When working toward establishing your franchise, you likely do not expect that you will be selling it down the line. However, you may come to the conclusion that this is the best financial decision for you and for your franchise. With this, you may require the services of a business attorney to delegate the transaction. Continue reading to learn why hiring one of the experienced franchise law attorneys at FortmanSpann, LLC is important when selling your franchise.
Why is it essential to hire an attorney when selling my franchise?
Say, for instance, that you decide to sell your franchise to a current employee within your business. Or say, for instance, that you desire to pass on your franchise to your descendant. Regardless of what your situation may be, you may need to hire a business attorney. Notably, a business attorney will give a lending hand when it comes to the following tasks:
- A business attorney will ensure that the transfer is done properly.
- A business attorney will ensure that the transfer is done as privately as possible.
- A business attorney will ensure that the value of your franchise will be as maximized as possible.
What responsibilities will an attorney hold when selling my franchise?
The following are just some of the responsibilities that an attorney will be able to execute on your behalf when you are selling your franchise:
- Negotiate, draft, and review the necessary agreements you are to sign to execute the transfer of ownership.
- Negotiate, draft, and review the necessary documents associated with any financing you will provide to the purchaser of your franchise, along with ensuring repayment.
- Review the contracts related to your relationship with your business, along with properly terminating or disposing of them.
- Review the contracts related to selling the real property of your franchise, along with properly disposing or terminating your exposure with your leasehold interest.
- Obtain information regarding the outstanding liens on your franchise, along with properly terminating or disposing of them.
- File the necessary documents with government agencies.
- Share the necessary information regarding your sale, along with ensuring that you agree to them.
Put in simple terms, an attorney will be responsible for ensuring that you are left with no liabilities, and overall with no regrets, after your franchise sale is complete.
Importantly, depending on the circumstances of your sale, you may need to also retain the services of other business professionals (i.e., business accountants, financial planners, etc). Luckily, one of the skilled franchise law attorneys at FortmanSpann, LLC is willing and able to seek these individuals out on your behalf. So, without further ado, pick up the phone and schedule an initial consultation with us today.