Selling a Franchise
Are you thinking of selling a Franchise business?
Newhouse & Arnold Solicitors have a team of franchise lawyers who can assist to ensure that you sell your franchise business safely and reduce your risks to avoid any nasty surprises after the sale.
Before selling your franchise, you should always seek advice from an experienced franchise lawyer.
Why are our Franchise Lawyers are different?
Most law firms believe they can assist franchisees in selling their business, however our team of franchise lawyers have owned or sold franchise businesses across NSW and have been extensively involved in franchise litigation (which there are only a handful of cases each year). This gives our team of lawyers real franchise experience and we understand what terms need to be included in your sale of business agreements to protect you during and after the sale.
We do not charge for the first meeting and we will offer you a fixed fee service, so there are no hourly rates – which only rewards slow lawyers! Our fixed fee service allows you to ask as many questions as you need throughout the process.
If you are considering selling a franchise or have concerns about your franchise business, contact Newhouse & Arnold’s Franchise Lawyers on 02 9922 1100.
What are the next steps in preparing to sell your Franchise?
You will need to understand what you are selling and how you are selling it.
Are you proposing to assign all agreements to the Purchaser or will the Purchaser sign new agreements? Will you need to replace bank guarantees? What inventory and stock are you selling? Have you spoken to your accountant about Capital Gains Tax? What is the most effective way of selling your franchise business and how can you protect against future claims. What happens to your staff and what are your responsibilities with issues such as Long Service Leave, Holiday Pay and Annual Leave. These are just a number of questions that we will take you through in preparing to sell your franchise.
Have you been given a “preferred” solicitor by the agent?
You may be using an agent to sell your franchise and they may refer you to a “preferred” solicitor, explaining to you that this lawyer has acted for other franchisees. We would advise you to be cautious in engaging a “preferred” solicitor, as there is a question as to their independence – are they working for you or the agent, or both? Why is the agent giving you a “preferred” solicitor?
Do they really have your interest at heart?
It is worth an hour of your time, at no cost, to meet with an experienced franchise lawyer to discuss the best way to sell your franchise business.