When you’re concerned with franchise finances and legal review, you’re close to the finish line! A decision on a particular franchise business model is imminent, so don’t overlook those important details of legal review and funding.
Legal Review. There’s a lot of information to go review, especially if you’ve never been through the process. Franchise Strategy Partners can help find and retain a franchise attorney to scrutinize the franchise documents. The franchise attorney knows the important topics and sections to study most in the FDD and in the final contract. You’ll understand your obligations and rights as a franchisor, and the contractual obligations you’re required to uphold.
Franchise funding. How do you finance this important step in your entrepreneurial life? Some franchisors offer internal financing. The interest rates may, or may not, be competitive. They may, or may not, require collateral. Maybe you want to tap into your 401(k), Individual Retirement Account or other retirement funds rather than seek a loan. The SBA offers loans of five- to six-year maturities that can provide short-term working capital and equipment. The Department of Veterans Affairs supports loans for military veterans who enter franchising. Commercial banks offer loans to franchises.
It can be a bit overwhelming, and that’s why Franchise Strategy Partners provides franchises helpful advice for every step of the application and startup process. We can help you connect with the right type of loan for you and with the lenders that appreciate the franchising business model.
Contact us today to learn more about our franchise legal review and funding!