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.
Oregon Form of Uniform Franchise Offering Prospectus
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How to fill out Form Of Uniform Franchise Offering Prospectus?
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FAQ
In franchising terms, the prospectus is simply a marketing brochure that outlines the opportunity on offer. It is often the first document that a potential franchisee will receive after making their initial enquiry from an advert, website or exhibition.
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.
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.
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.
In some circumstances, the UCC has been held not to be applicable to a franchise. This is because the code does not apply outside the sale of goods. Provisions of Article 3 of the UCC govern negotiable instruments.
A typical brochure includes: Introduction of the Franchise Business. History and Profiles of the Founders and Directors. Roles and responsibilities of the Franchisee. Franchisor Support. Financials. FAQ.
Ownership. A franchise is owned by the various franchisees who buy and operate their own branches of the business. On the other hand, a corporation is owned by shareholders who share in the profits and risks of the business.
What is the uniform franchise offering circular (UFOC)? The UFOC is a document required by the Federal Trade Commission because of prior abuse by franchisors who made unfounded promises to unwitting buyers of franchises. The UFOC is the main document the franchisee's attorney should read.
