Chapter 1 Lesson 6: Do You Need a Lawyer When Buying a Franchise?
Lesson Summary
- Technically you do not need a lawyer for any business transaction, however a franchise lawyer is critically recommended when you are looking to buy a franchise.
- There are 2 functions or roles that your franchise lawyer will serve.
- Many times we hear that franchisees didn’t hire a franchise lawyer because they were told they “didn’t need one” and that “franchise agreements cannot be changed or modified”. Although franchisors cannot agree to every change that is presented to them, franchise agreements can absolutely be strategically modified. In fact, they are commonly changed.
Learn about due diligence in detail in Chapter 2.
Complimentary Books and Reports
- Take Your Business from Local Success to National Franchise with The 90 Day Franchise Launch Program
- An Entrepreneurs Guide to Purchasing a Business or Franchise
- ENDWISE: The Guide to Selling Your Business with Peace of Mind
- The New York and New Jersey Partnership Dispute Guide
- Franchise Counsel Program