Franchising can make you big money - that much is undisputable fact. But unless you're very familiar with the parent company, franchising is also a very big risk for you. Just think about it: you're sinking a lot of money into a company that you don't even own, with no guarantees of success. Franchise deals also have a nasty tendency to sour or go haywire, which is why you should get a franchise attorney to help secure the deal.
Do You Really Need Help?
Chances are good that you do need help, especially with the financial and legal side of things. Franchises are basically agreements between you and the parent company, and the most you'll get to show for your money is a signed contract. In most cases, the contracts are filled with legal jargon and confusing terms. Unless you can decipher all that legalese by yourself, a franchise attorney would be a very good idea.
Loopholes and clauses in contracts can be a very real threat to you and your investment. Even if you had a previous agreement with a partner or with the parent company, the other parties in the deal could go back on their word if the transaction wasn't put into writing or if there was a loophole in the contract. Franchise lawyers specialize in sniffing out those loopholes, securing the transaction and your investment in the process.
Finding the Right Franchise Attorney
Not all lawyers are made equal, especially in the very diverse field of franchise law. Franchise law is actually a very broad specialization because it covers anything under the sun that can be franchised, whether it's a major manufacturing operation or a small startup retail venture.
That's why it's a good idea to look for franchise attorneys who have experience in the specific industry where you want to franchise. They'll be better at digging up the potential loopholes hidden in the contracts and agreements. Their familiarity with the terms is also a plus, and they know the nuances and finer points related to the industry that could get you into hot water.
An established law firm would be a sensible place to look first. That way, you're assured that the attorney who'll be helping you out has passed a certain standard in terms of training and ability. If you can't find a firm that specializes in franchise law in your area, the next best thing would be one that's established in the field of corporate law, which is a very similar specialization.
Referrals are the single best way to find good somekeyword. Go out and ask friends or colleagues who are franchisees themselves and then ask them for recommendations. That way, you can get feedback from people who personally worked with the attorney so that you can better judge if hiring him or her will be good for your venture.
Most lawyers, especially those with the same specialization, know each other through common law firms, colleagues, partners or a network of lawyers. Even if a certain franchise attorney is not available in your area, make inquiries anyway. There's a good chance that the attorney will refer you to a friend or colleague who can solve your problems as well as he or she.
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