When pursuing a franchise opportunity, many franchisees are overwhelmed by the amount of paperwork involved and often forego the opportunity to negotiate better terms under a franchisee agreement, simply because they are in a rush to get the deal done. Also, many franchisees simply assume that franchisors have a “take it or leave it attitude”…
DetailsImagine this. You have started your own business, picked the perfect name and done all the right things including registering that name as a Business Name. Your first year of business has gone well, until you discover a rival company using your name to market their business. You have secured the business name, which means…
DetailsCalling all Franchisors – you need to review and update your Disclosure Document by 31 October including the following: 1) Clause 21.1 of the Disclosure Document Statement of Solvency; 2) Clause 21.2 of the Disclosure Document Financial Reports for last 2 completed years; 3) Clause 21.4 of the Disclosure Document Statement of Solvency by a…
DetailsResolving Franchise Disputes. One of the good things about the Franchising Code of Conduct is that it provides a mechanism for resolving franchise disputes. The Code states that a franchise agreement must provide for a complaint handling procedure that complies with the Code. A party to a franchise agreement who has a dispute with another…
DetailsFranchisor Disclosure Document Update. Time Limits Apply – Updating your Disclosure Document and Financial Reports. We are already well into the new 2016/17 financial year and for Franchisors that means getting organised to: Have their accountant prepare their financial reports for the 2015/2016 financial year; and Update their standard disclosure document, which requires a thorough…
DetailsHow to exit your franchise business the right way. For various reasons you may need to exit your franchise business. These reasons can be many and varied and include: ill-health separation and divorce family reasons time to sell and do something different disputes with your Franchisor dissatisfaction with the system, the Franchisor, certain aspects of…
Details
