The franchisee desires to purchase a franchise for the location described in the document. The company requires that the franchisee complete this questionnare in order to enable the company to confirm that it and its employees and representatives have fully complied with all applicable franchise registration and disclosure laws.
Michigan Franchisee Closing Questionnaire
Category:
State:
Multi-State
Control #:
US-9-01-STP
Format:
Word;
Rich Text
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How to fill out Franchisee Closing Questionnaire?
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There are at least a few options: (1) determine whether or not you have any leverage you can use against the franchisor so that it will allow you to exit the business; (2) sell the business to a third party or existing franchisee; (3) sell the business back to the franchisor; or (4) find out if the franchisor is ...
3 Ways to Terminate a Franchise Agreement 1 ? Work With the Franchise to Exit the Business. In some cases, a franchisor will work with the franchisee to find a ?walk away? solution that allows for a quiet exit. ... 2 ? Sell the Franchise Business to a Third-Party. ... 3 ? Sell the Business Back to the Franchise.
The Notice of Intent must: Include the name of your franchise company; Include the principal business address of your franchise company; Briefly describe the franchised business; and. Include a check in the amount of $250 payable to the "State of Michigan."
A Franchise Disclosure Document includes 23 specific pieces of information (called items), the franchisors franchise agreement, and various exhibits (like a list of current and past franchisees, and audit financials of the franchisor.
Overall Questions to ask the Franchisor: Where will your franchise be located? What is the success rate of existing franchises? What method is used to protect franchisees from poorly performing franchises? Is there a franchise owners association? Is there a franchise advisory council?
Michigan is a franchise registration state. However, unlike most states, Michigan does not require you to submit a copy of your Franchise Disclosure Document (FDD) for them to review. Michigan is a "notice only" state, and you must file a Notice of Intent annually with the Michigan Attorney General.
An LOI contains terms such as conditions of the agreement, any requirements laid out by each party, deadlines, and parties involved in the transaction. In addition, a letter of intent is an important document that a potential franchisee and franchisor must obtain before buying or selling a business.
Here are some tips to consider before you commit to a franchise. Learn everything you can about franchising. ... Understand the franchise agreement. ... Read the disclosure statement carefully. ... Identify your financial risks. ... Understand your territory. ... Consider restraint of trade. ... Find out if there are ongoing fees.