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Updating the FDD – The What, When & Why

As a franchisor it is crucial to keep your FDD (Franchise Disclosure Document) properly updated. Not doing so could expose your franchise network to unnecessary legal issues from franchisees, the FTC, and any states you are registered in, including Florida. If your FDD expires, it is invalid and can no longer be used. All franchise sales activities must be stopped; that means no closings, no prospecting, and no advertising, or marketing. And, for the most part, you won’t be able to renew franchise agreements with existing franchisees or complete transfers.

7 Tips for Renewing Your Franchise Agreement

Franchisees who are approaching a renewal period should already be at least somewhat familiar with the terms of their franchise agreement, but reviewing the contract is never a bad idea. Specifically, you will want to understand how the renewal process works, what is required for you to initiate or request renewal, what renewal fees are due, and what deadlines there are throughout the process.

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