I guess probably not.
There is at least a 10% chance that your new business will fail. In fact new business failures in the first 5 years are above 70%. And franchises are less, but not so much less that you can throw caution to the wind.
If you (or your spouse) sign as Guarantor, that probably means that you're putting the family home at risk.
What would the effect be on your life/ marriage etc if you lost your family home? Devastating!
So why are franchisees so easily agreeable to taking such a risk in the face of "bad" odds?
What methods should you use to avoid "signing away the family home"?
Any street-wise solicitors out there who may wish to make suggestions?
We know what we suggest, but we'd like to hear what advice others give.
NOTE: Simply saying "Okay. Where do I sign?" is NOT valid strategy!
The Franchisees Advocate Group.
www.franchiseesadvocate.com
There is at least a 10% chance that your new business will fail. In fact new business failures in the first 5 years are above 70%. And franchises are less, but not so much less that you can throw caution to the wind.
If you (or your spouse) sign as Guarantor, that probably means that you're putting the family home at risk.
What would the effect be on your life/ marriage etc if you lost your family home? Devastating!
So why are franchisees so easily agreeable to taking such a risk in the face of "bad" odds?
What methods should you use to avoid "signing away the family home"?
Any street-wise solicitors out there who may wish to make suggestions?
We know what we suggest, but we'd like to hear what advice others give.
NOTE: Simply saying "Okay. Where do I sign?" is NOT valid strategy!
The Franchisees Advocate Group.
www.franchiseesadvocate.com
