Although opening a franchise business in Florida can be a lucrative and exciting investment, it can also be a difficult undertaking if the business owner is not aware of the control they may need to give up concerning the details of their franchise relationship. A franchise, regardless of its industry, may be set up in such a way that every business under the franchise looks the same, operates the same, and pays the same costs to the franchisor. It is important to understand some of the ways that franchisors may structure the operation of franchises, but our readers are reminded that different franchise relationships may vary.
Guidance for businesses struggling with the rent or buy question
One of the most important decisions that Florida business owners may make concerns where they decide to set up their entity. While some businesses are transactional and may be run out of owners' homes, others may require physical space where manufacturing, distribution and other operations take place. When it comes to finding a place for a business to be located, owners need to decide if they want to rent space or buy their own commercial properties.
How can I get out of a franchise agreement?
Like other contracts, automobile dealer franchise agreements are based on the foundational principles of contracts law. An offer is made, an acceptance is garnered and, in exchange, some consideration passes between the hands of the transacting parties. However, when it comes to franchising, additional terms about business operations and other pertinent matters may also be included therein.
Valuable consideration as part of the contract formation process
A business agreement may be made when one party makes an offer to the other and the second party accepts. Offer and acceptance are foundational elements of contract formation, but so, too, is consideration. This post will offer Florida readers an explanation of what constitutes valuable consideration. However, readers should not use this post as legal advice or guidance.
