Question: I have someone interested in buying a franchise of my business. Should I go to a lawyer to have the franchise agreement drawn up, even though it could be quite costly?
Answer by Jeff Elgin:
Sorry to say but you’re definitely going to need a lawyer for this one–in fact, an experienced franchise attorney.There are two reasons for this. The first is that a franchise contract is one that binds both parties to a long term business relationship and you need to make sure it covers everything in order to protect your interests as well as those of the other party. Legalzoom isn’t going to be able to handle this type of contractual relationship for you.
Second, there are a number of federal and state regulations that govern the activities of selling a franchise (which is what you will be doing in the eyes of the law. Continue reading this post.
