I'm looking to buy a food franchise, I have several option on mind.
As a franchise attorney and testifying expert in franchise litigation matters, I can most definitely say you need to hire an attorney, and a franchise attorney, when you are evaluating a franchise company. These days, a lot of people try to cut costs by not using an attorney and it comes back to bite them bite them big-time. As a franchise expert, I've seen hundreds of individuals like this who end up investment all they have, just to see it evaporate with no profit at all. Or, they end up making less than the minimum wage, working 7-day, 12-hour day work weeks. In virtually all these cases I've seen, it all could have been avoided by a careful evaluation of the franchise offering by a franchise attorney before contracts were signed and money changes hands. After that happens, it's usually too late to do anything.
Check our website for details on the specially-priced FDD Evaluator - a flat $750 for FDD's that total up to 100-pages. And that's by a franchise attorney, with an MBA, who also owned a successful franchise. Try finding that skill set anywhere else.
Kevin B. Murphy, B.S., M.B.A., J.D.
Attorney at Law & Franchise Expert
Director of Operations - Mr. Franchise
FRANCHISE FOUNDATIONS APC
As an attorney who has been involved in franchise law for over 20 years and handled hundreds (if not thousands) of reviews of the FDD and franchise agreement for prospective franchisees I can definitely state that you should retain an experienced franchise attorney to assist you. You should not retain an attorney who does not have a strong background in handling franchise matters or invest in a franchise without the guidance of experienced franchise counsel.
I have written a blog on tips before you invest in a franchise that you may find useful: http://www.spadealaw.com/blog/2012/02/09/tips-you-invest-franchise-0. In addition, I would love the opportunity to speak with you about my firm's services and our flat fee for representing prospective franchisees. Please feel free to call me at 215-525-1165 x101.
This response does not create an attorney-client relationship and is not intended to provide legal advice for your specific situation.
My colleagues have given you excellent advice. Those of us who practice in this area of the law, and I have for over 35 years, could go on for hours about those individuals who proceeded without good, experienced franchise counsel only to regret that decision. Remember, you will be signing a long term, legally binding contract. Many franchisors will tell you that the franchise agreement is "non-negotiable," to try to dissuade you from seeking a lawyer's advice. Even if that is true, and in many cases it is not, you need to have someone, qualified by experience, decipher the 40-60 page franchise agreement that will be presented to you. This is not to mention the fact that you will be making some amount of an investment, whether from your own funds or those that you will borrow. Would you make any sizeable investment without getting the best advice possible?
The best investment you can make is to have an experienced franchise lawyer guide you. Compared to what you will invest in the franchise, the cost is minimal; the benefit enormous.
Please find a local counsel can help you. While all of the advice is good, a NJ Counsel can best protet you.
The previous information is solely for informational purposes only. If you have further questions, please contact an attorney in your area for more specific answers. Responding to your question in no way creates an attorney/client relationship, and none of the specific guarantees of privacy exist. If you have found this information helpful, kindly check the "helpful" box.