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Basic Considerations Before Signing a Franchise Agreement

Last updated 2 years ago

Buying into a franchise can be a very rewarding decision as long as you know exactly what you are getting into. Depending on your experience you may prosper with a fast food franchise or an epoxy flooring franchise. Here are a few basic considerations before signing a franchise agreement.

Resources

If you are considering signing a franchise agreement, chances are you are a businessperson and not a lawyer. However, it is crucial that you have a concrete understanding of any contract that bears your signature. For this reason it is helpful to hire a lawyer. He or she can help you understand the legal jargon present in the company’s contracts. It is important to fix any problems with your contract before it is signed rather than afterwards. You should also talk to an accountant so that you are fully aware of the company’s financial goals. You and your accountant can also discuss financial projections. In addition to a lawyer and an accountant, it is always helpful to talk to other people who have been in your position in the past.

Business and Financial Institutions

Organizations like the Better Business Bureau and financial institutions such as banks can provide financial information about the franchise that you are working with. Numbers speak for themselves, so viewing this information with an accountant can be very helpful. You can also find out about any complaints that may have been filed against the company.

Government Regulations

Since many state governments have input regarding the sale of franchises, the Federal Trade Commission provides guides that help facilitate fair business practices. This protects the consumer and teaches business owners and operators how to avoid unfair practices. Whether you are signing a franchise agreement with a fast food company or a flooring service, be sure that you abide by governmental regulations.

REDRHINO Inc. is an epoxy flooring service with franchise opportunities. For more information about our flooring services please feel free to call us at (310) 734-2790 or visit our website. If you live in the Los Angeles area, stop by our offices and meet with us today.

 

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