Buying a franchise can be a quick way to set up your own business without starting from scratch. Franchises are based on a proven idea. You can check how successful other franchises are before committing yourself.
You can use a recognised brand name and trade marks. You benefit from any advertising or promotion by the owner of the franchise. The franchisor gives continued support - usually including training, help setting up the business, a manual telling you how to run the business and ongoing advice.
It is usual for Franchises to have exclusive rights in a particular territory. The franchisor will not sell any other franchises in the same region.
Financing the business may be easier. Banks are sometimes more likely to lend money to buy a franchise with a good reputation.
Of course there are also drawbacks to purchasing franchises including a lack of autonomy and restrictions on how the business is run.
We provide comprehensive advice to clients wishing to pursue this route and are experienced in advising both franchisors and franchisees on getting the right franchise agreement and can prepare appropriate documentation to facilitate a smooth and efficient transaction.