Franchising has now been going strong for more than 50 years. Why does it work? For would-be franchisors, it is a way to expand with other people’s money and human resources. For franchisees, it is a way to get into business without having to reinvent the wheel or go it alone. Of course, like any business venture, there is no guarantee of success for either franchisor or franchisee, and each should understand what they are getting into before setting out on this path. Continue Reading Franchising – Standing the Test of Time
The January-February 2019 issue of Entrepreneur magazine was published this week, featuring the magazine’s 40th annual Franchise 500 listing. The issue contains more than 180 pages on franchising, including many articles of interest for would-be franchisors and franchisees. Continue Reading The New “Franchise 500®” is Out – Valuable Information for Franchisors and Franchisees
All too often start-up franchisors rely on a consultant or attorney to prepare their franchise agreements for them. If they work with an attorney who has extensive experience in preparing these agreements, their reliance may be appropriate, but recent legal actions against some big named franchisors demonstrate the importance of knowing what is in your agreements, and having them reviewed at least annually by someone who keeps up with trends, pronouncements, and changes in the law.
Our last post, New Franchise Offerings Continue to Expand, talked about the explosive growth of franchising over the last several decades. Larkin Hoffman has been helping entrepreneurs franchise their businesses for more than 40 years, and we thought a look back at some of our original franchise clients would be instructive to people seeking to franchise their businesses today. In 1977 and 1978, we helped 3 companies franchise their businesses.