At one time, you were intrigued by the idea of opening your own franchise. After seeing how successful your parent company’s other locations were, you were determined to get a piece of the pie. Unfortunately, your first foray into franchise ownership has been a complete disaster. At this point, you’d like nothing more than to get your money back and move on. However, the parent company has been less than cooperative, refusing to refund your initial investment. Despite what company representatives have been telling, you may still have a chance of reimbursement.
Talk to a Lawyer
If the parent company vehemently refuses to refund your money, consult with an attorney who specializes in franchise agreement reviews. This person will go over your contract with a fine-toothed comb and immediately inform you of any loopholes or inconsistencies from which you stand to benefit. The right attorney will also be able to tell if your Franchise Disclosure Document (FDD) fully complies with state and federal law. If not, you may be eligible for a full refund, even if you’ve owned your franchise for a number of years.
Franchise ownership is always a risky venture. If the parent company has a lot of locations in your city or township, your store is liable to become a casualty of oversaturation. Alternatively, opening a lesser-known niche franchise is largely hit-or-miss. Franchise owners suffering from buyer’s remorse are urged to contact a skilled attorney posthaste.