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.
Minnesota Franchisee Closing Questionnaire
Category:
State:
Multi-State
Control #:
US-9-01-STP
Format:
Word;
Rich Text
Instant download
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How to fill out Franchisee Closing Questionnaire?
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Ing to the FTC, franchisors have an obligation to provide the franchisee with the FDD at least 14 days before it needs to be signed or before any initial money is exchanged. The franchisee has a right to a copy of the FDD after the franchisor has received the application and agreed to consider it.
You will want to ask questions about the franchisor support? the profitability of the business? franchisor advertising initiatives? what their approximate start-up costs were and their overall satisfaction with their investment decision.
Here are seven factors to consider when you have narrowed down your options to two (or perhaps three to five) franchise opportunities: Initial investment. ... Royalties and marketing fees. ... Territory rights. ... Initial term and renewals. ... Operational restrictions and support. ... System size and growth. ... Post-termination covenants.
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?
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 ...
Here are the top eight factors to consider when choosing a franchise opportunity. The market. A franchise may have seen success in other territories, but how will it fare in your local region? ... The franchise's history. ... The financials. ... The training and support. ... The culture. ... The franchisor. ... The restrictions. ... The exit process.
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?
Summary. While franchisees may not have total control over their business, the franchise model offers numerous benefits. The franchise agreement outlines the rights and responsibilities of both parties, setting the parameters for the relationship and the level of control the franchisee will have.