Someone interested in franchising should be knowledgeable about the strengths and weaknesses of companies that offer such arrangements. Perhaps the best source of information on these and many other issues is the franchisor's disclosure document. This important document, which must be given to prospective franchise owners at least ten business days before any contract is signed or any deposits are owed, usually takes the form of the Uniform Franchise Offering Circular (UFOC). The UFOC contains important information on key aspects of the franchisor's business and the nature of its dealings with franchisees. Information contained in the UFOC includes a franchise history; audited financial statements and other financial history documents; franchise fee and royalty structures; background on the franchise's leading executives; terms of franchise agreements; estimated start-up costs for franchisees (including equipment, inventory, operating capital, and insurance); circumstances under which the franchisor can terminate its relationship with a franchisee; franchisor training and assistance programs; franchisee advertising costs (if any); data on the success (or lack thereof) of current and former franchisee operations; and litigation history.
Hawaii Form of Uniform Franchise Offering Prospectus
Description
How to fill out Form Of Uniform Franchise Offering Prospectus?
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FAQ
A franchise agreement is a contract under which the franchisor grants the franchisee the right to operate a business, or offer, sell, or distribute goods or services identified or associated with the franchisor's trademark.
Hawaii is a franchise registration state. Before you offer or sell a franchise in Hawaii you must register your Franchise Disclosure Document (FDD) with the Business Registration Division of the Hawaii State Dept. of Commerce and Consumer Affairs.
The purpose of the Franchise Disclosure Document (FDD) is to provide prospective franchisees with information about the franchisor, the franchise system and the agreements they will need to sign so that they can make an informed decision.
Purpose Behind UFOC The Franchise Rules set out by the Federal Trade Commission mandates full disclosure of information about investing in Franchise Business. The details set out in the circular help the potential buyers to identify the business.
Uniform Franchise Offering Circular (UFOC) Definition: A regulatory document describing a franchise opportunity that prospective franchisees have to receive before they pay any money, sign any papers or, in some cases, even meet with the franchisor.
The federal franchise rule was crafted to provide the potential franchisee with proper background so they can make an informed decision and to circumvent any deception prior to sale of a franchise.
