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Franchise
Disclosure Document –
How
to Get it Done
The franchise disclosure document
is one of the must-have documents for every franchise company. Various
options are available to those franchisors who need to prepare their
first or to update their existing FDD – they can use a Franchise
Disclosure Document (FDD) Template, use the services of a franchise
consultancy company or franchise legal firm, or write it themselves.
Getting the paperwork done is definitely a challenging task. If it is
still on your to-do list, you will need to evaluate your options as
soon as possible and get it ready.
Which is the Best Way
to Get Your Franchise Disclosure
Document Done?
- Write it all by yourself. This option is not
recommended, especially if it is going to be your first franchise
disclosure document. A franchise disclosure document must be prepared
in strict compliance with FTC rules. In addition, each of the U.S
franchise registration states (California, Hawaii, Illinois, Indiana,
Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode
Island, South Dakota, Virginia, Washington, and Wisconsin) has specific
franchise laws and regulations regarding the way a FDD must be written.
If you lack legal or financial knowledge and experience, you may end up
with a poorly prepared document and get your franchise registration
rejected. Another reason why you should not try to get this done all by
yourself is that you are likely to waste a lot of time and, again,
there is a great chance that your franchise disclosure document will
not meet FTC and state requirements.
- Use the services of a franchise consultancy
company. There are many franchise consultancy companies that can help
with FDD preparation. This is a good solution for those who cannot
write it all by themselves. Of course, you need to dedicate a portion
of your budget, as the services of such companies are often expensive.
Having your FDD prepared by professionals also doesn’t guarantee
that you will have it ready fast.
- Franchise attorneys. Getting your franchise
disclosure document reviewed by a franchise attorney is another
approach. You can try to write most of the document by yourself and
then find an expert to review it and make the necessary corrections.
This is a good solution for experienced franchisors who know what they
are doing and need legal help just to make sure everything complies
with the latest franchise laws.
- Use a Franchise Disclosure Document (FDD)
Template. This method is the most efficient one, provided that you are
using an FTC Compliant template, developed by franchise experts and
reviewed by experienced franchise attorneys. It is suitable for both
new franchisors and existing franchisors who need to update their FDD.
The biggest advantages of using an FDD template is that it saves a lot
of time and money. Franchisors can dedicate only a day or less for
getting it done – a timeframe impossible to reach using either of
the above approaches. Most of the Franchise Disclosure (FDD) Templates
available are very affordable.
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