Legal advice can be costly, but we are pleased to give you a little something for free!
Tip: Review your franchise agreement regularly.
Franchise agreements should be checked and updated regularly.
“Why?” I hear you ask.
“Why should we bother? We get them prepared, at expense, from sensible franchise lawyers and we know what they say.”
Business systems develop, the law moves on and occasionally industry guidelines change, which affects our franchise agreements. Most recently, the European Code of Ethics for Franchising has been amended. The European Code was revised in 2016 and adopted by the bfa in December 2016. It was considered that there were strong reasons for review - the need for better self-regulation, and to be proactive. A key aim of the Code is to secure the development in the EU of proper and ethical franchising.
Don’t forget the manual either. The franchise manual is the day-to-day operational guide for franchisees, which supplements and enhances the franchise agreement and training programmes, and acts as an ongoing reference point. The manual should be frequently reviewed and updated in line with your current business practices.