How a Franchise Agreement and a Franchise Disclosure Document differ
There are two documents that are of vital importance...
As we enter into the next few challenging weeks, our natural response is caution, and when faced with uncertainty, caution is wise. For the immediate future, our focus is and must be on the immediate issues of family, health and community support.
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Once we have adapted to social distancing and we’re secure at home, however, it will also be important to remember that we will come out of this just as we went into it - together. Over time we will return to our lives, our work, school, exercise and entertainment and eventually a sense of security.
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For those of you who have considered a move into your own business and franchising in particular, take advantage of the time now to look at these opportunities, contact the franchisors and move forward in conversations with them. You can advance your online research and due diligence and even much of the paperwork so that you can be ready when the time comes. The acquisition process can be long, often taking a few months depending on the opportunity, so take the time now to start opening the doors and exploring with the franchises and business that interest you. Search online, connect, ‘kick tires’ and talk to them. History has shown that the best time to invest and grow is after an economic downturn. As the economy begins to recover there will be incentives in place by lending institutions and even by some of the franchisors themselves, that will help you to get up and running quickly if you already have things in place.
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We have never had better access to information without even having to leave home and we can use this to help ourselves to move forward. We are traveling in uncharted waters and the next few weeks and months will be filled with emotion and challenge, but we will get through this. Meanwhile, we can try to look forward from time to time and start planning for our better future.
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