The franchise agreement format is a necessary step toward selling a franchise to a new partner so make it a useful tool as well.
By Fran
Filed under Franchise Articles
You are required to send a franchise agreement format to any new franchise owner within a week of closing that big deal and sealing another great franchise purchase for your company. So since franchise law is not going to budge on insisting that you provide a franchise agreement format to your future franchise owners, it makes sense to put some thought and TLC into it so it really does help the process along.
For one thing, in the same way that you are not allowed to skip out on sending that franchise agreement format as part of the process of preparing for the final signing of the franchise agreement, the future franchise owner will be expected to know every paragraph and line of what is in there. So you can put the guns of the law to good use by using the franchise agreement format as a way to force feed some serious franchise training into the process.
There are a number of franchise documents that must be passed along to the future franchise owner and each of them is valuable even if they are a bother for you to create and for the franchise applicants to have to digest. By the time you put the stamps on the franchise agreement format to send it along the future franchise owner, that poor soul already has had some time to go over the franchise disclosure document that is a virtual encyclopedia of information about your company and what will happen when the franchise process goes full steam ahead.
That disclosure documents can get very large and involved so the franchise hopeful has to do some serious homework to understand that huge document. So when they get the much more manageable franchise agreement format, they will have already paid their dues. So you know you have a potential franchise owner who is willing to put in the hours to make this business relationship work.
Using the franchise agreement format to create smart franchise owners.
When that final moment comes that you sell a franchise to a new member of your franchise community, it is a big deal. It is not all about just collecting that fat paycheck when the new franchise owner ponys up his or her franchise fees. It is about growing your business and making that work. You want that new franchise owner to hit it big and for that new outlet of your business to take off like gangbusters. That can only happen when that new franchise manager knows the score.
Sending the franchise owner a solid franchise agreement format is part of showing him or her the ropes. By the time the checks are written and that franchise owner must translate all of that giddy enthusiasm into the hard work of creating a world class franchise, there should be no more surprises. Communication is your magic spell book of turning that franchise owner into the big money maker you want them to be.
The franchise agreement format is just one step of many in the process of creating a seasoned old pro at running a franchise out of a raw recruit. It is your job to mold that fresh young franchising newbie into a rock solid business man or woman who can handle the challenges and jump over the obstacles like a gazelle to steel that franchise to massive success.
Along with the franchise agreement format, you will support that evolution with a franchise operation manual that will become the bible of what to do in every situation in the life of that business. Armed with these great documents and your phone number to call anytime that franchise owner needs some help, you simply will not let that new franchise fail. That is the stuff success is made of.