Between buying a business and selling a business

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In your own words how do you feel about this opinion?

Between buying a business, selling a business, or merging with another business, which is the best approach for you as an entrepreneur? What are the legal issues you would encounter with your choice? How do you plan to protect yourself, legally?

If I wasn't to start a business from scratch, I would look into buying a business through franchising. Most likely something regarding fitness as that is one of my passions. A franchise is when you buy into an existing business and run it as your own, under their brand. For example, most of the fast food chains are franchises. It isn't the same CEO running all the locations individually, they have franchisees who buy into the business to run it and make a profit.

I see this approach as a good alternative as it could help for me to get my bearing when it comes to starting and managing a business. I wouldn't have as much to do to get the business running initially as a lot of that is taken care of by the parent company. Often, the parent company provides training to get the business operational as they want to see their brand represented well.

Common legal issues that come about when franchising are with misleading and deceptive conduct of the franchisor. Franchisors may not give accurate earnings projections to future franchisees, or they may misrepresent the data in the future while they are in operations, which could leave the franchisee blind in regards to the future of the business. Additionally, there are laws outside of the franchise agreement that can affect a franchise. Various states will have their own defined franchising laws outside those laid out by the federal government. It is important to understand the laws that may arise in each state. Some states may have registration fees, while others may require additional documentation or permits to operate. (Russel, 2017)

Reference no: EM132279499

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