#franchisinglawyers

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From the Franchising Law experts – The number one issue Franchisors have

There are a number of stories from our Clients, however, the story that is most recurring is “we recruited a difficult franchisee”. The biggest mistake a Franchisor can make, is selling a Franchised Business to the wrong person.

We understand how it happens though. It can be hard for a business owner that has recently turned into a Franchise System to turn away a delicious cheque looking back at them from a boardroom table. The Franchisor generally knows that this person is ‘not quite the right fit’, but “hey” they tell themselves, “with a bit of training and some support, they could work, right?” trying desperately to convince themself. The lack of business experience, the lack of industry experience and the lack of interpersonal skills are things that can be ignored, because what this potential Franchisee does not lack is money and “that cheque that would be so useful for marketing right now!”

Often times, for a Franchisee, it is their first time owning a business. That’s a big responsibility on the shoulders of a Franchisor. A Franchisor becomes responsible for someone who has ‘worked for the man’ their entire life, received their pay cheque each month for showing up to work and told by a boss what to do. This individual buys a Franchise, and with no sense of ‘hustle’ or ambition, with little customer service skills or understanding of business principles, the Franchisee quickly realises, ‘hey, owning a business is really hard work’. Unfortunately for Franchisors – and unlike other business owners, who only have themselves to blame if things are not working out – a Franchisee can point the finger at a Franchisor if their business is not turning over the profits they expected. The Franchisee is not interested in learning scripts to deal with clients, they do not want to learn processes to follow up leads, that stuff is boring. It is far easier for the Franchisee to email and text the Franchisor blaming them for how horrible the system is and how terrible their franchised business is doing. The Franchisor bends over backwards to assist the Franchisee (in vein) – the Franchisor suggests that the Franchisee strictly following the Franchise Agreement and the Manual. …But the Franchisee is not listening, not following the systems, the Franchisee puts its energy into complaining, and it can drive a Franchisor mad.

IP Partnership is a national commercial law firm who act for Franchisors located all over Australia and are the experts in franchise law. If you are looking to turn your business into a Franchise system, we invite you to contact the office to arrange for a no obligation and no cost meeting with some of our solicitors. If you are buying into a franchise system, we are also here to assist; to review the documents and ensure the Franchise Agreement is a balanced contract. The Franchising Code of Conduct is a robust piece of legislation and it is important to have franchising lawyers who understand this unique area of law. Whether you are a Franchisor or Franchisee, as a commercial law firm which places a high value on long term client relationships, you can think of IP Partnership as your business’ very own inhouse counsel.

Read More: From the Franchising Law experts – The number one issue Franchisors have

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From the Franchising Law experts – The number one issue Franchisors have

There are a number of stories from our Clients, however, the story that is most recurring is “we recruited a difficult franchisee”. The biggest mistake a Franchisor can make, is selling a Franchised Business to the wrong person.

We understand how it happens though. It can be hard for a business owner that has recently turned into a Franchise System to turn away a delicious cheque looking back at them from a boardroom table. The Franchisor generally knows that this person is ‘not quite the right fit’, but “hey” they tell themselves, “with a bit of training and some support, they could work, right?” trying desperately to convince themself. The lack of business experience, the lack of industry experience and the lack of interpersonal skills are things that can be ignored, because what this potential Franchisee does not lack is money and “that cheque that would be so useful for marketing right now!”

Often times, for a Franchisee, it is their first time owning a business. That’s a big responsibility on the shoulders of a Franchisor. A Franchisor becomes responsible for someone who has ‘worked for the man’ their entire life, received their pay cheque each month for showing up to work and told by a boss what to do. This individual buys a Franchise, and with no sense of ‘hustle’ or ambition, with little customer service skills or understanding of business principles, the Franchisee quickly realises, ‘hey, owning a business is really hard work’. Unfortunately for Franchisors – and unlike other business owners, who only have themselves to blame if things are not working out – a Franchisee can point the finger at a Franchisor if their business is not turning over the profits they expected. The Franchisee is not interested in learning scripts to deal with clients, they do not want to learn processes to follow up leads, that stuff is boring. It is far easier for the Franchisee to email and text the Franchisor blaming them for how horrible the system is and how terrible their franchised business is doing. The Franchisor bends over backwards to assist the Franchisee (in vein) – the Franchisor suggests that the Franchisee strictly following the Franchise Agreement and the Manual. …But the Franchisee is not listening, not following the systems, the Franchisee puts its energy into complaining, and it can drive a Franchisor mad.

