Ethical Franchising ? How To Choose A Respected And Principled Franchise System - Jeremy Lin Jersey

UFOC (Uniform Franchise Offering Circular) are even more precise, requiring a thorough account of every detail of the franchise agreement black foamposites . Due to the legal intricacy of the documents, hiring legal counsel is advised.

Wait and Review Period - With the above in mind, you should always be advised by the franchisor of the wait time in the above referenced provinces in Canada and in all U air jordan fusion.S. states between receiving the legal documents and signing any binding agreement or making any payment to secure the franchise rights.

In Canada, this is generally 14 days. In the U pink foamposites.S., it is 10 business days (or 14 calendar days in Illinois).

If a franchisor pushes you to sign or make payment before this time has elapsed, illegal and unethical practices are present lebron 10 shoes.Earnings Claims Unless the franchisor specifically provides earnings claims in its UFOC or franchise agreement, no earnings claims can be made alluding to sales, income, or earnings potential for the prospective franchisee.

Promises of success and income guarantees are thus often unethical and illegal.Contacting Existing Franchisees The above being said, you may contact existing franchisees for their sales perspectives. They may share this information with you, at their discretion. As a rule, it is always a good idea to contact existing franchisees. While each will have his/her own life circumstance and income goal in mind, they can give you an idea as to the honestly and integrity of the franchisor and its franchise system.Resolving Disputes Disputes inevitably come up between franchisee and franchisor. As long as the franchisor works with the franchisee or prospective franchisee to resolve a dispute, ethical standards are generally being practiced. Having your questions or concerns go unanswered or be ignored is another matter. Open communication between both parties is key.By no means does the above cover all elements in determining the legitimacy and legality of any franchise system. Franchise laws change frequently and the franchisor must adapt to these new requirements. Nevertheless, trust your instinct, hire legal counsel to review the franchise agreements, and get as much information as you can.