If you are purchasing a brick-and-mortar franchise for the first time and have never laid eyes on a commercial lease, the combination of the terminology, fine print and sheer magnitude of the commitment can be daunting. Even those who are familiar with commercial leases—whether from a previous franchise or prior involvement in real estate—show visible […]
Robert Steinberger
5 Common Pitfalls for Franchisees and How to Avoid Them
Buying a franchise is an exciting endeavor. After you’ve asked yourself the important questions, determined what franchise you can afford and hired a franchise attorney to assist in the process, it’s full steam ahead. However, there are a few potential bumps along the road to look out for, such as: 1. The Brick and Mortar Build-Out Assuming your franchise requires […]
5 Common Pitfalls for Franchisees and How to Avoid Them
Buying a franchise is an exciting endeavor. After you’ve asked yourself the important questions, determined what franchise you can afford and hired a franchise attorney to assist in the process, it’s full steam ahead. However, there are a few potential bumps along the road to look out for, such as: 1. The Brick and Mortar Build-Out Assuming your franchise requires […]
What Franchise Can I Afford?
When choosing a franchise to buy, budget is an obvious factor. With many first-time franchisees wondering where to start, the franchise attorneys at Soden & Steinberger, APLC can offer brief and helpful insight to allow you to take the next step toward becoming a franchise owner. Starter Franchises If you have a budget of less than […]
7 Questions to Ask Yourself When Choosing a Franchise to Buy
You’ve decided you want to buy a franchise, consulted a franchise attorney, and confirmed you have the means to move forward. Now comes the fun part: deciding on a franchise. From retail stores and restaurants to professional services and home-based businesses, the landscape of opportunity is vast and open for you to explore. As you […]
Do You Know Your Territory?
When purchasing a franchise, it’s important to evaluate, understand, and negotiate the assigned territory; this is the area within which your location is protected by the franchise agreement. If you’re not mindful of the territory and terms of the agreement, you could potentially set yourself up for challenges down the road. Here’s what you need […]
What Law Should Apply to Your FDD?
When compiling the Franchise Disclosure Document (FDD), franchisors must consider closely the laws that shall apply to the franchise agreement. You want to be honest and transparent with prospective franchisees in the agreement, yet mindful and even somewhat strategic in drafting the FDD under state and federal laws. Here are a few things to keep […]
3 Key Franchisee Considerations Before Signing a Multi-Unit Agreement
Signing a multi-unit agreement to buy several franchise territories can unlock fantastic savings on franchise fees and exponentially increase the opportunity for return on your investment. For example, if you agree to open up three pizza franchises, you will sign a standard franchise agreement for the first unit, and a separate multi-unit agreement to open […]
Materiality and FDD Amendments: What Every Franchisor Needs to Know
Business is a world in flux. With circumstances, processes, and dynamics constantly changing, franchisors need to be mindful of material changes and meticulous in amending their Franchise Disclosure Document (FDD) as required by the Federal Trade Commission (FTC). What Does “Material” Mean? The FTC defines a representation, omission, or practice to be material if it […]
How to Run a Productive Discovery Day
The term “Discovery Day” can be a bit misleading. While there is certainly an element of discovery in a prospective franchisee visiting your company and meeting stakeholders for the first time, Discovery Day is meant more to be the final step toward signing an agreement. You should go into it expecting to conclude with something […]
