Apple Podcasts has unveiled its list of the most popular podcasts of 2023. These year-end charts, localized for listeners in nearly 100 countries and regions, present a fascinating glimpse into the varied interests and preferences of podcast audiences globally.
The Top Shows of 2023
The list of top shows features a mix of genres and topics, reflecting the diverse tastes of podcast listeners. Leading the pack in the U.S. are:
Crime Junkie: A staple for true crime enthusiasts.
The Daily: Offering daily news insights from The New York Times.
Dateline NBC: Another hit for true crime fans.
SmartLess: A blend of humor and celebrity interviews.
This American Life: A journalistic non-fiction show that tells fascinating stories.
Other notable mentions include Morbid, Up First, Huberman Lab, Hidden Brain, and Stuff You Should Know.
Standout New Shows of 2023
New podcasts that debuted this year also grabbed listeners’ attention. Top new shows include Scamanda, The Retrievals, and The Deck Investigates, among others, showcasing a strong interest in investigative and narrative storytelling.
Most Followed and Most Shared
In terms of engagement, Huberman Lab and SmartLess emerged as some of the most followed shows. When it comes to sharing, Scamanda and Sold a Story lead the way, indicating their impact and resonance with listeners.
Curated Collections and Anticipation for Show of the Year
Listeners in over 15 markets have access to “Shows We Love,” a curated collection of standout series. Additionally, Apple Podcasts is set to reveal the Show of the Year on December 5, further highlighting the best in podcasting for 2023.
The Top Channels
The top free channels list includes familiar names like iHeartPodcasts, audiochuck, and The New York Times, while top subscriber channels feature Wondery, Dateline NBC, and Pushkin.
Apple Podcasts’ 2023 charts offer a comprehensive look at what’s resonating with listeners, from gripping true crime stories to in-depth interviews and insightful news coverage. As podcasts continue to grow in popularity, these charts not only celebrate the creators but also guide listeners towards new and exciting content.
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Running a small business can be expensive. But if you dedicate your resources to the right expenses, those investments can pay off and ultimately help you earn more revenue. So, how can you tell what costs are worthwhile? Check out some recent insights from members of the online small business community below.
Learn All About Franchise Royalties
When buying into a franchise model, royalties are usually part of the deal. While franchisees generally don’t like paying these fees, they do serve an important purpose in many systems. Joel Libava dives into the concept in this post on The Franchise King blog.
Get a Startup Business Loan
A business loan can help a new business make valuable investments to get their idea off the ground. But it’s not always easy to get an influx of cash with no credit history. Learn more in this Ideamotive post by Kamil Osiecki.
Choose the Right Paid Media Agency for Your Business
If you’re investing your business’s hard-earned money into paid media, you want to be sure you’re trusting the right people. Agencies can be incredibly helpful in navigating the paid media options and building campaigns. But how do you know you’re choosing the right one? Check out this Noobpreneur post by Ivan Widjaya for tips.
Check Out These Black Friday and Cyber Monday Deals for Entrepreneurs
Black Friday and Cyber Monday aren’t just for buying gifts. For entrepreneurs, these holidays can provide an ideal opportunity to save money on large purchases. Read about some upcoming deals in this 99signals post by Sandeep Mallya. Then head over to BizSugar to see what members are saying.
Consider Starting a Freelance Business
Freelancing can be an ideal business opportunity or an extra source of income for existing entrepreneurs. But there are many factors that go into starting this type of venture. Nellie Akalp of CorpNet details several important steps here.
Find the Best Ecommerce Platforms for Beginners
Starting an ecommerce shop can open tons of new revenue opportunities for businesses. But choosing the right platform is paramount. If you’re just getting started, read this Blogging Wizard post by Adam Connell for a full list of options for beginners.
Consider the Cost of Mobile App Development
There’s no doubt that mobile app development can transform a business. But there are costs involved. Before making the investment, it helps to understand the types of expenses and what they cover. In this Decipher Zone post, Mahipal Nehra shares a guide for businesses.
Learn How to Form an LLC
Selecting a business structure is one of the most important early decisions for any entrepreneur. LLCs offer plenty of protections and financial benefits, but there may also be expenses involved. To understand the details, read this Crowdspring guide by Ross Kimbarovsky.
