Wasch Raines LLP is proud to announce that the firm’s franchise attorneys Adam G. Wasch and Joseph C. Wasch represented the interests of the sellers of franchise units in two separate transactions which closed in December. The first transaction involved the sale of an established, popular educational learning center franchise. The second transaction involved the sale of an emerging cross-fit style gym concept.
When selling a franchise business, it is imperative that sellers have counsel who understand the nuances of the franchise relationship that a franchisee seller has with the franchisor. The document governing that relationship is the Franchise Agreement which will contain terms that a franchisee is required to meet upon transfer or sale of the existing franchise. The terms will often include a transfer fee to be paid by one of the parties to the sale transaction as well as the franchisor’s right to approve the transferee before the sale transaction can be finalized. In other words, the franchisor could prevent the sale from happening generally if there is good cause shown.
Wasch Raines’ attorneys successfully navigated the waters with the franchisors in both transactions as well as the lenders and landlords to get both sales finalized and closed. “It is a great feeling to guide our franchise clients through the process of a complex franchise unit sale transaction,” said partner Adam G. Wasch. “There are usually a lot of moving parts – from the landlord to the lender to the franchisor’s requirements – which makes certain deals tougher than others. The effort is worth it once the ink is dry and the check clears especially on the seller side.”
Wasch Raines LLP regularly represents buyers and sellers of businesses in all industries. If you are looking to sell your business or franchise unit and need affordable representation, please contact attorney Adam G. Wasch at (561) 693-3234 for more information.
About Wasch Raines LLP
Wasch Raines LLP is a business and franchise law firm providing a comprehensive range of services to emerging and established businesses and franchise companies in a variety of industries. Through its unique business model, the firm offers its clients the benefits of a cost-efficient general counsel and a full service litigation team. For more information, click here to contact us or call (561) 693-3234.
