There are mixed feelings about the current state of the U.S. economy. Some say the recession is far from over; others conclude that the economy is gaining momentum and on track for growth. When it comes to the world of franchising, the attitude of Entrepreneur Magazine– an online news source that provides trends and business ideas …
Merger clauses are very common in franchise agreements. A merger clause is a section of a contract that states that the contract is the complete agreement between the parties. If any part of the understandings reached between the parties is not included within the “four corners” of the contract (the document itself), then neither party …
It is still a tight and volatile credit market. How, then, can you increase your chances of obtaining a loan for your hotel franchise? Lenders are less interested in business strategy and more interested in training and other practices. Important information to provide to loan underwriters includes: Growth and growth prospects Training provided to franchisees, …
In early November, Beautiful Brands International (BBI) and Paul Russo, owner of NYPD Pizzeria, announced a joint venture to franchise NYPD globally. BBI will bring its organizational system while Paul Russo will bring his famous, award-winning pizza to the table in an effort to create a global company. According to Russo, “NYPD is the perfect …
Social media is a great way for franchisors and franchisees to define their brands and draw customers to their businesses. However, keeping up with changing trends can seem like a daunting task. With all the different social media options available, many businesses just don’t know where to start. Pinterest is one of the most recent …
The Franchise Business Review recently announced the top franchises to receive the 2012 Franchisee Satisfaction Awards. The awards were sorted by various categories. Each listed one or two top recipients along with their level of investment. The rankings are based on actual franchisee surveys, although a relatively small universe of 300 brands is examined. Nevertheless, understanding that …
I will be attending the ABA Forum on Franchising in Los Angeles this week. I imagine I will see some of you there. There are some interesting topics being presented there, concepts and issues that have come up in our practice, such as social media, registration issues, multi-unit development deals, non-disclosures and non-competes and financial performance representations. …
Know What to Expect At Corporate Headquarters When a franchise relationship is a good fit, it can bear fruit for both the franchisor and the franchisee. Ensuring that everyone is on the same page is an involved process, however, and both franchisees and franchisors must do their due diligence before a profitable agreement can be struck. …
This is the second part of our attempt to dispense some practical advice to business people (as opposed to lawyers). This one is for franchisees: Reading the Fine Print When Reviewing Franchise Contracts When it comes to franchise contracts, nothing is “standard.” It is always a good idea to thoroughly review the FDD package of …
Writing a blog on any legal topic, it is easy to become immersed in the intricacies of the law. However, we would also like to address the concerns of those in our readership who are prospective franchisors or franchisees. So here is a small dose of common sense derived from our years of practice. The …
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