Use These Tips to Optimize Amazon Campaigns
Paid campaigns on Amazon can provide a great way to boost sales. To truly optimize your investment, it’s important to understand metrics like average cost of sales. In this Noogata post, Jaron Seijffers dives into the concept and provides helpful insights.
Patent Your Mobile App Idea
If you have an idea for a new mobile app, you may need to patent it to protect yourself. So how can you take the steps needed to claim this idea? See the guide in this MindInventory post by Vivek Zala.
If you’d like to suggest your favorite small business content to be considered for an upcoming community roundup, please send your news tips to: sbtips@gmail.com.
Small business grants can provide hugely valuable resources to small businesses. However, the extra influx of cash can only have a major impact if entrepreneurs use funds wisely. Luckily, many small business grant programs also provide educational resources like courses and mentorship to help entrepreneurs through this part of their journey. Learn more about some recent programs offering grant funding and educational resources to small businesses.
Verizon Digital Ready Grants
The Verizon Small Business Digital Ready Program offers $10,000 grants to small businesses. Recently, Houston area entrepreneur Diedre Mathis received a surprise $10,000 grant from the program to support her business, the Wanderstay Houston Hostel. She is one of many entrepreneurs that has benefitted from the Verizon Small Business Digital Ready Program in recent years. In addition to grant funding, the program offers free courses, mentorship, and networking opportunities. Small businesses have until December 20, 2023, to apply for the current grant cycle. To qualify for a chance to win a $10,000 grant, participants need to complete two modules in any combination – courses, coaching sessions, or community events. This step makes them eligible for grant consideration.
Women Business Center of Fayetteville Verizon Digital Ready Partnership
The Women Business Center of Fayetteville (WBCFAY) Program, operated by the Center for Empowerment and Economic Development (CEED), is teaming up with Verizon’s Small Business Digital Ready program to offer a unique chance for small businesses. This collaboration brings $10,000 grants and an online learning platform to small business owners. Key features of this program are:
Open and Free Registration: Any small business is welcome to sign up without any cost or need to engage with Verizon services.
On-Demand Learning: The program provides materials that users can access whenever they want, allowing them to learn at a pace that suits them best.
Tailored Experience: Business owners have the flexibility to customize the program according to their specific requirements, making it easier to adapt to changing interests and challenges.
State College Small Business Grant Program
The Downtown State College Improvement District in State College, Pennsylvania recently unveiled a fresh grant initiative, designed to assist small business owners and property managers with various capital enhancements. Set to begin in early 2024, this initiative focuses on facade and internal refurbishments, playing a key role in the rejuvenation of the downtown area. Through the Small Business Grant Program, eligible downtown participants will have access to grants between $1,000 and $5,000. Recipients of these grants will need to provide a matching amount as well.
Southeast Queens Entrepreneur Grant Program
Southeast Queens small businesses currently have the chance to secure a grant from the Greater Jamaica Development Corporation. This $2,500 grant is part of the Southeast Queens Entrepreneur Grant Program, designed to support BIPOC-owned businesses. Eligible businesses can access up to $2,500 in grant funding to assist with operational expenses. To qualify, businesses should be operational for at least one year, for-profit, have no more than ten employees, and report annual gross receipts ranging from $50,000 to $500,000. The grant is available to businesses in various neighborhoods, including Bellaire, Brookville, Cambria Heights, Hollis, Hollis Hills, Holliswood, Jamaica, Jamaica Estates, Jamaica Hills, South Jamaica, Rochdale Village (Cooperative Housing Development), St. Albans, Laurelton, Queens Village, Rosedale, Meadowmere, and Warnerville.
Aurora Small Business Equity Fund
Business owners in Aurora, Colorado who are interested in enhancing their eco-friendly practices have an opportunity to apply for a new small business grant program to help. The Small Business Equity Fund, initiated by the Colorado Green Business Network in 2022, is being offered by the Colorado Department of Public Health and Environment. This initiative aims to assist small businesses in Aurora and Commerce City with energy-efficient upgrades. The fund provides a range of upgrades, such as LED lighting installation and up to 70 percent cost coverage for replacing refrigeration equipment, with a maximum of $10,000 per business. The evaluation of applications by officials is slated to commence in January.
