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Top 5 Tips When Buying a Franchise – No. 4 – The boring stuff

These following elements are critical in assessing franchise opportunities:

Is the business fully accredited with the British Franchise Association (BFA)? This is a kitemark of quality for ethical Franchisors who are frequently re-accredited against. Through a code of ethics, the Franchisors business must disclose a range of detail regarding their business. For example a record of success and failure, who are the key people in the business, their background experience etc. An ethical Franchisor will have no problem sharing this information at their instigation. Most BFA accredited Franchisors will insist you use a BFA solicitor to advise you on the purchase of the franchise. This is excellent practice ensuring guidance, but also having a solicitor operating within the franchising community and therefore will already have an opinion on how the Franchisor conducts their business.

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