Facing Franchise Termination In Illinois? Know Your Rights
Apr 27, 2022 - Blog by Goldstein Law Firm |Lots of franchises fail. While some franchisees simply aren’t cut out for business ownership, more often than not, franchisees’ lack of success is due to factors beyond their control. This includes factors their franchisors can control but either: (i) choose to handle poorly; or, (ii) fail to handle effectively due to poor leadership or organization. As an Illinois franchise lawyer, this is a fact that Jeffrey M. Goldstein knows all too well.
Is It a Good Time to Buy a Business Services Franchise?
Apr 22, 2022 - Blog by Goldstein Law Firm |Many former employees have taken the leap to start their own businesses during the COVID-19 pandemic. Additionally, while some businesses have struggled (and are continuing to struggle) due to the pandemic’s economic effects, others are struggling to keep pace with pandemic-generated demand. With this combination of factors in mind, is now the perfect time to invest in a business services franchise?
Reviewing Franchise Direct’s 2022 Top 100 Franchises Report
Apr 20, 2022 - Blog by Goldstein Law Firm |Franchise Direct is one of several media outlets that publish a list of “top” franchises each year. Notably, Franchise Direct has also published lists of its top 100 non-food franchises and its top 100 franchises with 100 units for 2022. In this article, we take a look at some of the “top” picks in these franchise reviews.
Is Owning a Franchise a Good “Flex Job?”
Apr 15, 2022 - Blog by Goldstein Law Firm |A recent article on Franchise Direct discusses workers’ growing desire for flexibility and posits that “a franchise might be the best flex-job ever.” The article goes on to discuss many of the reasons behind workers’ desire for flexibility and suggests that “franchising fits the bill” in many cases. But, as national franchise attorney Jeffrey M. Goldstein discusses below, there is a big difference between owning a franchise and collecting a paycheck while working from home.
What Can You Expect from Your Franchisor?
Apr 13, 2022 - Blog by Goldstein Law Firm |Several years ago we published an article titled, What Not to Expect from Your Franchisor. That article was intended as a warning to prospective franchisees who were going through the buying process with a rose-colored vision of what it meant to own a franchise. But, let’s say that now you bought a franchise, and you are struggling to get the support the franchisor’s sales reps promised before you signed. What can—or what rather what should—you expect from your franchisor? National franchise lawyer Jeffrey M. Goldstein explains.
What if My Franchisor Wants Me to Use a Celebrity Endorsement?
Mar 31, 2022 - Blog by Goldstein Law Firm |In recent years, many franchisors have turned to celebrity endorsements to boost their brands’ presence on social media. While this increased exposure is ostensibly good for franchisees, franchisees may or may not want to be associated with certain celebrities for various reasons. This is especially true when the celebrities their franchisors choose are controversial—as discussed in a recent Franchise Times article. Let’s say your franchisor has signed a celebrity endorsement deal, and let’s say you aren’t interested in using the celebrity’s image or selling the celebrity’s signature merchandise. Do you have a choice? National franchise attorney Jeffrey M. Goldstein explains.
Selling Out to Your Franchisor: When, Why and How
Mar 29, 2022 - Blog by Goldstein Law Firm |According to the Franchise Times, Planet Fitness recently signed an agreement to acquire 114 gyms from one of its largest franchisees. The purchase price? A reported $800 million. While this deal is notable for its scope and dollar value, franchisors buy franchised outlets all the time. If you are interested in selling your franchise to your franchisor, here are some important considerations from franchisee lawyer Jeffrey M. Goldstein.
What Do Franchisees Need to Know About “Lost Future Royalties?”
Mar 24, 2022 - Blog by Goldstein Law Firm |With dozens of pages and tens of thousands of words, franchise agreements are long, complicated and difficult to read. But, when buying a franchise, understanding the terms of your franchise agreement is extremely important, and there are three little words that could drastically increase the risks of moving forward. These words are “lost future royalties.”
What are the Reasons to Buy a Franchise?
Mar 17, 2022 - Blog by Goldstein Law Firm |The franchise industry is booming. There are more franchisors than ever before, and various sources indicate that there are currently well over 750,000 franchised outlets in the United States. So, why is this the case? Why do so many people choose to buy a franchise instead of starting an independent business? National franchisee lawyer Jeffrey M. Goldstein shares his thoughts.
“Boilerplate” Franchise Agreement Terms: What Do Franchisees Need to Know?
Mar 10, 2022 - Blog by Goldstein Law Firm |Franchise agreements contain lots of “boilerplate” terms—or at least it seems that way. Once you get past the royalty fees, territory provisions and renewal rights, most franchise agreements look more or less the same. Even so, these “boilerplate” terms are extremely important. If your franchise lawyer overlooks them, you could end up unknowingly agreeing to some heavily one-sided provisions.