Oneonta Community Development Block Grant
Oneonta, New York is seeking $200,000 from a state fund to provide microenterprise grants for small businesses. This effort would mark the city’s eighth receipt of a Community Development Block Grant, which is overseen by the New York State Division of Homes and Community Renewal. Of this funding, $178,000 is expected to be allocated for business grants by the spring, while the remaining $22,000 would cover the administrative expenses of the city staff. Businesses with up to five employees, including the owner, can apply for these grants, which are expected to range from $5,000 to $35,000. Grants may also require a 10 percent additional contribution from the business owners. To be eligible, the business owner must have a low to moderate income, or the business should create a job that supports a low to moderate income individual. The grant can be used for various expenses, including purchasing machinery, equipment, furniture, inventory, and providing operating capital.
A Chief Operating Officer (COO) is essential in translating a business’s goals and vision into actionable strategies. They allocate budgets, technology and manpower and oversee procedures across different departments.
A successful COO streamlines operations to make them more efficient and productive. They make sure businesses meet regulatory requirements and quality standards.
The Role of a Chief Operating Officer in Business
These experts carry on a variety of different roles at once. A chief operating officer who manages daily operations in a retail company will control inventory systems and oversee supplier relationships.
They’re also responsible for implementing strategic plans. A COO in a tech startup could work with the marketing department to identify opportunities and conduct research.
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Key Responsibilities of a Chief Operating Officer
The core duties of a chief operating officer are:
Managing the allocation of resources like technology, personnel and finances.
Developing and executing strategies that are implemented across different departments.
Overseeing the day-to-day operations of a business by optimizing productivity and workflows while maintaining quality standards.
A COO takes on a more hands-on approach when compared to other C-suite positions. A CEO might focus on setting a vision and direction, while a CFO will concentrate on finances.
The COO is tasked with executing strategies and day-to-day management. Improving processes and focusing on operational excellence is the goal.
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The Impact of a COO on Business Strategies
Chief operating officers are instrumental in executing different business strategies. They drive organizational success by collaborating with CEOs and other executives on long-term plans. They serve as a bridge between various departments to ensure everyone is aligned with a business’s goals.
They foster a culture of continual improvement. For example, a COO can introduce automation to a manufacturing company to reduce production times.
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Identifying the Need for a COO in Your Business
You’ll need to check a few boxes to determine if a business requires one of these experts.
When management finds it hard to oversee the daily operations, consider bringing in a COO.
A chief operating officer can be significant when a company grows or decides to expand.
A COO is a good idea if a small business’s production lines, locations or departments are becoming intricate and complicated.
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Hiring a COO: Essential Qualities and Qualifications
A good COO has specific qualifications, skills, and qualities like the following:
Data-driven decision-making abilities that include analyzing analytics and metrics to identify operational inefficiencies.
Sound financial skills include allocating resources, optimizing operational costs, and managing budgets. All of these matter to a coo role.
The ability to anticipate and identify trends and opportunities and use them for business planning. It’s also beneficial to utilize a training plan template to further develop the skills of a COO, ensuring they stay ahead in their role.
A good COO should also be equipped with strategies to reduce hiring bias in their team-building efforts, ensuring a diverse and effective workforce within the company.
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What Makes a Successful Chief Operating Officer
Here are some traits and skills that can make one candidate better than another.
Leadership
Look for individuals who show resourcefulness and adaptability. Ask specific questions about how they’ve led small teams and managed operations.
Operational Strategy
The best candidates have a proven track record of optimizing resources and scaling operations. Look for individuals who have managed small businesses through growth phases.
Strategic Thinking
Businesses should look for candidates who have hands-on experience. Look for people who have adapted to changing markets and created effective solutions.
Quality
Description
Importance in Role
Evaluation Methods
Leadership Skills
Ability to inspire and lead a team effectively.
Essential for managing operations and driving company growth.
Assess through past leadership experiences and references.
Strategic Thinking
Capability to devise and implement strategic plans.
Vital for aligning operations with overall business goals.
