Franchising is a driving force in our economy today. Thousands of companies have franchised their business models—some more successfully than others–with several hundred more rolling out new franchise programs every year. When structured and implemented properly, franchising is a wonderful way for a company to grow and expand its presence in new markets while leveraging the capital and entrepreneurial spirit of a network of independent business owners.
For the entrepreneur looking to start a new business without taking all the risks associated with an untested new business, franchising has a lot to offer–an established business model, experienced assistance and oversight, use of a recognized brand and set of business procedures, and a network of fellow franchisees with whom to share experiences and best practices.
Is franchising for everyone? Of course not. Not all franchise systems are created equal and owning a franchised business is no guarantee of success and happiness. Whether you are considering expanding your business through franchising or looking to invest in a franchised business, proper planning and due diligence is a must.
Richmond attorney Eric Perkins has been assisting franchisors and franchisees since the mid 1990s on the legal aspects of franchising—developing a legal structure for a new franchise program, preparing Franchise Disclosure Documents (FDDs) and Franchise Agreements, handling state franchise registration filings, advising on federal and state franchise law issues, negotiating Franchise Agreement terms, and other legal and compliance matters for both franchisors and franchisees.
In the central Virginia franchise market, Eric Perkins has been instrumental in organizing educational and networking programs for local franchisors and franchisees through the Virginia Franchise Forum. He is also involved with another local group of franchise owners called the Franchise Owners Forum.