Chapter 1 Lesson 5: How Long Does it Take to Buy a Franchise?
- Reviewing the franchise agreement and FDD takes approximately 2 weeks when working with a franchise lawyer.
- First focus on approaching the franchise review process the right way.
- The time period from which you have identified a franchisor, obtained the FDD and actually sign the franchise agreement varies depending on the negotiations with the franchisor.
- If you start working with your franchise lawyer and he or she started reviewing the FDD, you should expect the entire process to be completed within two to four weeks.
- Within one to two weeks your franchise attorney should have their FDD and franchise agreement review completed with proposed modifications to the franchise agreement.
- Within two to four weeks there will be a negotiation process with the franchisor and your franchise attorney should be actively involved in this process and, if all goes well you could be signing your franchise agreement within this four week process.
- If there are red flags or concerns that your franchise lawyer alerts you to, you may need to slow down the process.
In Lesson 6 we discuss why you may or may not need a lawyer when buying a franchise.