Evaluate through case studies or strategy discussions.
Operational Expertise
In-depth knowledge of industry-specific operations.
Ensures efficient and effective management of daily activities.
Review past operational roles and achievements.
Communication Skills
Strong verbal and written communication abilities.
Crucial for internal coordination and external stakeholder relations.
Observe in interviews and seek feedback from previous teams.
Problem-Solving Skills
Proficiency in identifying and resolving operational challenges.
Key to maintaining smooth operations and business continuity.
Discuss problem-solving scenarios and past experiences.
Financial Acumen
Understanding of financial management and budgeting.
Important for overseeing operational budgets and profitability.
Verify through financial management experiences and achievements.
Adaptability
Ability to adapt to changing market conditions and challenges.
Essential in today’s fast-paced and evolving business landscape.
Assess through examples of past adaptability in professional settings.
Innovation
Aptitude for driving innovation within operations.
Helps in keeping the company competitive and efficient.
Explore innovative projects or initiatives they’ve led or contributed to.
People Management
Skills in managing, motivating, and developing a team.
Important for building a strong operational team and company culture.
Inquire about their management style and employee development examples.
Tech-Savviness
Familiarity with relevant technologies and digital tools.
Increasingly important for modernizing operations and processes.
Discuss familiarity with industry-specific technologies and digital transformation experiences.
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Hiring a Fractional COO
A fractional COO can be a good choice for a smaller business. For smaller enterprises looking to expand, building a team with contractors and freelancers can complement the strategic guidance provided by a fractional COO. Still, a business can leverage experience on a part-time basis. A part-time hire can bridge into a full-time employee as a company expands.
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How to Hire a COO: A Step-by-Step Guide
The following are some suggested steps to take to hire a good candidate.
Drafting the COO Job Description
A Chief Operating Officer ( COO) job description is critical. Understanding the chief operating officer job description in detail will help in creating a comprehensive and effective job listing.
It needs to identify primary responsibilities. Include everything from developing strategies to managing cross-functional teams and daily operations.
The job description must also be specific about the skills and qualifications you’ll need. Emphasize strong business acumen and strategic thinking.
Any additional details on the job description should include secondary duties like fostering a culture of innovation.
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Sourcing Candidates for the COO Role
Executive search firms are an excellent way to find good candidates. These firms specialize to help you narrow your choices. For example, if you’re looking for somebody in a tech leadership role, a company like Korn Ferry can help. Additionally, exploring unusual ways to promote a job opening can help in reaching a broader, more diverse pool of potential COO candidates.
The Interview Process for Chief Operating Officers
Using the right strategies and techniques in an interview will help narrow down candidates.
Techniques
During the interview process, it’s crucial to have interview questions to ask candidates that are specifically designed to evaluate the competencies and potential of a COO candidate. Behavioral interviewing should ask questions about how candidates implement strategic initiatives to assess problem-solving skills. Panel interviews can include team leaders and department heads to get multiple perspectives.
If a candidate is not selected, sending an interview rejection letter professionally is important to maintain goodwill.
Strategies
Case studies and or simulations work here. Presenting a candidate with a hypothetical challenge can evaluate their analytical skills. Reference checks are an excellent strategy to assess their leadership style and strengths.
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Assessing COO Candidates
Evaluating the candidate should be based on their process improvements, past performance metrics and experience. Analyzing their track record by using key performance benchmarks is the best technique. Ask for specific examples and look for candidates who understand Key Performance Indicators (KPIs).
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Onboarding a New Chief Operating Officer
Integrating a new COO means helping them align with your company culture and executive team. Orientation sessions should introduce them to the company culture. A new COO should be encouraged to participate in cross-departmental meetings and team-building exercises.
Implementing onboarding best practices is extremely important for integrating a new COO into the company. This ensures they are well-aligned with the company culture and objectives. Utilizing a guide on how to onboard new employees can be particularly helpful in providing a smooth transition for a COO into their new role.
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FAQs: How to Hire a COO
Here are some concise answers to frequently asked questions.
What are the key differences between a COO and other C-suite roles?
The COO usually focuses on day-to-day strategies and operations. Other management roles look after marketing, financial management and other more narrowly focused departments.
