Should I take legal advice when trying to raise franchise finance?

Yes, along with accountants and independent financial advisers, a good legal team is an important part of any franchisee’s toolbox.  When a franchisee is raising finance, the advice they require often depends on the type of security the franchisee offers the bank or other financial institution. Generally speaking, the advice of a good accountant or independent financial adviser is always important for large financial transactions. However, often their finance-focused advice does not look at all of the potential risks to the individual franchisee and his family.  For example, if a husband and wife co-own the family home or any other property or investments and the husband is obtaining a loan to set up a franchised business in his own name with these assets as security, the husband and wife will want to obtain separate legal advice. If the franchised business fails or the husband dies unexpectedly, the home or other jointly-owned property or investments might be taken to pay the debts of the business.  Good legal advice can protect families from such difficult situations.