There is no doubt that the franchise sector has taken a big hit during the Covid-19 pandemic, although there are some businesses keeping their heads above water and continuing to trade, but overall the impact has been widespread and devastating by the restrictive policies keeping business closed and consumers impacted by social distancing rules.
However, as the economy slowly returns to normality, there is opportunities out there for those who are prepared to take ownership and control of their lives. Taking hold of the future by buying into a franchise network is an exciting proposition.
In the next six to twelve months there will likely be an increasing numbers of franchisees looking to sell their businesses because of accumulated debt and with little revenue, as they will be unable to ride out the downturn. Although many franchisors have done the right thing to extend and reinforce their support for their franchisees, it may not be enough for some franchisees as a number of franchisees will be wanting to change their direction.
Franchise sector will certainly bounce back from this crises and for some people, such circumstances are an opportunity as there are increased numbers of people looking to buy a franchise. This is because increased redundancies result in people wanting to take control of their future. Many Australians dream of owning their own business and a redundancy may be the trigger for them to take action in that direction. Franchising may be the answer for you!
Before you leap into franchising you need to understand the practical considerations, read this article to get an understanding of what you should be considering. https://manookiansolicitors.wixsite.com/rmsolicitors/post/checklist-for-buying-a-franchise-in-2020-practical-considerations.
Contact Rostom Manookian at Manookian Solicitors on 0416 716 960 or email us direct at rostom@manookiansolicitors.com to speak to a specialist franchise and business lawyer who can assist you with your enquiries and on your proposed purchase of an existing franchise business or a new franchise or business venture.
We offer fixed fee legal services that will give you certainty and clarity and ensure that there will not be any hidden costs or surprises.
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