If you are planning to buy a franchise in 2022, you are not alone. The COVID-19 pandemic has forced many people to reconsider their priorities and explore new opportunities, and this has driven many to the world of franchising. In this article, we have collected some of our franchise law firm’s top free resources to create a comprehensive guide to buying a franchise in 2022.
What You Need to Know Before Buying a Franchise in 2022
Thinking about buying a franchise in 2022? Read these articles to learn some key information, then contact us to learn about our fixed-fee franchise business review programs for prospective franchisees:
Understanding Your Franchisor’s FDD
The Franchise Disclosure Document (FDD) is a federally-mandated document that is intended to provide prospective franchisees with the information they need to make informed buying decisions. But, most FDDs are long and dense and making sense of franchisors’ disclosures can be challenging. Our three-part series, Understanding Your Franchisor’s FDD, is intended to help prospective franchisees navigate this document:
- Understanding Your Franchisor’s FDD – Part 1
- Understanding Your Franchisor’s FDD – Part 2
- Understanding Your Franchisor’s FDD – Part 3
Understanding Your Franchise Agreement
Along with the FDD, the other primary document you will receive as a prospective franchisee is a copy of the franchisor’s franchise agreement. While you should have the franchise agreement (and the FDD) reviewed by an attorney, it will be important for you to spend some time with this document as well. Our three-part series, Understanding Your Franchise Agreement, will help you identify the key terms:
- Understanding Your Franchise Agreement – Part 1
- Understanding Your Franchise Agreement – Part 2
- Understanding Your Franchise Agreement – Part 3
Is Buying a Franchise Worth It?
Before committing to the franchise model, it is worth taking a step back and asking the question, “Is it worth it?” The answer isn’t always, “Yes.” While many entrepreneurs will find success in franchising, the unique aspects of the franchise relationship won’t match everyone’s goals and preferences. Learn more: Buying a Franchise—Is It Worth It?.
Do You Have the Traits Required for Franchise Success?
Even if buying a franchise seems worth it, you still need to be prepared to build your franchised outlet into a successful business. There are no guarantees in franchising, and a significant percentage of all franchises fail within the first two years. So, do you have what it takes? Learn more: Do You Have These “5 Traits of Successful Franchisees”?
Choosing a Franchise Law Firm
Given the inherent risks involved in buying a franchise, it is important for all prospective franchisees to rely on competent legal advice. Not all law firms (or even all “franchisee law firms”) are the same, and it is important to choose a firm that has the specific capabilities you need. Learn more: 7 Key Considerations When Choosing a Franchise Law Firm.
Contact Goldstein Law Firm | A National Franchise Law Firm
At the Goldstein Law Firm, we have decades of experience advising both prospective and active franchisees. If you are thinking about buying a franchise, call 202-293-3947 or contact us online for help choosing between our fixed-fee franchise business review programs.