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.
Virginia Franchisee Closing Questionnaire
Category:
State:
Multi-State
Control #:
US-9-01-STP
Format:
Word;
Rich Text
Instant download
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FAQ
Capital Investment: Establishing a franchise requires a large investment of both time and money. At a minimum, a franchisor should plan to spend on business development, a flagship store, legal document preparation, marketing, and packaging plans, and recruiting and training franchisees.
Franchisees pay both? flat, up-front fees and ongoing royalty? fees, which are expressed as a percentage of? sales, to the franchisor.
Investigating a Franchise Opportunity: 6 Key Steps Reach out for general information. Kick things off over the phone or through the company's online contact form if they offer one. ... The franchise disclosure document. ... Evaluate the franchisor. ... Talking to franchisees. ... Meet the franchisor at Discovery Day. ... Make a decision.
The initial fee is due when you purchase a franchise while continuing fees are collected on an ongoing basis from your sales revenue. These fees will typically be 5-10% of revenue and they'll vary ing to your sector, but can get as high as 20%.
You may have to pay the franchisor royalties based on a percentage of your weekly or monthly gross income. Typically, you must pay royalties for the right to use the franchisor's name, even if you are losing money.
How do I Register My Franchise in Virginia? Uniform Franchise Registration Application. Franchisor's Costs and Source of Funds. Uniform Consent to Service of Process. Guarantee of Performance (if necessary) A copy of Auditor's Consent Letter. Corporate Acknowledgement (if applicable) A clean copy of your FDD.
The Franchisee/Franchisor Relationship In return for the franchisor's advisory role, use of intellectual property, and experience, the franchisee generally pays a startup fee plus an ongoing percentage of gross revenues to the franchisor.
Franchise royalty fees typically range from 4% of your revenue to 12% or more based on the type of franchise business. For example, a food franchise is a high-volume business where many customers buy individual items. Thus, it's not uncommon for the franchise to exceed $1 million in annual revenue.