How to Reclaim Franchise
There are certain circumstances wherein you will lose the authority to run your business.
This usually occurs when financial statements are involved.
When you start up a franchise you will have several rules to abide by as well as be held liable to a number of processes and contracts. Considering this the franchiser will have a list of instances wherein he may claim your franchise all throughout. Considering that this is an instance wherein you have found a way to reclaim your franchise, you must list down the legalities of the matter in terms of legal statements and financial ones.
The best way to go about this is to have a lawyer involved. Considering that you are indeed liable for all that happens with regards to the franchise you have partnered with or agreed to sign upon, you need to remember that certain actions can have the franchise taken away from you and these actions usually involve money. Some franchises offer a good financial benefit or aid. It is with this financial aid that one must consider the dotted line and review everything accordingly. You will be liable to pay your dues at a specific date or deadline and you must comply with these rules strictly since you will be making a monetary investment on the success of your business and would not want to lose your source of income.
To start reclaiming your franchise is able to identify why it has been taken from you in the first place. Note down and document your reviews and admit to your faults considering you have indeed committed them, otherwise be able to provide supporting documentation to prove your innocence. Note down the procedures you took to make amends or to make up for the fault you have committed. If these are money matters there will definitely be certain financial liabilities and fines that must be paid and you should be ready to pay up for this.
Have all other supporting documents ready, these include your permits and certifications as well as the partnerships you have created or acquired through the course of your business. Go through these again to make sure that there are not other liabilities that you may have missed.
Another important document to review is your financial statements. These are things you should go over again and again to make sure that once you reclaim your franchise you will have all the details you need to assure that the fault will not happen again, this is especially true if the fault is monetary in nature. With this it will be best to consult with an accountant to review your books and find any other anomaly or discrepancy that may be hiding in the statements. These are not things that you would want hanging over your shoulder especially since you are making a concrete effort to reclaim the franchise.
Finally when you feel confident in all that you have prepared you may now contact with the franchiser to discuss the matter.
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