Franchise Q&A
income. But my advice is this: turn those thoughts on their head!
Ian Christelow UK co-founder of ActionCOACH
Q: Should you choose a franchise that’s the most fun or one with the best ROI?
A: Many people looking for a franchise have one of two things in mind: a business that will make them the same or more money than their current job, or they want a business that will make them enough money to live but gives them a much better work-life balance. They generally think about a franchise where they can use their current skillset to make a living. They plan to get the business off the ground and what it will take to achieve a regular
My bet is that you want your own business because you are fed up with what you are doing now, you know you can do better on your own, making decisions for yourself that benefi t you and your family? So why don’t you start by thinking about how you will feel two, fi ve, 10 years down the line with this business – will you still love what you do every day? Our franchise partners at ActionCOACH couple their existing skillset with a service millions of people need, go on to eclipse their corporate earnings and enjoy the satisfaction of knowing their clients are by far the biggest winners. The beauty of our service is that you can choose to work to fi t the lifestyle you want – we have Action Coaches working full-time nine-to-fi ve or 10-to-three to fi t in with picking up the kids from school.
The most important thing is that being in business should give you more of a life, and choosing a franchise that is fun and satisfying will aid your success.
Jody Macmillan
UK recruitment manager for TaxAssist Accountants
Q: What kind of things should a franchisee approach their solicitor for? Are there any franchise-specifi c solicitors?
A: Anyone considering taking on a franchise should always consult a solicitor before signing the franchise agreement, and I would always recommend that a franchise-specifi c solicitor is used. Almost all solicitors are experts in particular fi elds of law, and franchising is no exception. The British Franchise Association provides a panel of solicitors for you to choose from on its website. Make sure you agree the fee and timetable in advance and bear in mind it is not necessary to actually meet with the solicitor, so it does not matter where they
are based. Everything can be done by post, e-mail or phone. Franchise-specifi c solicitors are experts in the way that franchising works and the way franchise agreements are written. They will fully explain, or produce a report highlighting your rights and duties, or anything unusual or onerous in the contract, so that you know what you are signing up to.
On occasion, they may give you a list of questions about the franchise agreement for you to refer back to your franchisor. These answers can, if requested, be set
out in a legally binding side letter attached to the agreement.
Liaising with a franchise specifi c solicitor should help you to make an informed commercial decision as to whether to proceed with a franchise. They may also be able to make general comments about your chosen franchise.
If you decide to take on a partner or sell your franchise, you will need to again consult your franchise-specifi c solicitor. They will be able to act on your behalf in the transaction and will liaise with your franchisor’s solicitor.
June 2016 |
BusinessFranchise.com | 55
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138