this time of year. Recently, we have seen a trend of businesses offering holiday decorating services as well. Many of these stores are franchised outlets. If you are interested in owning a holiday-centric business, is a seasonal franchise right for you? Here are 10 key considerations from franchise lawyer Jeffrey M. Goldstein.

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As a franchisee, facing a dispute with your franchisor can be a stressful and frustrating situation. But it is important not to lose your cool. You need to be careful to protect yourself—and while this means taking certain steps, it means avoiding several potentially costly mistakes as well.

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“What are my legal rights as a franchisee?” As a franchisee law firm, we hear this question all the time. Most often, it comes from individual franchisees who are struggling to get by and who want to know what options they have—if any—to try to protect their investment.

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As a franchisee, maintaining a good working relationship with your franchisor is important. It’s important for managing the stress of franchise ownership, it’s important for maintaining good lines of communication, and it’s important for managing your risk. If you get labeled a “problem franchisee,” not only can everything become much more difficult, but it can also put your franchise (and possibly your finances) in jeopardy.

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As a prospective franchisee, you want to put your best foot forward. Once you do your preliminary research and decide on the franchise concept you want to pursue, you want to make sure you give yourself the best chance possible to move forward with an acquisition. While some franchisors are desperate for franchisees, these probably aren’t the franchisors you want to consider (at least not without being very careful). On the other hand, if a franchisor only has a select few desirable territories left in your area, you will want to do everything you can to make sure you don’t miss out on a good opportunity. 

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Like all industries, franchisor-franchisee relationships in the hotel industry often lead to disputes. Franchisors often over-promise and under-deliver, and franchisees often find themselves struggling to remain solvent due to factors beyond their control.

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The lodging industry is booming. Even with a slowdown caused by the COVID-19 pandemic, the lodging industry in the United States has experienced an average growth of 7.1 percent per year since 2018. As more people continue to travel both to and within the U.S., the industry appears poised for long-term growth as well.

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