Franchise Consultant Teaches Students In Ft. Lauderdale About The Franchise Agreement
Young entrepreneurs who are looking to enter the world of franchising have learned a lot of valuable information by working with Rick Bisio, a highly respected franchise consultant and mentor for franchisees in training. Rick teaches his students all about researching franchises and choosing one that is right for them.
Rick has discovered that many students are intimidated at the thought of reading and understanding the franchise contract. In one of his recent mentoring sessions, Rick explained, “Though the contract may seem to be very heavy on legal terms it is not so difficult to understand once you know what you are looking for in the agreement. The franchisor is required to share franchise information in a clear and transparent fashion; in turn, the franchisee clearly knows their rights and will be expected to meet the same standards”
Rick went over all the items included in the FDD, including details about initial investment and franchise fees; property requirements, location, building, equipment and supplies; a definition of operating practices to protect the franchise system, training and support offered by the franchisor, advertising cost and responsibility, royalties, bookkeeping requirements, and more.
Rick said, “I hope that all of you pay very special attention to this part of the franchise agreement; a lot of this section is negotiable. I recommend that everyone read Chapter 7 of The Educated Franchisee Book to learn more about franchise agreements.”
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