Felicia Harris, CEO of EverythingHR and EverythingHR Financial Services Interviews David Steinberg, a prominent franchise lawyer in Michigan that has worked in this area since 1982 after graduating from Georgetown University.  David Steinberg explains exactly what a franchise is, what you need to know before you take on a franchise or offer franchisees to buy into a branch of your business, and the responsibilities that you can expect to have. 

Highlights:

David Steinberg shares his background in legal services. What is franchising? What is the difference between licensing and franchising? How do we prevent violations of franchising?  What is a franchise disclosure document? What is a personal guarantee in franchising? What types of questions should you ask to see if a franchise is right for you? When is your business ready to be franchised?  What would make franchising worthwhile on both sides? Are there franchises that might surprise people?When should a business owner talk to a franchise attorney?     

Key Points:

Franchising is a method of distributing goods and services under a licensing format. Franchising has 3 components that differentiate it from licensing: 

Give someone else the right to sell a product or a service under a trademark/logo/name. Operate under a consistent system. Pay a fee.   

The most successful franchisees follow their system all the way and don’t deviate.  

https://franchiselawyer.com/