On May 11, 2021, the South Florida Business Journal quoted Michael Joblove on what businesses should know before launching a franchise.
According to the article, entrepreneurs are eager to expand their businesses through franchise agreements, but franchising may not provide an easier path to expanding business operations. Joblove shares important tips for people interested in franchising their businesses. Including a list of the following questions:
- What are the territories you want to grow your business in?
- What upfront fee would you like to charge franchisees?
- What royalty rate do you hope to charge?
The answered questions will be the building blocks Joblove will use to create a franchise disclosure document (FDD). An FDD is just the first step in the process. Joblove also has clients consider who their target buyer should be. "Essentially, you're lending [franchisees] your brand and trademark, and if they don't succeed, they'd be hurting your business," he said.