What are the key considerations in hiring a chief operating officer?
While the hiring process has several key considerations, strategic alignment is critical. Ensuring a COO has experience and expertise that aligns with your operational needs and strategic goals is vital. Their leadership style needs to drive a productive and positive work culture.
How long does it take to hire a chief operating officer?
The time it takes to hire a COO can vary depending on availability, negotiations and assessment procedures. Typically, finding a good fit takes several months to half a year.
How does a COO oversee operations effectively?
An effective COO combines process optimization, team management and strategic planning by making data-driven decisions. Image: Envato Elements
A franchise agreement is a legally-binding contract between the parties to a franchise relationship. In order to take ownership of a franchise as the franchisee, you sign a franchise agreement.
A franchise agreement protects both sides. It protects you as the franchisee and also protects the franchisor brand. When buying a franchise you will be making a large financial investment. A signed agreement gives you rights to help safeguard your investment in your business.
What is a Franchise Agreement?
A franchise agreement is the master legal document that sets forth the rights and obligations of the two main parties to a franchise: franchisor and franchisee.
In legal terms a franchise agreement is a license from the franchisor to the franchisee. A license simply means one party gives permission to another party to do something or use something of value. In the case of franchising agreements, this means:
The franchisor licenses to the franchisee the right to use the franchisor’s intellectual property, systems and brand.
The franchisee acquires the rights to open a business using the franchisor’s intellectual property, systems and brand, provided it meets certain conditions.
Although the definition of franchise agreement is simple enough, the documentation can be complex.
A typical franchise agreement is 25 to 30 pages long. After attaching all exhibits and addenda, the final agreement can be two or three times as long.
Key Franchise Agreement Points
Here are 20 things you must know about franchise agreements.
1. Disclosure
In the United States a franchise business falls under the Federal Trade Commission’s FTC Franchise Rule. This is a set of Federal regulations governing most franchises (with a few exemptions).
The FTC Rule imposes strict disclosure requirements on franchisors in the form of a Franchise Disclosure Document (FDD) that must be delivered to a prospective franchisee.
One of the required pieces of information in the Disclosure is a copy of the Franchise Agreement. The copy must be attached to the FDD and delivered a minimum of 14 days before entering into a binding contract. This gives you time to review and discuss the agreement with an attorney.
Beyond basic disclosure requirements, the Franchise Disclosure Document often contains detailed provisions regarding the franchisor’s background, financial performance representations, and the legal and financial obligations of the franchisee.
This includes insights into the franchisor’s litigation history, bankruptcy records, and initial investment estimates, providing comprehensive information for an informed decision.
2. Trademark and Intellectual Property
A franchise agreement grants to the franchisee the right to use the franchisor name, trademarks, service marks, logos, slogans, designs, and other branding indicia. The franchisor will also grant the right to use other intellectual property such as the operating manual and proprietary software systems.
This contractual license is the foundation of the agreement. Without it, a franchisee would not be able to use intellectual property without infringing.
The agreement also outlines the protection and limitations concerning these intellectual properties. As a franchisee, you must adhere to specific guidelines on how to use these properties to maintain brand consistency and legal compliance.
This section also usually explains the franchisor’s responsibility to defend its intellectual property against third-party claims.
3. Support and Training
The agreement will set forth the franchisor’s obligation to provide training and support services. This obligation is both prior to opening and during entire term of the franchise agreement.
This section often includes provisions for ongoing development and training programs to keep franchisees updated on new technologies, marketing strategies, and operational improvements. It may also outline the support provided in areas like marketing, technology, and operational consulting.
4. Advertising
The agreement should set forth the franchisor’s obligation to support franchisees with marketing and advertising. Unfortunately, some agreements impose more requirements on franchisees than on franchisors. In some franchises the franchisee is required to spend a certain percentage for local advertising, but the franchisor is remarkably free of hard and fast obligations!
To ensure transparency and fairness, franchise agreements may include the following provisions related to marketing and advertising support:
Clear description of the franchisor’s marketing support and resources provided to franchisees.
Specification of the franchisor’s financial contributions to national or regional advertising campaigns.
