Chapter 1 Lesson 6: Do You Need a Lawyer When Buying a Franchise?
- 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.