Before signing the contract, make sure you get it looked at by a solicitor. It’s time to get some legal advice, make sure you get this done properly, all the documents need to be read and fully understood, the Franchise documents need to provide with Trademarks, compliance, intellectual properties, ect…
Obtain all necessary permits, data protection, insurances, employment papers, do you have to register the business to your local authorities? Every industry is different and again your Franchisor will be able to advise you on that. Regulations by state, city, county, etc. will vary as well.
There will be a cost involved because you really need to get this part right and this is why I would strongly recommend doing this by a solicitor, not just a friend you will become legally bounded and need to make sure it’s right for both parties.
Are you ready to sign your life away??