Q: “What portion of my investment level should I consider be ring-fenced off for consultation with franchise-specialist legal consultants”
The cost of a franchise agreement review will vary depending on the firm instructed but, as a guide, a comprehensive review will typically cost in the region of £500 to £750 plus VAT.
What is in a franchise agreement review?
The review will consist of either a face to face meeting or more usually a written report explaining the principal terms of the franchise agreement and identifying any unusual or onerous provisions.
Does it conform?
As a proportion of the typical investment it is a small price to pay for confirmation that the proposed franchise terms conform to industry standards.
Where the prospective franchisee is buying a franchise as a going concern there will be additional legal costs to deal with the business acquisition and assignment of the lease where premises are involved. These costs will vary depending on the complexity of the transaction and it is a good idea to obtain a couple of fee estimates before selecting legal advisors, remembering that good advice does not always come at the cheapest price.
ENDS JULY 2018
At Owen White we offer our own ‘Franchise Agreement Review Service‘ Please get in touch if we can help.
If you require any legal advice on the purchase of a franchise or our franchise agreement review service, please contact our franchise team on +44 1753 876800 or email them, firstname.lastname@example.org
This article first appeared in Business Franchise Magazine
About The Author:
Jane Masih is one of the most experienced franchise solicitors practicing in the UK today. Appointed as head of Owen White’s Franchise team in 2002, Jane has been advising franchise clients for 31 years in the development of their franchise networks including drafting franchise agreements and master licence licences, acting in the sale and purchase of franchise businesses and advising franchisees on the acquisition of franchises. She regularly speaks on franchising topics, writes articles on various aspects of franchising and has been invited to judge the HSBC Franchisor and Franchisee of the Year Awards and the Franchise Marketing Awards on numerous occasions. Jane has served on the Board of the BFA and is a founding member of EWIF winning ‘Outstanding Contribution to Franchising’ in 2014
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- Owen White Solicitors was formed as a partnership in 1988 and was incorporated in 2013.
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