As 2022 comes to an end, it is time for our annual Year in Review. Here is a look back at some of the top articles we published throughout the year.
AI and Omicron: Two Disruptors in the Franchise Industry
We started off the year with articles on two disruptors in the franchise industry—artificial intelligence and the omicron variant. The COVID-19 pandemic continued to play a major role in franchising in 2022, though certainly to a lesser extent than in the prior two years. We also answered an important question that is on many people’s minds as they consider pursuing a franchise as a New Year’s resolution: What Does a Franchise Lawyer Do?
Transitioning from Employee to Franchisee
With the COVID-19 pandemic still causing many people to reconsider their means of earning a living, in February we published a three-part series on transitioning from an employee to a franchisee. For many first-time franchise owners, buying a franchise goes hand-in-hand with exiting the employment market. As we head into 2023, many people are still wrestling with the same questions, and we suspect that this series will remain just as relevant in the New Year:
- Transitioning from Employee to Franchisee – Part 1: What’s Your First Step?
- Transitioning from Employee to Franchisee – Part 2: Choosing a Franchise Opportunity
- Transitioning from Employee to Franchisee – Part 3: Buying a Franchise
We followed up this series with more articles written specifically for individuals who are considering buying a franchise as a way to leave their job. These included articles such as Is Owning a Franchise a Good “Flex Job?” and What are the Reasons to Buy a Franchise?
Facing Challenges as an Active Franchisee
Along with discussing considerations for buying a franchise, early in the year we also published several articles covering important topics for active franchisees. Franchisees can (and often do) face a variety of challenges, and overcoming these challenges the right way can be critical to long-term success. Some of the topics we covered were:
- What Happens to Franchisees When Their Franchisor is Accused of Fraud?
- How To Deal with Franchise Encroachment
- What if My Franchisor Wants Me to Use a Celebrity Endorsement?
In 2022, we also published multiple articles on other topics of interest for active franchisees. These included articles on topics such as selling out to your franchisor, what to do if you are facing termination, and whether you can terminate your franchise but keep your business.
“Hot” Franchise Concepts and Novel Franchise Opportunities
With more franchisors entering the market, we are seeing an increase in novel franchise opportunities, and several “hot” franchise concepts headlined the 2022 International Franchise Expo (IFE). While these opportunities add to prospective franchisees’ list of options, there are several important considerations involved in deciding whether to pursue a franchise opportunity in an untested market or system. Some of the articles we published discussing these considerations in 2022 included:
- “Hot” Franchise Concepts Headline 2022 IFE
- Cannabis Franchises Continue U.S. Expansion Despite Lingering Federal Uncertainty
- E-Sports: The Next Frontier in Franchising?
We also provided our thoughts on the question, Should You Buy Into a Foreign Franchise System Targeting U.S. Expansion? Foreign brands are entering the U.S. franchise market with increasing frequency as well, and while these brands may have achieved significant success overseas, this does not necessarily mean that they are well-suited to the U.S. market.
Making Informed Decisions as a Prospective Franchisee
One of our main goals in maintaining a blog is to help prospective franchisees make informed buying decisions (of course, reading articles online is not a substitute for qualified legal advice). As is typical, we published several articles throughout 2022 covering different aspects of the buying process from varying angles. For example, some of our top articles from 2022 are:
- 7 Signs You Should Walk Away from a Franchise Opportunity
- 7 Facts Your Franchisor (Probably) Won’t Tell You
- What Are the Disadvantages of Buying a Franchise?
We also covered some more-specific topics related to buying a franchise in 2022. For example, in June we answered the question, Is It Safe to Buy a Franchise if the Franchisor is in Litigation?, and in July we focused on What You Need to Know about Buying a Home-Based Franchise.
Understanding the Franchise Disclosure Document (FDD) and Franchise Agreement
A year of writing articles on franchise ownership wouldn’t be complete without covering various topics related to the Franchise Disclosure Document (FDD) and franchise agreement. Here are some of the topics we covered in 2022:
- 10 Terms You Need to Know to Understand Your FDD and Franchise Agreement
- 10 Important Facts About Your Franchise Agreement
- Which is More Important—the FDD or the Franchise Agreement?
We also published articles answering two of the most common questions we receive about the franchise agreement from active and prospective franchisees: Are Franchise Agreements Negotiable? and What Happens When Your Franchise Agreement Is Over?
Looking Ahead to 2023
Finally, as the end of 2022 came into view, we began looking ahead to the future. The franchise industry is expected to experience significant growth over the next five years, and while this is good news overall, this doesn’t mean that owning a franchise is right for everyone. With this in mind, toward the end of the year, we covered topics such as:
- As a Franchisee, What Is Your Long-Term Plan?
- How Should You Approach Your Franchisor About Buying a Second Franchise?
- 7 Considerations for Buying a Franchise in 2023
With inflation dominating the headlines (along with other topics) at the end of the year, we covered inflation’s implications for franchisees as well. We also discussed your options if you are unable to earn a living as a franchisee.
Contact National Franchise Lawyer Jeffrey M. Goldstein
If you need to know more about buying a franchise or your rights as an active franchisee, we encourage you to get in touch. To request a free consultation with firm founder Jeffrey M. Goldstein, please call 202-293-3947 or tell us how we can reach you online today.
