In Iowa, the franchise world has a silent guardian—Section 537A.10(11). It’s called the Good Faith provision in the Iowa franchise statute, and it’s more than just legal jargon; it is the very lifeline that ensures fairness between franchisors and franchisees. But what does this really mean if you are a franchisee?
Good faith isn’t just
Rushing into franchise ownership without preparation is a costly mistake.
To avoid buyer’s remorse, you need to be deliberate in your approach. Here’s how:
Before browsing franchises, evaluate your skills, interests, and financial situation. Too often, people pick franchises based on potential profit, not realizing they lack the
Choosing the right franchise is crucial. Getting it wrong can be financially devastating.
A franchise with a strong history of success is likely to continue performing well. Look at how long the franchise has been in business and how many units are thriving. A proven track record can
If you want to protect your investment in a franchise, don’t rely on verbal promises from the franchisor.
Why not? Because verbal promises are worthless if disputes arise. Verbal assurances from a franchisor representative might make you feel secure in the moment, but when challenges occur—like receiving less support than promised or discovering fees you
When purchasing a franchise, one of the most critical aspects to consider is the size and protection of the territory you will be operating in. Securing a territory that limits competition from other franchisees within the same brand can be the difference between a thriving business and a struggle for market share. This is particularly
Entering into a franchise agreement can be an exciting and lucrative venture for many aspiring business owners. However, the path to successful franchise ownership is fraught with potential pitfalls. – just like opening your own independent business. As a franchise lawyer, I’ve observed several common mistakes that franchisees make, which can lead to significant financial
Contracts. The word alone might make you think of stacks of paper and endless legal jargon. But fear not! As your friendly Iowa business lawyer, I am here to break down the basics of contracts. By the end of this post, you’ll feel more confident in understanding the backbone of every business deal. Let’s dive
When considering buying a franchise, one factor stands out as particularly critical to your success: franchisor support. Franchisor support can make or break your franchise journey, providing the necessary guidance, resources, and assistance to help you thrive. Here’s how to effectively assess the level and quality of support offered by a franchisor.