Explanation of any required local advertising contributions from franchisees, with a fixed or percentage-based amount.
Details on the approval process for franchisee-created advertising materials and campaigns.
Information on cooperative advertising programs and the franchisee’s eligibility to participate.
Clauses outlining the use of the franchisor’s trademarks and branding in marketing efforts.
Provisions for tracking advertising effectiveness and measuring return on investment.
Requirements for reporting advertising expenditures and campaign results to the franchisor.
Clarity on any restrictions or guidelines for online marketing and social media usage.
Language addressing the resolution of advertising disputes between the franchisor and franchisees.
5. Long Term Duration
The franchise agreement will set forth the duration of the contract. Franchise agreements are long term. A typical term is 10 years. Some are 20 years.
A long term agreement protects you as the franchisee as well as the franchisor. Franchise opportunities can be expensive, and you will want to protect your investment.
Also included will be conditions for renewing. Often an initial 10-year term can be automatically renewed for a second 10-year term, unless either side gives notice of non-renewal.
The long duration also means that the franchisee must adapt to any changes in the franchisor’s system over time. This might include adopting new branding, technology upgrades, or operational changes. The agreement may contain clauses on how these changes are to be implemented and financed.
6. Signed and in Writing
Every franchise agreement should be in writing signed by both parties. Strangely enough, oral or handshake agreements in franchising exist — although they are rare. And it’s no surprise why they rarely occur.
Think of the legal nightmare trying to prove oral representations years later. A written document makes rights and obligations clear.
A written franchise agreement serves as a clear record of the terms agreed upon, which can be crucial in dispute resolution. It usually contains clauses outlining the process for handling disagreements, including mediation and arbitration procedures.
7. Territory
The agreement will outline whether the franchisee gets a protected or exclusive territory.
Territories are important to limit market saturation. An individual franchise business will have a harder time competing in a over-saturated area. Remember your significant investment in the opportunity. How would you like it if you paid hundreds of thousands of dollars to open a franchised outlet, only to discover that the franchisor allowed another franchise just a quarter mile away?
Subway is an example where much has been written about market over-saturation and its negative effects on franchisees.
The agreement might also address how territory rights are affected by changing market dynamics, such as the introduction of online sales channels or mobile services. This section ensures that the franchisee’s interests are protected as the business model evolves.
8. Fees and Expenses
The franchise agreement outlines the costs of franchising ownership. All franchises charge fees. These include the initial franchise fee, as well as ongoing fees such as the monthly royalty fee, advertising or marketing fee, and any other fee.
Agreements can include late fees and interest. Franchisees who fall behind could find it that much harder to catch up once late fees and interest start piling up.
The contract should also cover any required expenses and who is responsible to pay them. For example, the franchisee may be responsible for paying for training, and for the travel expenses of employees to attend training.
The agreement may include provisions for adjustments in fees based on various factors like inflation, performance metrics, or changes in market conditions. Understanding these variables is crucial for financial planning and long-term sustainability of the franchise.
9. Site Selection
Each franchisee selects its own site. However, the franchisor typically has the right to approve the location.
You must follow the franchisor’s standards for developing the premises, including choice of furniture, fixtures, upholstery, landscaping and signage that meet the franchisor’s standards.
Some franchisors require the franchisee to use approved vendors and service providers. The franchisor will inspect the build-out for adherence to the franchise system standards.
The agreement might also cover terms under which a franchisee can relocate or expand their operations. This includes processes for franchisor approval, adherence to new location standards, and potential impact on existing franchisees in nearby territories.
10. Termination
The agreement outlines any conditions for terminating early. Usually the franchisor will have the greatest termination rights. In fact, franchisees often have no contractual rights to terminate early.
Cause for termination generally includes failing to pay a franchise fee, filing bankruptcy or failing to make needed repairs to premises.
The franchise agreement will also specify the conditions, if any, under which you can “cure” a default. For example, you may be entitled to written notice and 14 days to remedy certain defaults.
The agreement typically outlines post-termination obligations, such as the de-identification of the business from the franchise brand, return or destruction of confidential information, and non-compete clauses to prevent the former franchisee from opening a similar business within a specified period.
