Your business partner betraying you may feel like a heartbreak since they would have essentially violated the trust you placed in them. And betrayal can happen in different ways. You may discover your business partner is stealing from the company, sharing company secrets or not performing their duties. Your response to such issues is crucial. You don’t want to make moves that can negatively impact the business. If you experience such betrayal, consider the following steps: Talk to your business partner Before taking further steps, talk to your business partner to obtain more information about ..read more

Franchise transfers in Florida are significant events that require careful navigation of legal and business landscapes. Understanding the intricacies of transferring franchise rights is crucial for franchisees, whether they are considering selling their franchise or acquiring another.  Franchise agreements often contain specific provisions regarding the transfer of a franchise, including conditions, fees and approvals required. As such, Florida franchisees must be diligent in understanding these provisions to ensure a smooth transfer process.  Franchise agreements and Florida law In ..read more

Franchisors often hold “Discovery Day” events in person and online so that potential franchisees can get to know more about them – and vice-versa. While many potential franchisees are concerned with impressing a franchisor, it’s important to use this opportunity to ask necessary questions to determine whether it’s a good fit for you, your interests and skills and your business goals. An official with one restaurant franchisor says, “I always tell candidates that it’s important for them to feel comfortable with us and vice versa—because this is like (entering into) a 10-year marriage at the min ..read more

Risk is an unavoidable aspect of entrepreneurship, and all businesses have the potential to fail. However, since a franchise is a proven business model, many franchisees are easily misled into thinking that franchise businesses are somewhat immune to failure. Even though a franchise business can be an easy way to earn a good income, entrepreneurs require an effective franchise system for their business to function and earn profit. Without the right support and resources, a franchisee can fail as easily as any other entrepreneur. Lack of adequate research and due diligence Embarking on a franch ..read more

As a franchisee, renewing your franchise agreement is a pivotal moment for several reasons. First, the renewal secures the continuation of your business operations under an established and recognized brand. Second, the terms set in the renewal can significantly impact your financial standing in the near future. It also offers an opportunity to propose adjustments that align with current market trends. Therefore, it helps to approach this process with meticulous attention to detail and strategic planning. Here are some tips. Start preparations early Do not wait until the last minute to begin pr ..read more

Taking on a business partner can be an exciting step in your entrepreneurial journey. A new partner can also inject a restorative dose of vitality into a stagnant company. But before you shake hands and dive in, it is crucial to understand the legal landscape. Leaving certain matters unaddressed could impact the success and longevity of your partnership. Your business structure You may want or need to change your business structure after taking on a partner to ensure that you protect your interests. General partnerships offer simplicity, but as the “general member” you may hold unlimited liabi ..read more

A franchise agreement is a legally binding document that outlines the rights, responsibilities and operations the franchisor expects from the franchisee. The franchisor uses a franchise agreement so that the franchisee can use the business’s intellectual property (IP), such as branding, trademarks and advertising under agreed terms. A franchise agreement essentially outlines the working relationship between the franchisor and the franchisee. It’s often the responsibility of the franchisee to ensure that a franchise agreement contains any pertinent information about the business. The following ..read more

A franchise operation can be beneficial for all parties. The franchisee reaps the benefits of branding and support while the franchisor receives a fair price for the franchise sale. With that being said, disputes about franchise agreements can occur. Outlined below are some of the more common causes of franchise disputes. When the franchisee feels let down A franchisee takes on a franchise to ultimately make their business more profitable. A franchise agreement typically offers the use of an already established brand as well as a full support system. For example, someone from the franchise ope ..read more

When two or more like-minded people come together to start a business, the resulting entity is known as a partnership. When you get it right, a business partnership can propel your entrepreneurship journey to greater heights.  However, what happens if you learn that one of your partners is stealing from the business? Business theft can happen in a variety of ways. Here are partner actions that can amount to theft: Misappropriation of trade secrets  Trade secrets, like customer data, marketing strategies, product designs and special recipes set a business apart and give it a competiti ..read more

You’ve just been presented with what seems like a golden opportunity to buy into a franchise that seems to be exploding in popularity. The only problem is that they seem like they may be growing a little too fast. When it seems like there’s a shop or restaurant by that name on every corner, you may have good reason to be concerned. The franchise may be in the process of self-cannibalization. In any given market, there are only so many customers to go around In the rush to create a big brand identity, some franchisors end up over-saturating the market. When that happens, there are simply not en ..read more