Joel Libava
I’m issuing a challenge; stop by the comment section that’s located right underneath this franchise blog post, and enter into a debate with me. Go ahead; share your reasons for not hiring a lawyer as you near the finish line.
The finish line I’m referring to is the one involving your signature. The franchise information that you’ve gathered all comes into play as you lift your pen up and prepare to sign your life away. (Kidding! You’re not signing your life away.)
When you buy a franchise you sign a rather lengthy, (and rather unattractive) franchise contract. The reason it’s unattractive is that it’s just so damn hard to read and figure out. I’ll issue another challenge; go ahead and grab a typical franchise contract, and read it cover to cover without putting it down to either, A. Violently shake your head | B. Attempt to gouge your eyes out with a pen. Franchise contracts are written by franchise lawyers. And they know Latin.
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Simplifying The Franchise Information
If you want to cut to the chase, and figure out what the franchise contract really states, hire a lawyer. Not just any lawyer, though; a franchise lawyer. Here’s why;
- Franchise lawyers read franchise contracts, daily
- Franchise lawyers write lots of franchise contracts
- Franchise lawyers specialize in franchising
- Franchise lawyers charge money
If you’re about to invest a lot of money into a franchise business, use professionals that specialize in franchising. And pay them for their expertise. Look at it as an investment into your investment. This is not the time to spend hours and hours seeking free advise from well-meaning friends who aren’t specialists. (Like your lawyer-friends who don’t know enough about franchising to really help you.)
Free isn’t always free.
Here are some free resources that can help you locate a franchise attorney in your area;
Hire A Lawyer!
The International Franchise Association has a list of franchise lawyers, too.
And, Jack, Rush, and Charles do a nice job with franchise law.
About the Author
Joel Libava is The Franchise King® — an independent franchise advisor with 25+ years in the industry, two published books on franchising, and his writing has been featured in The New York Times, Forbes, CNBC, Entrepreneur® Magazine and others. In addition, he wrote exclusively for the U.S. Small Business Administration blog for eight years. He doesn't sell franchises. Instead, Joel helps you figure out if franchise ownership is actually right for you — and if it is, teaches you his powerful, proven-to-work franchise research techniques, so you can make a smart, informed decision on a franchise to own and be your own boss.
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