IP Partnership is a national commercial law firm who act for Franchisors located all over Australia and are the experts in franchise law. If you are looking to turn your business into a Franchise system, we invite you to contact the office to arrange for a no obligation and no cost meeting with some of our solicitors. If you are buying into a franchise system, we are also here to assist; to review the documents and ensure the Franchise Agreement is a balanced contract. The Franchising Code of Conduct is a robust piece of legislation and it is important to have franchising lawyers who understand this unique area of law. Whether you are a Franchisor or Franchisee, as a commercial law firm which places a high value on long term client relationships, you can think of IP Partnership as your business’ very own inhouse counsel.

Read More: From the Franchising Law experts – The number one issue Franchisors have

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Top 10 Profitable Franchise Business In Gold Coast

The franchise business model is a popular choice for entrepreneurs because it provides a level of security and support that is not typically available to independent businesses. It allows entrepreneurs to start a business using an established brand and proven business model, which can help to reduce the risks associated with starting a new business.

Franchise business opportunities are a great way to start a business in Gold Coast, Australia. With the right franchise, you can tap into an established brand, proven business model, and ongoing support from the franchisor. However, If you are from Gold Coast, there is no less business options but you must make favourable choice. It can be difficult to know which one is right for you. We’ve put together a list of the top 10 most profitable franchise business opportunities in Gold Coast.

7-Eleven –

7-Eleven is one of the most well-known convenience store franchises in the world, and it’s also one of the most profitable. With a focus on convenience and customer service, 7-Eleven stores are a great choice for entrepreneurs who want to start a business in Gold Coast. With a roughly 33.5% market share, 7-Eleven is Australia’s biggest convenience store chain. With over 470 fuel outlets selling fuels bearing the Mobil name, they are also the biggest independent fuel merchant along the Eastern Seaboard. 7-Eleven Stores Pty Ltd. serves an average of seven consumers per second while conducting more than 214 million transactions annually through its store network. Estimated Franchise Cost $400,00 to $1,000,000

Subway

Subway is one of the most popular sandwich franchises in the world, and it’s also one of the most profitable. With a wide variety of menu options and a focus on healthy eating, Subway is a great choice for entrepreneurs who want to start a business in Gold Coast.

The average cost to open a new restaurant is between $1 and $15 million. You must have a minimum of $600,000 in liquid assets in order to get financing from one of our certified banks to start a new GYG.

Overall, the franchise business model can be a great opportunity for entrepreneurs looking to start a business in Gold Coast, Australia and also looking for an established brand and proven business model. It is important to note that starting a franchise business can be a complex process and it is important to seek legal advice from franchising lawyers before making any decision. These lawyers can help you understand the legal requirements and obligations of franchising, and ensure that you are making a well-informed decision.

Visit – Top 10 Profitable Franchise Business In Gold Coast

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An Overview of Franchising for First Time Franchisees

As an entrepreneur, you have a variety of options, An Overview of Franchising for First Time Franchisees including opening a franchise. An entrepreneur with the kind of lifestyle that many others only dream of is what you become when you become a first-time franchise owner.

There is no time more crucial for a first-time franchise investor than the days leading up to signing the documents and handing over the initial franchise fee. An Overview of Franchising for First Time Franchisees You’re genuinely thrilled about the journey ahead and don’t want to waste time on a tonne of dry financial jargon and legalese before launching your new company.

In this article, we go through some of the most fundamental and perhaps crucial elements of franchising business in this post, including franchise agreements, the franchising code, legal requirements, and whether you need a franchising lawyer.

What exactly is a franchise agreement?

The rights and obligations of each party are outlined in a franchise agreement, which is a contract between a franchisee and a franchisor. These rights and obligations include:

The franchisee’s obligations with regard to its staff and training.

The fees that the franchisee must pay.

The franchisee’s rights with regard to the franchisor’s intellectual property and branding.

Rights of the parties upon the termination or expiration of the franchise agreement.

Franchisees assume significant responsibilities and liabilities when they sign a franchise agreement. Always obtain legal counsel before signing any contract or agreement.

The Franchising Code

A variety of franchisee safeguards are contained in the Franchising Code (the Code), some of which we have listed below, and are applicable to the parties to the Franchise Agreement.

