Franchisees or franchisees to be,
Death is inevitable. We all know that. Please set your franchise up with that in mind. The franchise company I work for has had several unexpected deaths of franchisees the last two years.
One franchisee was killed in a freak accident. His family didn't know much about the business, the franchise went into probate since he didn't have a will. The franchise business he had worked so hard to build went down to nothing and the doors were shut.
Another franchisee had cancer and had time to set things up properly, but didn't. He did have a will, but not a trust. It was a mess once again, the family wasn't prepared to take over the business and a buyer was hard to find.
Like not offering accounting advise, I will not give law advise, except to say, please consult both a lawyer and an account when setting up your franchise. The old saying "expect the best, but prepare for the worst" would be a good rule of thumb.
Don't let your family down after working so hard to build your business.
Fran
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