Buying A Franchise
In an era where more people are starting new businesses, many are opting to buy a franchise. Statistics from 2017 show there were 745,290 franchises in the U.S. to choose from. For people who want to become an entrepreneur but have no ‘new’ idea for a business, or don’t want to waste time setting up a business, a franchise may be in order.
A franchise is a ‘business model’ wherein a format is already set up for the buyer. The buyer or investor pays a franchise fee and in return, receives a system for the business that’s already been developed. Typically, the buyer will have the right to use the franchise name and will often be required to buy all the supplies, equipment, uniforms and products from the franchisor as part of the agreement.
Buying a franchise can give the buyer instant name recognition, training operations, advice on marketing, management and help with personnel. Some franchisors provide assistance in finding a site location. An established franchise can offer security and a good support system to the buyer.
Retaining an experienced business law attorney is critical when going through the franchise process. At Gantenbein Law Firm, our qualified attorneys pay meticulous attention to the smallest of details. We can help you navigate the complexity of the agreements, contracts and mandatory contractual obligations when purchasing a franchise. Our business legal team will provide you with the legal representation and counsel to help protect yourself and ensure your business success.
The initial fees to purchase a franchise can range from tens of thousands to several hundred thousand of dollars. These fees may not be refundable. Our business attorneys can sort through the paperwork and documents to break down and review fees, rental costs, initial costs for build-outs, equipment, inventory and obligatory advertising costs. We can, at times, negotiate on your behalf.
Additionally, our attorneys will review and assess operating licenses, insurances, promotional opening fees and royalty payments a buyer may have to pay the franchisor.
Your franchisor may also have the final say in a site selection, including forcing periodic renovations and/or design changes that would significantly add to your costs.
Our business legal team is skilled in assisting clients in each area related to franchises including renewals, terminations, restrictions, operations, sales areas, competition clauses and franchise disclosures.
We can also design strategies and plans to help you meet your goals and provide you with the legal counsel and representation you need to operate your business, set up and file state and federal taxes, settle employee and employment concerns and handle your general day-to-day legal issues.
If you want to start a new business, you may elect to buy a business franchise. To make that process as smooth as possible, contact the top Denver business attorneys to discuss your business franchise purchase plan.
Call 303-618-2122 to schedule a consult.
Located in Denver, Colorado.