The Joke’s On You Without A Franchise Attorney By Your Side!
“What do you call a lawyer at the bottom of the ocean?” Well…it would be a good start, but only if your new, never-before-seen, restaurant franchise was scheduled to be built under the beautiful blue water as part of the ‘oceanic scene.’ (Think about that! Your franchise would not only have the best but, let’s face it, the freshest seafood available at just a moment’s notice.) Of course, for that franchise to take off and be profitable you need two things – submarine transportation and a franchise attorney in order to make your killer idea a true success!
What’s the definition of ‘navigating shark-infested waters?’ Easy. The world of franchising has a great many ‘sharks’ just waiting to take advantage of you. When it comes to help with documentation, learning rules and regulations and more, being able to have a quick and agile mind on your side so that you can take your creative, ingenious idea and make something out of it with no worries (except for the submarine) is a must!
Yes, you will need that energy, passion and determination to work hard in order to build up a brand name so that the franchise you own and present to the public becomes one of the very best. The first deep-sea McDonald’s®? Or, perhaps a fisherman’s supply franchise where only the best products can be found and delivered ‘top-side’ to any and all anglers immediately? Whatever your amazing idea happens to be, you want to achieve complete success and have franchises opening all across the nation or globe as your brand becomes one of the most reliable and respected by the consumer.
But passion, determination and hard work is not all there is to it. There are major laws, disclosure documents, social media paths that must be utilized, and a wealth of other areas where you and your franchise could simply go under (no pun intended), and stay under because you did not hire a franchise attorney who knew exactly what they were doing.
Whether you are starting that franchise or you are an existing franchise needing help; whether you are in need of an attorney who knows the ‘ins and outs’ of franchisor disputes or you’re looking to buy into a franchise, Mike Rosenthal is the one you need in order to make it happen.
Here’s a little test. How much reserve capital should you have when embarking on buying a franchise? Do you know whether your state requires registration by franchisors before selling a traditional franchise? As you shake your head, still having that creative idea of ‘dinner under the sea’ floating through your mind, you should know that Mike Rosenthal is now celebrating his 25th Anniversary of being rated AV Preeminent by Martindale-Hubbell, and he wants you to understand due diligence and make sure that you are reviewing every aspect of owning and operating a franchise.
‘Critical’ is the one term that can be used when it comes to due diligence. An in-depth valuation of the franchisor and the potential franchise opportunities must be done. ‘Profitability’ is a word that is NOT a guarantee – it calls for research, and a thorough examination of a Franchisor’s FDD with a qualified professional by your side is the only way to get this done right. What is the franchisor’s estimate of start-up costs? What are you expected to spend and what are the royalties and on-going fees that you will be required to pay? This is not an ‘experiment’ for all you entrepreneurs out there – this is your life and future, so get it done right.
You need to know your protected territory, if you even have one; grace periods in regards to the royalty obligations; liquidated damages and liability for early termination; renewal rights; transfer rights – you name it, you need a lawyer who will walk you through everything from Step A to Point Z.
As an FYI for all you entrepreneurs out there, your very own magazine “Entrepreneur,” put out its list of the fastest-growing franchises that will continue to grow fast in 2013. From Stratus Building Solutions that came in at number one to Anytime Fitness that closed out the list – the names in between are more than familiar with things, like Subway, H&R Block, Dunkin’ Donuts, 7-Eleven, Inc, and more. You can bet on one thing where all these franchises are concerned, each and every one of them has a franchise attorney who knows exactly what needs to be done. Mike Rosenthal is the man YOU want.
Although, to be honest, I say stick to the ‘new’ under-sea diner idea. THAT will definitely be a money-maker! And as long as Mike is on your side, the only sharks you’ll have to worry about are the real ones!