But what does that mean? Even if you’re aware of the concept, what is the process from A – Z of actually turning your business into an opportunity someone else can replicate?
First of all, there’s no law governing franchise businesses, so there’s no official registration process like in other countries. That means franchisors can essentially create their own process.
However, it’s advisable to follow existing guidelines so you don’t end up in hot water. Many a franchisor has come to blows with franchisees and don’t have a leg to stand on because they didn’t do their due diligence and their legal documents were not enforceable.
Following certain standards ensures your business is protected in the event of any disputes.
Our Franchise 2 Freedom Mastermind is a course that takes companies through the exact steps to selling a franchise to ensure the best chance of success. We cover all of the following steps in detail.