Hard hitting practical advice
for current and prospective franchisees!
Hard-hitting, practical advice for current and prospective franchisees! Embedded within the typical franchise agreement are numerous one-sided rules, requirements and conditions devised by franchisor lawyers that are not often understood by franchisees until it!s too late.
Explore the do's and don'ts about signing franchise agreements; what franchisors don't want franchisees to know; what franchisees should ask for when purchasing or renewing a franchise; and much, much, more. You will nod your head as you read each chapter, realizing that what Jay imparts is so obviously basic and basically obvious, but usually missed by franchisees altogether during the franchise buying process. Now everyone can take advantage of Jay Patel's learning and successfully build equity in their new or existing franchised businesses.
Enlightened franchisors understand that their franchise agreements are partnership agreements of trust between the franchisee and the franchisor. Unfortunately, too many hotel franchising agreements, particularly those offered by the more powerful brands, are skewed in favor of the franchisor. They contain as many rights and as few responsibilities as possible for franchisors, while just the opposite is true for franchisees.
This franchisor favoritism should surprise no one because high-paid franchisor attorneys offer 100 % protection to the franchisor against any and all contingencies including lawsuits. Jay S. Patel has courageously written How to Negotiate an Equitable Franchise Agreement. Every potential franchisee should read this book before signing their franchise agreement. Jay Patel has provided an incredible resource to help address the unfavorable imbalance between hotel franchisees who deliver high quality and guest value and powerful hotel franchisors who want to continue the status-quo. His book offers no-nonsense practical tips on how to negotiate the elimination of personal guarantees, onerous liquidated damages provisions and restrictions on the sale of the franchise. This is a must-read book for hotel students, franchisors and franchisees who seek an industry solution to "fair franchising."
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Robert C. Hazard Jr. Former Chairman & CEO Choice Hotels International, Inc..
Jay Patel has done a service not only to hotel owners but to the entire franchise industry by authoring this book. The lodging industry in particular owes him a debt of gratitude for tackling a tough topic and dealing with it in a straightforward and candid manner. Important tips he's given on various aspects of the franchise agreements will go a long way towards helping those who no longer want to leave to chance those issues that will be the basis upon which franchisees financial suceesss rests. This is a must read for anyone who derives their livelihood from the hospitality industry.
Former Editor in Chief
HOTEL MOTEL & MANAGEMENT MAGAZINE
In a world of inequitable franchise contracts it becomes essential to choose a good business partner. Fortunately, Jay Patel has developed a comprehensive guide for both current and prospective franchisees in How to Negotiate an Equitable Franchise Agreement. The book discusses everything from basic franchise contracts to franchisee estate planning.
By exposing the inequities which are abundant throughout franchise contracts, Patel shows the reader a way out. He steers the reader from the typical risk intensive franchisee position to, essentially, a more equitable partnership position. While looking over the next franchise contract remember the useful advice that Jay Patel shares, and take comfort in knowing that now you have an insider's guide to help you through the process.
Founder and President
Because of the unequal bargaining power between a franchisor and franchisee, one of the only ways you can protect yourself is by reading this book. Author Jay Patel advocates understanding the potential for abuse within a franchise contract and offers suggestions on ways you might negotiate around thoses abuses. Jay's efforts are long overdue. Most books about Franchising advises readers to "investigate before investing" but never really give you the nuts and-bolts questions to ask and the pitfalls to avoid as Jay does in Franchising: Is it Fair?
Susan P. Kazios
"There is no doubt that after reading this book, a prospective franchisee will have the power to negotiate a better contract." Fred Schwartz - Former President Asian American Hotel Owners Association.