In a recent article on HotelNewsNow.com – "5 Ways to Leave your Franchise Agreement" – Shawn A. Turner identifies issues that hotel franchisees should consider when terminating a franchise agreement.
Like all franchisees the starting point for evaluating "termination issues" must start with your franchise agreement. This analysis should be followed by an assessment of the tangible assets and property rights associated with your hotel. In his article Mr. Turner provides some practical factors to consider‚ including:
Mr. Turner's points are valid and raise factors that franchisers must consider. Your franchise agreement is critical and prior to triggering any termination or default it is critical to plan and structure your "legal exit" from the franchise system. Also "furniture‚ fixtures and equipment" (branded and unbranded) consistently raise potential costs associated with a franchise transfer. Your obligations as to these assets must be carefully scrutinized.
Purchasing a Franchise
For information about purchasing a franchise request a complimentary copy of "An Entrepreneurs Guide to Purchasing a Business or Franchise" by Charles N. Internicola. For information on our Franchisee Protection Programs please contact our office at 1-800-976-4904.
We also recommend visiting our new cost free‚ no obligation resource Franchisee University which contains various materials with lessons on the franchise purchase process and discusses how to know if the franchise you are considering buying is a good investment. To learn more visit www.LearnTheTruthAboutFranchising.com.
If you are currently a franchisee and would like to terminate your franchise agreement we recommend speaking with your franchise lawyer so he/she can review the terms listed. To speak with Charles N. Internicola call 1-800-976-4904 or fill out our contact form.
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