FYI- This is a paid review by an external provider.
I was asked by several franchisors about using templates when starting to expand their businesses and offer franchise opportunities to franchisees.
There is an old saying that knowledge is power. That old saying applies in spades when it comes to getting all of the franchise information you can lay your hands on before you seal the deal.
Sealing the deal happens when you sign that franchise agreement document, because once both franchisor and franchisee put their autographs on it, that contract becomes as legally binding as a marriage contract. In fact, most marriage contracts are easier to get out of than a franchise agreement, and that is something to sit on the back porch and think about before you move forward.
One of the benefits of using a franchise agreement template (and other franchising templates) is that it saves the franchisor a lot of money. Franchising professionals can charge $20,000 or more for these services. Furthermore, when written by them, the documents can end up being somewhat mediocre because, while these professionals know the ins and outs of franchising, they are unlikely to know the nitty-gritty of running the franchisor’s business on a daily basis. A franchising professional is unlikely to know how to run the kitchen of a restaurant, but the franchisor already knows those details from experience.
So you ask – should I use a template?
The answer is – YES.
The bottom line is: Using Franchising templates will save you a lot of money and will result in top quality franchising documents.
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