1. Uniform Franchise Offering Circular

A legal document that must be provided by the franchisor to the prospective franchisee at least 10 business days before any agreement of sale is signed and finalized.

06/05/2008 | 252 Hits

2. Gross Sales

The overall sales of a franchise not including operating expenses, cost of goods sold, payment of taxes or any other expenses.

06/05/2008 | 258 Hits

3. Franchise Disclosure Document

Starting in July 2008, the Uniform Franchise Offering Circular (UFOC) will be replaced with the Franchise Disclosure Document. This is a legal document that must be provided by the franchisor to the prospective franchisee at least 14 calendar days before any agreement of sale is signed and finalized. This legal document is intended to provide prospective franchisees with enough information to help them make an educated decision about buying the franchise.

06/05/2008 | 211 Hits

4. Franchise Broker

A franchise broker (also known as a franchise consultant) is an individual who acts as an intermediary between the franchisor and an individual interested in buying a franchise. In most cases a franchise broker is not directly employed by the franchisor and represents many different franchises. There is no fee incurred by the individual interested in buying a franchise. The franchise brokers are paid a commission by the franchisor.

06/05/2008 | 218 Hits

5. Franchise Agreement

The franchise agreement is a legally binding agreement which outlines the franchisor's terms and conditions for the franchisee. The franchise agreement also clearly outlines the obligations of the franchisor and the obligations of the franchisee. The franchise agreement is signed at the time an individual has made the final decision to buy the franchise. It is strongly suggested that anyone who is considering buying a franchise should consult with a professional franchise attorney.

06/05/2008 | 176 Hits

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