Kit Higgs, franchise attorney and owner of Kit Franchise Law, shares his background and experience in franchise law. He discusses his transition from being a prosecutor to working in franchising and how he learned franchise sales law. Kit explains the importance of hiring a franchise attorney to review the Franchise Disclosure Document (FDD) and offers insights into his process of reviewing the FDD with clients. He also provides advice for people searching for franchises to buy and discusses the relationship between franchisees and franchisors.

Takeaways

Hiring a franchise attorney to review the Franchise Disclosure Document (FDD) is crucial when investing a significant amount of money and signing a 10-year agreement.

Franchise candidates should hire a franchise attorney who specializes in franchise law and has experience working with both franchisors and franchisees.

The Franchise Disclosure Document (FDD) is a sales tool that provides information about the franchise business and the franchisor's rights and responsibilities.

Franchise candidates should thoroughly read and understand the FDD, but having a franchise attorney review it can provide a deeper understanding and help identify any red flags or areas of concern.

The relationship between franchisees and franchisors should be symbiotic and viewed as a business partnership.

Franchise candidates should consider working with a consultant or coach who has experience and knowledge in the franchise industry to help them find the right franchise opportunity.

Chapters

00:00 Introduction
00:44 Kit Higgs' Background and Transition to Franchise Law
02:09 Learning Franchise Sales Law and Joining St. Gregory Development Group
04:31 Starting Kit Franchise Law
06:25 Transitioning from CycleBar to Kit Franchise Law
07:20 Understanding the Franchise Disclosure Document (FDD)
08:49 The Importance of Hiring a Franchise Attorney to Review the FDD
11:39 Kit's Process for Reviewing the FDD with Clients
17:50 Services for Buying and Selling Resale Franchises
18:46 Overlooked Items in the FDD
20:09 Advice for People Searching for Franchises to Buy
22:01 The Relationship Between Franchisees and Franchisors
23:29 Handling Disputes with Franchisors
25:47 Conclusion

www.kitfranchiselaw.com

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The Franchise QB Playbook will guide you through the process of finding your perfect franchise fit.
https://docs.google.com/document/d/1XlbD8oyl3uyeiqaM73poH67BX1jRRyCGR7l7qB-3Nz0/edit?usp=sharing. Also, you can view the Franchise QB podcast at www.youtube.com/@franchiseqb.

Contact me and my team with any questions along the way. www.calendly.com/franchiseguy
Mike Halpern, CAFC
[email protected]