Very underrated channel. Thank you for all the useful info, Robert. I've been binge watching all of your videos :). You will definitely have my business once I am set on opening my first franchise. Until then, I will be doing my due diligence. Thanks!
The franchisor sent me the franchise agreement without even letting me know the existence of FDD. I did not sign it, I asked them to provide me the FDD, they claimed that there is no such thing as FDD, and just brush it off. What can I do?
Work with a qualified broker or consultant like Franchise City! If you are working on your own however, and the company is a franchise in the USA and selling franchises without providing an FDD they are likely in violation of law. You can report them to the FTC www.ftc.gov/tips-advice/business-center/guidance/consumers-guide-buying-franchise 1-877-FTC-HELP (1-877-382-4357) And here is their video link outlining specifically on how to file a complaint www.consumer.ftc.gov/media/video-0054-how-file-complaint . Thanks for the comment.
hello dear I'm reading the FDD of a travel franchise and by following the explanation you mentioned below this video the point number 17 Renewal, Termination, Transfer, and Dispute Resolution. specially the topic of operating another franchise through and after the end of the franchise agreement, I found this phrase: non-competition covenants during the term of the franchise = no involvement with competing business wherever located. does it mean the franchisee must not own, operate another travel franchise? or any franchise different from the travel franchise he's working with? thanks
Thanks for the question. The key term is no involvement with "competing" franchises. I would interpret that as travel or travel related businesses and you should be permitted to operate other businesses that are non-travel related. As always I would suggest you consult an attorney and clarify your limitations with the franchise directly to be absolutely certain.
comparatively, yes that is rather high for such a short term, but it depends on the value you receive. A $20,000 FF with $5k renewal in 10 years is too high if you don't receive any benefits. I would be more concerned if the franchise is the most profitable option for my situation. Salons are typically not huge moneymakers - here is an overview of several industries: czcams.com/video/bHoezHqvMjI/video.html Thank you for your question
Most concepts use a development company (franchise marketing systems, ifranchisegroup) to get them through the process. You can do it on your own, but there is a lot more to it than most people think. To find just a lawyer you can try AVVO - just search for franchise specialists and those who do FDD's. Realistically most people suggest you have no less than $50k to dedicate to the venture, lawyer would charge $5k-$10k depending on how much time they have to dedicate. If you need anything else feel free to reach out.
Thank you for watching. Every situation is different, depending on your local demographic, operational abilities, business goals it could be the best, or worst franchise. Our service is free and can help to find the best option for a particular situation. www.franchise.city/our-services
Very underrated channel. Thank you for all the useful info, Robert. I've been binge watching all of your videos :). You will definitely have my business once I am set on opening my first franchise. Until then, I will be doing my due diligence. Thanks!
Thanks for the kind words!
thanks a lot for this amazing video. this is what I have always wanted to know about the process of buying franchises.
Thanks for the comment!
The franchisor sent me the franchise agreement without even letting me know the existence of FDD. I did not sign it, I asked them to provide me the FDD, they claimed that there is no such thing as FDD, and just brush it off. What can I do?
Work with a qualified broker or consultant like Franchise City! If you are working on your own however, and the company is a franchise in the USA and selling franchises without providing an FDD they are likely in violation of law. You can report them to the FTC www.ftc.gov/tips-advice/business-center/guidance/consumers-guide-buying-franchise 1-877-FTC-HELP (1-877-382-4357) And here is their video link outlining specifically on how to file a complaint www.consumer.ftc.gov/media/video-0054-how-file-complaint . Thanks for the comment.
Did you see the movie "The founder"? What did you think of it?
I have not - but I hear it is good. I'll make a point to check it out. Thanks!
hello dear
I'm reading the FDD of a travel franchise and by following the explanation you mentioned below this video
the point number 17 Renewal, Termination, Transfer, and Dispute Resolution. specially the topic of operating another franchise through and after the end of the franchise agreement, I found this phrase: non-competition covenants during the term of the franchise = no involvement with competing business wherever located.
does it mean the franchisee must not own, operate another travel franchise? or any franchise different from the travel franchise he's working with?
thanks
Thanks for the question. The key term is no involvement with "competing" franchises. I would interpret that as travel or travel related businesses and you should be permitted to operate other businesses that are non-travel related. As always I would suggest you consult an attorney and clarify your limitations with the franchise directly to be absolutely certain.
thanks a lot
Initial franchise fees: $50000 Renewal of franchise : 50% of intial franchise fees at 5 years...
is it reasonable for a beauty bar franchise ?
comparatively, yes that is rather high for such a short term, but it depends on the value you receive. A $20,000 FF with $5k renewal in 10 years is too high if you don't receive any benefits. I would be more concerned if the franchise is the most profitable option for my situation. Salons are typically not huge moneymakers - here is an overview of several industries: czcams.com/video/bHoezHqvMjI/video.html Thank you for your question
I want to franchise my restaurant and how much it will cost to create FDD? and how am I going to find the lawyers for FDD?
Most concepts use a development company (franchise marketing systems, ifranchisegroup) to get them through the process. You can do it on your own, but there is a lot more to it than most people think. To find just a lawyer you can try AVVO - just search for franchise specialists and those who do FDD's. Realistically most people suggest you have no less than $50k to dedicate to the venture, lawyer would charge $5k-$10k depending on how much time they have to dedicate. If you need anything else feel free to reach out.
Love your information. Absolutely informative. What do you think about the franchise TREAD CONNECTION?
Thank you for watching. Every situation is different, depending on your local demographic, operational abilities, business goals it could be the best, or worst franchise. Our service is free and can help to find the best option for a particular situation. www.franchise.city/our-services
Furniture row blows...