Hello-
I have been approached by a successful franchiser who wants to partner and franchise my business. He will handle all of the business side of things including marketing, franchising agreements, websites, basically everything but the refinement of my product. He will give me space in his office space at a rental price and have his current staff work my issues at a payment schedule that I would incur. He would delay those costs until the business is turning a profit. In return he has asked for a 50/50 split of future earnings.
I have not clue if this is appropriate or not. I do know that I'm not inclined to pursue franchising on my own given all the work involved from the business side; and even if I did, this would propel me 3 years ahead in the process at least. Also I would retain total control of my original business.
What things should I ensure are in place. I believe we should have an dissolution piece but what else should I be considering? Thanks..the business side is not my forte.
ps-I do trust this person, who is already very successful with over 75 franchises of their own business...just want some other advice from those who might know more.
I have been approached by a successful franchiser who wants to partner and franchise my business. He will handle all of the business side of things including marketing, franchising agreements, websites, basically everything but the refinement of my product. He will give me space in his office space at a rental price and have his current staff work my issues at a payment schedule that I would incur. He would delay those costs until the business is turning a profit. In return he has asked for a 50/50 split of future earnings.
I have not clue if this is appropriate or not. I do know that I'm not inclined to pursue franchising on my own given all the work involved from the business side; and even if I did, this would propel me 3 years ahead in the process at least. Also I would retain total control of my original business.
What things should I ensure are in place. I believe we should have an dissolution piece but what else should I be considering? Thanks..the business side is not my forte.
ps-I do trust this person, who is already very successful with over 75 franchises of their own business...just want some other advice from those who might know more.
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