One way of owning a business is to purchase a Franchise from one of the many available nowadays.
A Franchise is a group of businesses who share advertising, supply agreements, expertise, and some expenses within the group. The Franchisor provides assistance, support, and training, or uses the Franchise group’s buying power to obtain better prices from suppliers. However, the benefits all depend on the structure, and they can differ enormously between industries and businesses. For instance, a food franchise will operate differently to a service franchise even though they do have similar attributes.
The Franchising Code of Conduct requires the Franchisor to provide a complex disclosure statement providing much information. However, having information is one thing, interpreting it is another.
The average franchise agreement is a long and complicated document, so it needs an expert legal mind to help you understand, interpret, and apply the conditions it lays out. Other documents such as leases and supply agreements can make a franchise agreement intimidating to navigate without the first-rate legal advice we provide.
You need help to wade through this complex area of the law, and we can assist you with this.