What should I do before signing a franchise contract without spending too much for a lawyer's fee consultation?

ByJeff Elgin

Opinions expressed by Entrepreneur contributors are their own.

What should I do before signing a franchise contract without spending too much for a lawyer's fee consultation?
Before consulting with an attorney, first find out if the franchisor is willing to negotiate the contract. If they are not, which is fairly typical with the good ones, then tell the attorney not to waste their time and your money coming up with negotiation points and strategies - it's basically an up or down decision. You should also make sure to consult with an attorney that is already familiar with franchise agreements - you don't want to have to pay for their time while they are trying to figure out what is standard and what is not in a franchise agreement.
Wavy Line

Jeff Elgin has almost 20 years of experience franchising, both as a franchisee and a senior franchise company executive. He's currently the CEO ofFranChoice Inc., a company that provides free consulting to consumers looking for a franchise that best meets their needs.

Editor's Pick

Related Topics

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

企业家是不能过度指狗万官方望太多a company exit for their eventual 'win.' Do this instead.

Business Solutions

Learn to Program an AI Chatbot for Your Business in This $30 Course

Get back-to-school savings on this AI coding course.

Growing a Business

We're Now Finding Out The Damaging Results of The Mandated Return to Office — And It's Worse Than We Thought.

Companies knew the mandated return to the office would cause some attrition, however, they were not prepared for the serious problems that would present.

Accounting

This Retired Mathematician Won $26 Million From State Lotteries ... Legally

Know your math like Jerry Selbee, and you can beat the system.

Business News

Netflix is Hiring an AI-Focused Role—and the Starting Salary is up to $900,000

The streaming giant is looking for a leader in its machine learning department.

Data & Recovery

Get 1TB of Cloud Storage for Life for $119.97 With This Back-to-School Sale

This 1TB Cloud Storage Solution Is Only $119.97 for Back to School