It is essential to have a lawyer review your Franchise Agreement before you sign anything. Here’s why:
- A legal expert will be able to work with your accountant to help you choose an arrangement that will best protect your home and personal assets from liability claims in the event something goes wrong.
- It’s called ‘Legalese’ for a reason – legal language has terms unto itself and unless you’re well verse, you’ll need a lawyer to convert the Franchise Agreement into plain English.
- An advantage of having an expert in ‘Legalese’ is that they will be able to identify and play with negotiables. Typically the franchisor holds all the cards, but there is leeway for discussion if you know where to look for it in the Franchise Agreement.
- Related to these negotiations, a lawyer will be able to set boundaries related to the extent of your geographic territory and demographics you’re granted for your outlet.
- Added support. If you require support in a particular area of expertise or operations, a lawyer will be able to negotiate with the franchisor for your benefit.
- A signed contract is a legally binding document. This means that a lawyer will be able to check all the ‘t’s are crossed and ‘I’s dotted before your signature touches the page. In the event of a dispute between you and the franchisor, a legal expert will be able to fight your corner based on the agreed upon terms in the contract.