11. Obligations upon Termination
What happens when the franchise agreement expires or terminates early? The document will state what the parties must do to unwind the business relationship. Usually this consists of a long list of specific obligations for the franchisee.
These include the obligation to stop using the brand name, take down signs, return the operations manual, and pay all amounts due.
Some franchise agreements may also detail any support or assistance the franchisor will provide post-termination. This could include guidance on business wind-down procedures, assistance with asset liquidation, or support in notifying customers about the closure or change in management.
12. Non-Competes
Franchise agreements often contain restrictive covenants limiting what franchisees can do. For example, you or an affiliated company may not be permitted to operate a competing business during the agreement term.
Agreements also typically contain non-competes that kick in after termination. For example, a provision could prohibit operating a competing business within 5 miles of your former location, for a period of three years following termination.
The scope of non-compete clauses, including geographic and temporal limitations, should be carefully reviewed. These clauses can significantly impact your ability to engage in similar business ventures post-termination. Ensure that the restrictions are reasonable and enforceable in your jurisdiction.
13. Arbitration
Franchise agreements usually contain an arbitration clause requiring any dispute to go to arbitration. Instead of filing a lawsuit you might have to go before a body such as the American Arbitration Association.
The franchisor sometimes retains the right to file a lawsuit to obtain an injunction under certain conditions (such as to prevent the franchisee from revealing confidential information about the franchise system).
The agreement will specify the jurisdiction for filing any lawsuit. The choice of jurisdiction will be favorable to the franchisor.
It’s important to understand the arbitration process, including who will bear the costs. Arbitration can be less expensive than court litigation, but it may still involve significant legal fees. The agreement should clarify how arbitration costs and awards are handled.
14. Insurance and Indemnification
The franchise agreement will include the requirement for the franchisee to maintain certain insurance coverage throughout the term of the franchise.
Expect indemnification clauses, as well. For example, the franchisee will probably be required to “indemnify, defend and hold harmless” the franchisor against any claims, costs, damages and expenses arising out of the franchisee’s activities.
The agreement might specify types of insurance coverage required, such as liability, property, and workers’ compensation insurance. It’s crucial to comprehend these requirements and ensure that your insurance policies meet the franchisor’s standards.
15. Records and Audits
As the franchisee you will be required to maintain accurate records and provide regular financial and operations reports. Since royalty payments are often a percentage of gross sales, reporting accurate sales numbers is especially important.
The franchisor usually has the right to request additional information including tax returns and to audit your records. You could be charged an audit fee, also.
Maintaining accurate records isn’t just for royalty calculations; it’s also a matter of compliance with the franchisor’s operational standards. Regular audits by the franchisor ensure that franchisees adhere to the prescribed business practices, contributing to the overall brand reputation.
16. Physical Premises and Renovations
If the business is a restaurant or retail premises where consumers visit, franchisees will have substantial obligations to maintain the premises in good repair at their sole expense. The franchisor usually reserves the right to inspect the premises to make sure they are well maintained.
You may be required to renovate once every 5 to 10 years (or sooner if needed). Renovation might involve considerable expense, including replacing upholstery, furniture or fixtures to meet the franchisor’s standards.
Your ability to be creative could be severely curtailed. For example, you might not be able to even choose different paint colors without the franchisor’s approval.
In addition to meeting franchisor standards, renovations and maintenance must also comply with local building codes and regulations. This includes obtaining necessary permits and ensuring that any structural changes are legally compliant.
17. Transfer and Re-Sale
Franchise agreements will outline any rights to transfer the franchisee’s ownership interest in the franchise relationship to a buyer. Sometimes franchisors retain the right of first refusal, meaning they get the first chance to buy your business if you decide to sell.
Also, franchisors typically reserve the right to approve buyers. The franchisor may impose many requirements on a buyer, including the need to submit an application and pay the initial fee.
In practice, transfer rights are tricky and will require adept structuring if you go to sell. You will need to guard against the buyer backing out or going around you directly to the franchisor.
The agreement may address succession planning, outlining the process for transferring the franchise in the event of the franchisee’s retirement, incapacity, or death. This ensures business continuity and protects the franchisee’s investment.
