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buying or selling a franchise

Buying or Selling a Franchise

Buying or selling a franchise can be a complicated process for franchisees without an understanding of the processes involved. At the very least, it involves:

  • Dealing with multiple legal documents (such as a sale of business contract, lease, franchise agreement, franchise disclosure document and other ancillary documents);
  • Engaging in negotiations with landlords and franchisors; and
  • Conducting due diligence.

Of course, this is not always easy when you are operating your business. Franchising is also a highly regulated industry which doesn’t make things any easier. All sales and purchases of a franchise will need to comply with the Franchising Code of Conduct, and the franchise agreement will often limit your ability to move forward with the sale process without the franchisor’s approval.

It helps to have someone who can assist you through the process. LegalVision’s franchise lawyers can provide the expertise you need to buy or sell your franchise.

How Can Our Franchise Lawyers Help You Sell Your Franchise?

One of the key issue franchisees will need to overcome when selling their franchise is receiving the approval of their franchisors. Often, franchise agreements will contain a clause to this effect. If you do not notify your franchisor of your intentions before putting your franchise on the market, this could lead to a breach of your franchise agreement. Accordingly, our franchise lawyers can help review your franchise agreements and advise on your next best steps.

Further, once franchisees have found a purchaser, LegalVision’s franchise lawyers can:

  • Draft a sale of business agreement;
  • Engage in negotiations with the purchaser and landlord (if the franchise operates from physical premises); and
  • Assist clients with exchange and settlement (the administrative processes required to finalise the sale of the franchise).

We will ensure that you have properly assigned your franchise and lease to the purchaser and make sure you have no ongoing liabilities with the franchisor.

How Can Our Franchise Lawyers Help You Buy Your Franchise?

Purchasing a franchise can be daunting. Not only is there a significant cost involved, but you will also have to deal with three different types of legal documents each with tens and possibly hundreds of pages. LegalVision’s franchise lawyers can help you avoid this confusion and provide you with the high-quality advice you need in plain, everyday language. Our franchise lawyers have reviewed hundreds of franchise agreements, franchise disclosure documents and leases in multiple industries meaning we can advise you on any potential risks you may face.

LegalVision’s franchise lawyers are more than happy to assist you to sell or buy a franchise. Fill out the form for a free quote!

Contact us today