What is LEGAL Feasibility ?
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Speaker/ Author: Dr. Rupal Agarwal, Co-Founder: Your Retail Coach
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Legal feasibility. Now, when you talk about the legal part of the business, most of the people ignore this. Make sure you don’t make such mistakes because you are not not an individual. You are a company and run it like a company. Ensure you have all these four steps in place before signing off a franchise. Maximum problems are faced when you don’t have the right terms, conditions mentioned in the franchisee agreement. And then you have to fight back with the franchise for certain small, petty issues. Now it starts with the application form. Now, what is an application form? It is basically a form that the franchise fills up when they are interested to go ahead with your franchise. So today, if, for example, I’m trying to set up a franchise in Mumbai and I put an ad, say, for example, I put an ad on Instagram and I get 15 inquiries for a particular location of I would say Bandra.
So if I have 15 people who want to buy my franchise in Bandra, do I have 15 Vacancies? No, I probably just want two franchises in Bandra, one in east, one in west. Now, what happens when you have 15 applications? So what you do is you make them fill out the application form and the form should have those right questions which will help you filter down the form should have the right questions which will help you filter down from these 15, which are the best five. And I’m just going to meet those past five and finalize two, do you have the time to meet 15 people? No, you practically cannot do that because you might have a lot of people who are just putting an inquiry for the sake of it. So when it comes to the application form, it should have all those right questions related to the background of the franchise. So it is their financial background, their family background, their social background. They should have the franchise, the questions of all of this, which should help you filter down the right franchise. Somebody who is staying in Bandra for five years and somebody who has been there for 20 years, whom would you prefer? Definitely the one who’s staying for 20 years because he’ll have his own network, somebody who is a part of, say, probably ten networking organizations and somebody who is like an introvert, who probably doesn’t like to talk to people. Whom would you prefer?
The franchise. Think of such questions. Think and put these questions in the applications form. What happens here is when you put those right questions, you have the opportunity to select the right franchise. Otherwise, you might just get engaged with the wrong guy or a girl. And you know, then what happens? The loi that’s the next step. Loi is the letter of intent. Letter of intent is generally signed before going ahead with the franchisee agreement. Now, what this letter of intent means, like it clearly says intent, which means intention that I mean I have an intention to buy your franchise and you get a letter of intent signed from me. Now why not agreement directly? There are possibilities. There are chances that probably the franchisee has to arrange for funds. The franchisee has to search for a location. The franchisee has to probably need some time to streamline the thing that his back end though they are interested. But all of this might take some time.
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