Many franchise buyers focus on what the franchise representatives say the franchise will do for them and overlook the written contract that actually governs the relationship. Common mistakes include assuming the agreement is standard, underestimating exit restrictions, overlooking long term costs, and signing before fully understanding risk. A careful reading of most franchise agreements reveals
Franchise agreements are negotiable more often than people think. The franchisees who have the most success focus on three to five high impact issues, remain patient throughout the process, and are genuinely willing to walk away if the deal does not make sense. The ability to say no is often what creates leverage.
Can franchise
Starting a business isn’t for everyone.
Here are five of the top qualities I have noticed in my most successful business clients.
Your ability to endure punches—and keep swinging—is your most valuable asset. The market will test your patience, your stamina, and your confidence. If you crumble at the first sign of difficulty
In sports, the little things are often the difference between winning and losing.
At Brick Gentry, we have extensive experience in providing legal services for professional athletes, college athletes, and universities. From contract review to drafting agreements, including those covering Name, Image, and Likeness (NIL) rights, our goal is to ensure that our clients are
You’re busy.
Running a business means managing a million things at once, and legal paperwork often takes a backseat. But if your operating agreement is outdated, it could cost you more than you think.
An up-to-date LLC operating agreement keeps everyone on the same page. It outlines each owner’s roles, how
How do you invest in a franchise successfully? The Franchise King, Joel Libava, has an excellent post with a Powerful 10-Step Checklist to Use Before you Buy the Franchise of Your Dreams. I love posts like the one Joel has written. His post has honest, straight-forward advice every person investing in a franchise should
The State of Iowa has now created a fund to help Targeted Small Businesses with no employees that have been impacted by the Covid-19 pandemic. The program offers eligible small businesses grants ranging from $5,000-$10,000 to businesses that are single owners with no employees that are also TSB certified, or have an application submitted to
There have been a series of changes over the past year in federal regulations that impact your old LLC operating agreement. Since I see on a regular basis operating agreements that do not incorporate the changes in the regulations, I thought I would mention a key change in this post. With the new regulations there is no longer a “tax matters partner” which you will see in most operating agreements. Instead, the LLC (partnership) must designate a Partnership Representative (the “PR”) who does not need to be a partner. The PR is similar to, but is different from, the tax matters partner. Formerly, the LLC/partnership was required to designate a tax matters partner to act as a liaison between the partnership and the IRS. That tax matters partner was required to be a general partner and could be an individual or an entity. The tax matters partner had the authority to bind the partnership, but not to bind other partners in the partnership. Also, a partner that was not the tax matters partner had rights during an examination, including certain notification rights and the right to participate in the proceeding.
Continue Reading Review Your Old LLC Operating Agreement: No More Tax Matters Partner
One of the things I hear over and over from distressed franchisees is that they purchased a franchise because it was a “proven business model.” Now, I don’t blame most franchisees for this thought process as they head into their franchise business purchase. The franchise industry has done a remarkable job of marketing itself where people are preconceived to believe franchises are proven business models. Second, some franchises have been in business for a long time which naturally leads someone to believe it is a proven business model. After all, a franchise would not be in business for a long time if it were not proven, right?
Continue Reading Buying a Franchise: Is it Really a Proven Business Model?
The Iowa Caucus is this coming Monday, February 1, 2016. Many in Iowa claim to be happy when the caucus is over but secretly we like all the attention because Iowa only receives this kind of attention every presidential election cycle. So who is going to win the Iowa caucuses this coming Monday? I am
