Franchise agreements are one-sided and drafted entirely by franchisors. Starting a franchise can be complicated, so it's important to make sure that the contract is fair and that the franchisee understands everything in it. Some parts of the contract, like how much money the franchisee has to pay if they don't follow the rules or if they say bad things about the franchise, might be able to be changed.
In this podcast, lawyer Michael Webster talks with us about the ten important things that people who want to start a franchise need to think about before signing a contract. Michael explains that franchisors, who own the business and offer franchises to others, are usually honest and truthful, but not everyone who wants to run a franchise is honest. If franchisors do something wrong, they face significant penalties if they violate the principles of franchising.
TIMESTAMPS:
[07:29] Michael’s view on due process selections
[17:17] FDD Item 9: Franchisee Responsibilities
[22:45] Why providing systems is legally a MUST
[29:34] Post-exit behaviors you need to know
[33:11] How the non-compete agreement works in the US
GUEST BIO:
Michael Webster is a seasoned professional with extensive experience in the franchising industry. He started his career as an attorney, specializing in franchise law, before transitioning to the marketing and development side of franchising.
Michael has worked closely with industry experts to help franchisors develop effective marketing and sales strategies. He is highly intuitive and skilled at identifying the latest trends and opportunities in the franchising world.
Michael's legal background gives him a unique perspective on franchise relationships, allowing him to identify any potential issues or concerns that may arise. His expertise and experience make him a valuable resource for anyone looking to enter or expand in the franchising industry.
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
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