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Franchise LawBusiness Law Attorney
FRANLAW provides franchise law services, including franchise disputes, arbitrations, and litigation in Oak Brook and Chicago, IL.
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- JPJustin PindiakNov 4, 20255.0"YOU SAVED US $270,000!!!!!!" That was my girlfriend's gleeful reaction to meeting Laura for the first time. I contacted Laura before signing a franchise agreement with a franchisor that was relatively new. I had reviewed the FDD and Franchise Agreement but didn't have the expertise to understand some of the more ambiguous points (both documents totaled over 500 pages!). Laura explained the documents in a way that I understand, and helped me find the skeletons in their closet before investing in the franchise. While I don't completely agree with my girlfriend's assessment, I'm very happy I reached out to Laura before making a potentially MASSIVE mistake.
Frequently Asked Questions About Franlaw
What services does FRANLAW offer?
We help people start businesses, buy and sell businesses (including franchises), and we help existing, successful businesses become franchisors.
How can FRANLAW assist me in starting a franchise?
We review the Franchise Disclosure Document (FDD) with candidates to understand the opportunity, financial, and legal requirements. For starting a new franchise of your existing business, we prepare the FDD and do strategic planning and consulting on your franchise system.
What is the process for buying an existing franchise business?
We support you by helping you evaluate the existing business through the due diligence process which includes legal, operational, financial, and other review topics. We document the terms of the transaction and generally act as a quarterback and sounding
board for any questions that you have to guide the transaction to closing. We ensure that you work with qualified professionals such as lenders, insurance brokers, real estate brokers, and others through our extensive, vetted network.
What are the key components of a Franchise Disclosure Document (FDD)?
While any component could be important to you, most clients find the key components are in:
- Item 6: Ongoing or recurring fees.
- Item 7: Estimated initial investment to get the business open.
- Item 12: Territory restrictions and where they can market or solicit
customers.
- Item 17: Summarizes core legal terms about renewal, termination,
and transfer of the business.
- Item 19: Financial performance representations to show how the
franchise outlets are doing.
- Item 20: Has the franchisee turnover rates for outlets that closed or
outlets that are newly sold.
How does FRANLAW handle franchise disputes and litigation?
No, we do not. We are happy to refer you to other attorneys that we
know who can help with that.
Do you help with state-specific franchise registration requirements?
Yes, we manage every state’s franchise registration and filing requirements each year. Some states, such as Illinois, California, Virginia, New York, and others, have a review process through which a state examiner reviews the FDD and provides the required changes that we have to implement before you can sell in that state. Other states, such as Texas, Florida, Wisconsin, Indiana, Utah, and others, have a filing process or a process through which to claim an exemption from filing, but they do not actually read the document or require changes.
Can FRANLAW help with franchise contract negotiations?
Yes, we commonly assist with franchise negotiations. How much leverage any particular franchisee candidate has varies; we evaluate what to negotiate, if anything, with every client. Some topics that are commonly negotiable are related to territory boundaries, some types of renewal rights, and caps on certain types of fees. Typically, the initial franchise fee and the royalty rate are not negotiable.
What should I consider before selling my existing franchised business?
Key factors include:
- Preparing your financial statements for review by third parties and banks.
- Potentially hiring a business broker to assist with marketing the
business for sale and managing the sales process.
- Starting early, so that you can make any changes in order to increase your bottom line and take home more revenue from the sale.
How does FRANLAW support franchisors in maintaining compliance?
We manage our franchisors’ ongoing state and federal compliance
continuously, as much (or as little) as clients choose. For example, some franchisor clients have us run their entire sales process to provide the FDD and signing the agreement, whereas others only have us manage their state registrations and renewals while they work with the candidates on their own.
What experience do FRANLAW's attorneys have in franchise law?
Combined, our attorneys have over 50 years of experience working for both franchisors and franchisees. Our attorneys have extensive experience helping clients buy and sell existing franchise businesses, whether for smaller or larger transactions.
What services does Franlaw provide?
Franlaw helps people start businesses, buy and sell businesses (including franchises), and assists existing businesses in becoming franchisors.
How can Franlaw assist me in starting a franchise?
Franlaw reviews the Franchise Disclosure Document (FDD) to help candidates understand the opportunity, financial, and legal requirements. They also prepare the FDD and provide strategic planning and consulting for starting a franchise system.
What is involved in buying an existing franchise business with Franlaw's support?
Franlaw assists in evaluating the business through due diligence including legal, operational, and financial reviews, documents transaction terms, and guides the transaction to closing while connecting you with qualified professionals like lenders and brokers.
How does Franlaw help with franchise contract negotiations?
Franlaw commonly assists with franchise negotiations, focusing on negotiable topics such as territory boundaries, renewal rights, and fee caps. Initial franchise fees and royalty rates are typically not negotiable.
Does Franlaw manage state-specific franchise registration requirements?
Yes, Franlaw manages all state franchise registration and filing requirements annually, including reviews for states like Illinois, California, and New York, and filings or exemptions for others like Texas and Florida.
What are Franlaw's office hours and do they offer after-hours appointments?
Franlaw is open Monday through Friday from 9:00 AM to 7:00 PM and offers after-hours appointments upon request.
Where is Franlaw located and how can I contact them?
Franlaw is located at 1301 W 22nd St, Ste 709, Oak Brook, IL 60523. You can contact them by phone at +1 630-571-5626 or email laura@FRANLAW.com.
What nearby services can I find around Franlaw's office?
Near Franlaw, you can find several related professional services including National Insurance Group (accountant), Mike Agruss Law (personal injury law), and various insurance agencies like Melissa Seidel - Mutual of Omaha and First Choice Insurance Agency, which may be helpful for your business and legal needs.
What wellness or spa services are available near Franlaw?
Nearby Franlaw, you can visit Thrive Rejuvenation Center, Thrive Medical Spa, and Thrive Skin Institute for medical spa, beauty, and wellness services, perfect for relaxation before or after your business consultations.
Are there financial and legal resources close to Franlaw that clients might utilize?
Yes, clients can access financial services like Provost Financial Services and Chicago Private Wealth Group, as well as legal services including ASA Law Group and Mikeagrusslawespanol nearby Franlaw's location, facilitating convenient coordination of related business matters.