This form is a franchise registration questionnare. The form requests information concerning the name and address of the franchisor, affiliates, and competition. Federal law and the law of franchise registration require that an Offering Circular be provided to prospective franchisees no later than the first meeting with them to discuss the franchise and at least 10 business days before either entering into a franchise agreement.
Maine Franchise Registration Questionnaire
Category:
State:
Multi-State
Control #:
US-1-01-STP
Format:
Word;
Rich Text
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How to fill out Franchise Registration Questionnaire?
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The Rule requires franchisors to provide all potential franchisees with a disclosure document containing 23 specific items of information about the offered franchise, its officers, and other franchisees.
The franchise rule requires franchisors to make material disclosures in five categories: the nature of the franchisor and the franchise system. the franchisor's financial viability. the costs involved in purchasing and operating a franchised outlet. the terms and conditions that govern the franchise relationship.
Some franchise requirements to take into consideration may include: Credit score. Minimum credit scores vary by franchisor, but most consider a grade of 680 or higher as ideal. Net worth. ... Available cash. ... Previous industry experience. ... Management experience. ... Total investment required. ... Ongoing costs. ... Training and support.
The key elements of a franchise agreement generally include: Territory rights. ... Minimum performance standards. ... Franchisors services requirements. ... Franchisee payments. ... Trademark use. ... Advertising standards. ... Exclusivity clause. ... Insurance requirements.
Some states require franchisors to register their FDDs annually with the state regulatory agencies. Under the FTC's Franchise Rule, a franchisor's FDD must include basic information, including specified contact information, the trademark that the franchisees will use, and a description of the business.
Some of these questions are: How long have you been in business? What made you choose this franchise? How would you rate your relationship with the franchisor? How would you rate the initial training?
Overall Questions to ask the Franchisor: What method is used to protect franchisees from poorly performing franchises? Is there a franchise owners association? Is there a franchise advisory council? Who owns the trademarks, service marks, etc., and are they federally registered?
These legal documents, along with the operating manuals, staffing, training programs, and marketing initiatives, are your main investments in the franchise system. The two primary documents you'll create are the Franchise Agreement and the Franchise Disclosure Document (FDD).