18. No Industry Standard Agreement
There is no such thing as a standard franchise agreement for the entire industry. Every franchise brand creates its own contract documentation. Most agreements contain common types of provisions, but they won’t be worded exactly the same.
Each franchise may have unique clauses addressing specific business models or industry challenges. It’s vital to understand these unique elements and how they impact your operation within the specific franchise system.
19. Negotiating
Prospective franchisees often want to know if they can negotiate the franchising agreement. Technically the answer is yes. You should always try to negotiate. However, be prepared for the franchisor to refuse. The nature of a franchise system is such that the franchisor tries to keep all requirements uniform.
A franchise agreement is a contract of adhesion, meaning it’s created by one party with greater bargaining power using standard form provisions. However, sometimes it’s possible for franchisees to negotiate minor points such as an installment schedule for the initial franchise fee.
The more popular the franchise, the less likely you can successfully negotiate. A well-established franchisor has little incentive to make one-off concessions. However, if you are one of the first in a new franchise, you might have more negotiating leverage.
Sometimes, a franchisor’s willingness to negotiate can be influenced by legal precedents or standard industry practices. An experienced franchise attorney can offer insights into what terms might be more flexible based on industry norms and legal standards.
20. Review with a Lawyer
Regardless of whether you are able to negotiate terms, it’s still important for you to get a franchise lawyer to review the franchise agreement and the FDD.
An experienced franchise lawyer can explain important provisions of the franchise agreement. A franchise lawyer may also be able to point out unusually harsh or one-sided provisions that are not common in the industry.
Besides understanding the franchise agreement, a lawyer can help ensure that your franchise operation complies with local, state, and federal laws. They can also assist in conducting due diligence on the franchisor, including reviewing their financial health and business track record.
An experienced attorney will understand what to look for in the Franchise Disclosure Document, and can identify red flags. Also, the attorney may know of common law and state laws that protect franchisees. Knowing key points before signing could save you from making a big mistake.
Franchise falls under FTC’s Franchise Rule, requiring a Franchise Disclosure Document (FDD).
2. Trademark and Intellectual Property
Franchisee granted rights to use franchisor’s name, trademarks, and intellectual property.
3. Support and Training
Franchisor’s obligation to provide training and support services, both before and during the term.
4. Advertising
Franchisor’s obligation to support franchisees with marketing and advertising.
5. Long Term Duration
Franchise agreement’s duration, typically 10 to 20 years, with conditions for renewal.
6. Signed and in Writing
Every franchise agreement should be in writing and signed by both parties.
7. Territory
Outline of protected or exclusive territory granted to the franchisee.
8. Fees and Expenses
Costs of franchising ownership, including initial and ongoing fees and expenses.
9. Site Selection
Franchisee’s right to select a location, subject to franchisor’s approval and standards.
10. Termination
Conditions and rights for early termination, usually favoring the franchisor.
11. Obligations upon Termination
Requirements to unwind the business relationship after termination or expiration.
12. Non-Competes
Restrictive covenants limiting franchisee’s competing activities during and after the term.
13. Arbitration
Dispute resolution through arbitration, often with franchisor’s jurisdiction preference.
14. Insurance and Indemnification
Franchisee’s obligation to maintain insurance coverage and indemnify the franchisor.
15. Records and Audits
Requirements to maintain accurate records and provide regular reports and audits.
16. Physical Premises and Renovations
Franchisee’s responsibility to maintain and renovate premises according to franchisor’s standards.
17. Transfer and Re-Sale
Outline of rights to transfer franchise ownership and franchisor’s approval process for buyers.
18. No Industry Standard Agreement
Franchise agreements vary between brands and may contain unique provisions.
19. Negotiating
Prospects can attempt to negotiate minor points, but franchisors often maintain uniform requirements.
20. Review with a Lawyer
Regardless of negotiation, consulting a franchise lawyer to review the agreement and FDD is crucial.
Conclusion
The franchise agreement is a document with the rights and obligations of the parties outlined. The franchise relationship is not employer-employee. As the franchisee you operate a separate business in accordance with the franchise system. You are an independent business owner and the franchise agreement reflects this separation of interests.
