Things you need on business transactions
Anyone who is in the market for buying a franchise will need to put together the resources they will need on their end to make sure everything gets started properly. Most companies that offer franchises have a process you have to follow to be qualified for a franchise, and at that point the franchise company offers guidance and their own resources. But you should always protect your own business interests and make sure that you have the right team of people on your side when negotiating a franchise purchase.
Legal Representation
You should never attempt to purchase a franchise without a good
franchise business attorney on your side. As business transactions go, purchasing a franchise can be extremely complicated. When the franchise company approves you for purchase, you still have a series of obstacles to get past that only a qualified attorney can help you with. Do not hire an attorney who has only general business experience, as they will not understand the nuances of a franchise contract. Be sure to hire an attorney who has specific experience in the buying and selling of franchises to make sure your interests are protected.
A Lender
Your franchise company might offer you funding that would make it easier for you to get your franchise off the ground, but it might not be the best funding you can get. Before you enter in a franchise purchase negotiation, you should have your own lender on hand to possibly offer you a better financing deal that the franchise company is offering.
An Accountant
Franchise agreements are filled with calculations relating to licenses and percentages needed to satisfy the franchising agreement each quarter and year. Even a business expert can get a bit confused by all of the math involved in franchising, which is why it is smart to have an accountant on your team who can read through the complicated formulas and requirements and give you the information you need in plain English.
Buying a franchise gives you a chance to own a business that already has a marketing reputation, and a proven business method that has been refined over the years. When you are negotiating the purchase of a franchise, you should have a team of experts on your side who will look after your interests and makes sure that you understand what you are getting into.
