When you sell a franchise in New York, you must provide specific information to the purchaser. This information should include:
Whether there will be any future changes to the royalty payments or advertising fees - upcoming changes may affect the purchaser's decision to buy.
The terms of the lease for your franchise location -if you have a long-term lease agreement, then you will have to negotiate some type of assignment with the property's landlord.Obviously, a long-term lease in a good location may entice someone to buy.
Any upcoming changes in the competitive nature of the franchised business - such as your territorial rights and protections.
Whether the new franchisee will be required to make changes to the franchise location -under some franchise agreements, a new owner will be required to update the franchise to the franchisor's standards.
Whether you are in good financial standing with the franchisor - if you are in default of your franchise agreement, this could lead to a conflict when you try to sell a franchise. If there is a conflict, then you may want to get the advice of a franchise attorney in New York.
Accurate and up-to-date financial records - these should include the business' income, operating expenses and its future earnings potential.
An honest assessment of the value of your franchise - providing false financial information may result in charges of fraud.
Before providing this information to a buyer of your franchise, you should have it reviewed by an accountant and by an experienced attorney. A franchise attorney in New York can go over your statements and disclosures and protect your legal rights. If a legal issue does arise, a franchise attorney in New York can represent your interests. Contacting a Franchise Attorney in New York
If you are an entrepreneur who is interested in franchising your business there is a lot you need to know, including the significance of evaluating your trademark and how to approach the preparation of your FDD. For a limited time, get New York franchise attorney Charles N. Internicola, Esq's franchise law report to determine whether or not your business is right for franchising. Contact us today at 1-800-976-4904 for more information about Mr. Internicola's franchise law services in New York and how he assists entrepreneurs franchise their business nationwide.
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and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. Further you acknowledge that any and all citations to cases and statutes must be independently verified by competent legal counsel to confirm the validity and accuracy of such information. The content of this site is subject to the Copyright of its author and owner, Charles N. Internicola, Esq.
