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What are the various stages of a franchise application?
One of the first stages is to investigate the franchise business thoroughly. This due diligence exercise should include an examination of the day-to-day operation of the franchise to ensure you understand exactly what is entailed in operating it, as well as an investigation of the franchise’s finances to ensure that it is commercially viable. Before disclosing this information, a franchisor will usually ask you to sign a confidentiality agreement. As the negotiation process proceeds, a franchisor may require you to pay a deposit before entering into a full franchise agreement. It is important that you obtain written confirmation that the deposit is fully refundable if you do not proceed or, if not fully refundable, what elements of the deposit are being retained by the franchisor and the basis for the retention. You should also obtain written confirmation that if you do proceed the deposit will be deducted from the initial franchise fee. Once signed, you must be aware that you are legally bound by the terms of the franchise agreement. Before signing you need to ensure that you are aware of all its terms and obligations and can comply with them. It is advisable that you should seek legal advice from a specialist franchise lawyer. You should also ensure that they see copies of all other documents that are referred to in the franchise agreement, such as the operations manual, as these are also likely to be binding.
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Exciting Franchise Opportunities
Companies to Consider
Deluxe Window Cleaning
Year 1 - £29,309 Year 2 - £48,306 Year 3 - £53,387
Turnover of £250,000 with gross profit of £95,000
Expense Reduction Analysts...
Through major banks
No Letting Go
35% to 40% profit, depending on the business model
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