Wisconsin Checklist of Basic Franchise Agreement Terms
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FAQ
The Franchise Rule requires franchisors to make material disclosures in five categories: (1) the nature of the franchisor and the franchise system; (2) the franchisor's financial viability; (3) the costs involved in purchasing and operating a franchised outlet;
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.
The Wisconsin Franchise Investment Law ch. 553? for the benefit and protection of potential franchisees. That law requires a franchise to be registered prior to its being sold in Wisconsin, unless the sale qualifies for a specific exemption from the registration requirement.
What: The agreement should include a detailed description of the business operation and any relevant metrics. Requirements set by the franchisor?including how the property is to be maintained, how much insurance must be carried, how records must be kept, what hours the business must be open should all be detailed.
The Franchise Agreement It needs to fully prepare the franchisee to operate from day one. Including automatic or discretionary rights of renewal and the ability to renegotiate terms. Outlining exclusive territory rights, obligations and ability to dilute territory if obligations are not met.
Wisconsin is a franchise registration state. Before you offer or sell a franchise in Wisconsin, you must file and register your Franchise Disclosure Document (?FDD?) with the Securities Division of the Wisconsin State Department of Financial Institutions.
Franchise agreements vary between different franchises, but these seven areas should be addressed in every franchise agreement. Use of Trademarks. Location of the Franchise. Term of the Franchise. Franchisee's Fees and Other Payments. Obligations and Duties of the Franchisor. Restriction on Goods and Services Offered.
Franchise agreements may seem simple in terms of definition, but you should consider that the clauses are tailored to fit your business and needs. A typical franchise agreement should include clauses pertaining to location, duration, operation, fees, and use of intellectual property.
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.
The Franchise Rule gives prospective purchasers of franchises the material information they need in order to weigh the risks and benefits of such an investment.