The first step should be doing your own preparation work. Don’t wait until a franchisee gives notice of their intention to sell. Have a process in place that’s ready to go:
It’s all well and good to have a structured process, but you should think about how that process will work in practice for your particular franchise system. Keep the following things in mind:
Preparation is key. By putting together clear processes and procedures, you will not only have a streamlined process, but also a lighter bill from your lawyer!
Disclaimer: This article is only meant to give you general information and should not be relied on as legal advice. Speak to one of our lawyers for more information.
This article was previously prepared for Inside Franchise Business.
Luke is an Associate with Stone Group Lawyers and is a regular contributor to online and print media for Inside Franchise Business. Luke is also a member of the Queensland Law Society Franchise Law Committee.