When I work with partners on developing a partnership agreement for their business, I always make sure to hammer home one point: The partnership agreement is meant to help you avoid disputes and litigation at all costs. Why? Because you and your partners won’t always agree. There is an immense cost to litigation for a […]
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Salability is an important concept for attorneys who want to exit their firms. So important that “Is my firm salable?” is arguably a more important question than “How much is my firm worth?” This is where many attorneys go astray. Just because your firm is valuable to you doesn’t mean someone is going to buy it.
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The role of a business lawyer and the cost of legal services during the formation process and early stages of a new multi-owner business are perennial concerns for business partners. The owners often don’t see the benefits of paying a couple thousand dollars to draft a partnership agreement that doesn’t appear to bring them any
Can You Afford to NOT Get a Partnership Agreement? Read More »
Buying a franchised business, like any other business venture, comes with risk. You can reduce your risk profile and boost your chance of success by fully vetting your potential franchise system and making sure it can provide three things to you: Recognized Trademark Operational Systems Business Assistance If a franchisor can provide these three things,
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Many entrepreneurs and business owners have heard the rumor (and might even believe) that franchised businesses are “safer” or “less risky” than independent or non-franchised businesses. However, if asked to explain this belief, they might balk. The rumor is one of those accepted entrepreneurial clichés that people repeat without knowing exactly why—like “you should incorporate
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There are numerous legal hurdles to jump over and landmines to avoid when franchising or licensing a business. Franchisors must comply with FTC regulations and state-specific (“blue sky”) laws regarding franchise registration and disclosure documentation. The various registrations, deadlines, and disclosure documents can be complex and expensive, and if done improperly the business owners could
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Franchising and licensing are tried and true ways to grow a business. In fact, many of the most well known businesses in America (and the world) are franchise systems: McDonald’s, Dunkin’, Starbucks. But not all businesses are equally suited or ready for franchising. Before business owners make the substantial financial commitment to franchise or license
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Much of a restaurant’s value is dependent on its location. When you buy a restaurant, you don’t want to have to move. Keeping the restaurant in that spot is very important. This will be accomplished by a thorough and professional review of the lease. But ensuring customers can continue to access your restaurant is equally
Surprising Ways Traffic Patterns Can Influence a Restaurant Purchase Read More »
Liquor, wine, and beer are mainstays of most restaurants. More importantly, alcohol sales bring in the highest profit for the business. But liquor licenses are highly regulated by the state, and compliance with the statutes is key to ensure that a restaurant can continue to sell alcohol. Florida restaurant buyers can run into nasty snags
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When buying a restaurant or any other type of business, it’s vital that you find out what financial sources the seller used to calculate the purchase price. Did they use P&L Statements? Tax returns? Are they owner-to-prove or pro forma? This can come as a surprise to many business buyers because one might assume that
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