Disclosure period

The disclosure period, which is at least 14 days before you sign the franchise agreement or make any non-refundable payments, mandates that a franchisor give a franchisee the following paperwork:

A disclosure form

The final franchise agreement

A copy of the Code

The information that must be in a disclosure document is mandated by the Code. The following are some crucial types of information:

Information about current franchisees;

How many franchised businesses have shut down, been sold, or been terminated over the last three fiscal years;

If the territory covered by the franchise is exclusive or not;

Specifics regarding the payments due both before and during the term of the franchise agreement.

Cooling off period

A franchisee is likewise entitled to a “cooling off” period under the Code. Within seven days of the earliest of the following, a franchisee may terminate a new franchise agreement under the “cooling off” period:

executing a franchise contract;

paying a franchise fee as per the contract.

The consequences of signing a franchise deal may be costly and permanent. Don’t take a chance; before you sign your franchise agreement, speak with one of franchise agreement lawyers who can offer you advise.

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Things You Should Know Before Acquiring A Franchise

The franchise company model can seem incredibly tempting when you start exploring small business trends and tips on how to start a business.

Many people who invest in a franchise are realizing a lifelong desire to work for themselves.

However, a lot of them lack business experience and frequently just leave work.

Good for you if you’re thinking of changing careers and taking the entrepreneurial road! Being an entrepreneur is both a thrilling and intimidating concept. But making the transition to working for yourself doesn’t have to be difficult. All you need is confidence, and you should also research what it’s truly like to launch your own business. For would-be entrepreneurs who want to work for themselves but don’t want to build a whole business concept from scratch, purchasing a franchise can be a smart option. Franchisees get a company model that is already successful on every level, from marketing to operations, when they acquire a franchise.

While franchising provides you with significantly less control over how, where, and how long you run your firm, it does allow you more access to capital.

It’s crucial to consult a qualified business advisor, accountant, or franchising lawyers before you own a franchise. Before choosing a franchise, take into account the following advice.

Knowledge is Crucial

You must be familiar with and knowledgeable about the service or item you sell. Even though it seems clear, it happens frequently for people who know nothing about or have little interest in a particular product to purchase a franchise in that market. Without truly understanding the kind of business they want to buy into, many people who purchase franchises are finally able to realise their long-held desire to be their own boss.

Product expertise is essential when promoting a service or product, and franchises require you to take things like sales and marketing into account. Purchasing a franchise could assist with the setup of the overall structure and branding, but it is not required to do marketing for you. People who invest in franchises frequently have unrealistic expectations of their franchisor and are unaware of how much responsibility they actually have for running the business.

Understand the franchise agreement

You agree to the franchise agreement for a predetermined period of time, typically five years. It specifies exactly where and how you will operate your franchise, and it is wise to seek professional advice to ensure that you are aware of your rights and obligations under each clause.

The business you’ve established, as well as any goodwill you may have accrued, could be returned to the franchisor after the franchise agreement expires because the franchisor is not required to renew your franchise. Here, franchise agreement lawyers can help you with negotiating terms that will give the franchisee more protection when changing the franchise agreement, such as obtaining a protected area, for instance.

Read more – Know Things Before Acquiring A Franchise

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Due Diligence Tips For Future Franchisees

Before signing a franchise agreement, it is critical that you fully understand the commitment you are making.

This entails thoroughly researching your decision (also known as conducting due diligence) to ensure you make an informed decision.

It is critical to seek professional advice as part of this process, and the Franchising Code of Conduct (the Code) encourages this by recommending that you seek accounting, legal, and business advice.

The Code also requires a minimum 14-day period from the time the franchisor provides you with a disclosure document before you can legally sign a franchise agreement, giving you time to seek legal counsel from franchise agreement lawyers.

If you feel you are still not ready after 14 days and need more time to seek advice and conduct additional research on the franchise offer, don’t be afraid to tell the franchisor or broker.

Any attempt to rush you into signing a franchise agreement before you are ready should be avoided.

Similarly, if you decide during the disclosure time that the franchise you’ve been investigating isn’t right for you, you should gracefully exit the process before incurring any additional expenditures.

Here are five pointers to help you with your research:

Identify your target market

Entering into franchising without adapting franchise aims to a specific market is a difficult task. A target audience can be a broad group of individuals or a specific demographic, but finding a way to curate a product or service for this group can ensure that all business operations are directed toward the same end goal. With a set consumer perception in mind, marketing strategy, product development, and employee training can all be guided, saving time in the early stages of a franchise.

Contact the franchising lawyers for a consultation if you have any questions regarding doing franchise due diligence.

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