Steven Goldman hears a lot of horror stories about the world of franchising. As one of Canadaâ€™s prominent franchise lawyers, he sees a lot of immigrants who come to Canada to â€œbuy a jobâ€ by purchasing a franchised business.
One such client recently got into a fast-food business with the expectation of earning $1-million in revenue and $200,000 in profit in his first year. But there was a $25,000 upfront franchise fee, plus a 6% royalty, a 2% national advertising fee and a 2% local advertising fee. Ten per cent right off the top killed any chance of turning a profit.
â€œImmigrants â€¦ are led to believe these [franchise agreements] are standard-form agreements or that itâ€™s non-negotiable,â€ says Mr. Goldman, of Goldman Hine LLP, adding thatâ€™s not always the case. Read on…
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