Tips from Centra Lawyers

I want to buy a franchise. What should I look out for?

The first thing to do is to obtain as much information about the franchisor and the franchise opportunity as possible. Franchisors must disclose in most provinces and provide disclosure documents for information purposes in the remaining provinces. Obtain this disclosure document from the franchisor.

When you are in possession of all the information, which should include a franchise agreement, see your lawyer and have your accountant verify the franchisor’s figures and calculations.

Make a decision only when you have been advised by your professional team, and do not pay the franchisor any money until you are 100% satisfied that the opportunity is a good fit for what you want to do.

The golden rule when buying a franchise is: If you are not 100% at ease with the franchisor and the franchise opportunity; walk away.

 

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