Tip #4: Consult the Professionals
The tax rules and contracts specific to franchises can be difficult to understand, no matter how business savvy you are. It’s a good idea to a consult a franchise law attorney who can review your franchise agreement and make you aware of anything within the documents that they feel will not be beneficial to you in the long run.
Additionally, an accountant may be able to better explain the costs associated with purchasing and operating your business over the course of several years, as well as take a closer look at the tax considerations of your investment. Given the magnitude of the investment you are making, you want to make sure that the agreement you are entering into with your franchise company is one that is mutually beneficial and will not come back to harm you or your personal assets.
We have one final tip coming your way! Check back next month for our last tip on buying a franchise!