What's Your Next?
What's Your Next?
What Happens When a Public Figure is Involved With Your Franchise - Franchise Disclosure Document Item 18 Disclosed
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We are continuing on with the Franchise Disclosure Document (FDD), and for those who've been following along with us, we've covered Items 1 to 17 previously (check them out). Now we're going to be going through Item 18 of the FDD, which really has to do with disclosure of the involvement of any public figures in that franchise. And it's a little bit of a tricky item in that there's really not a lot that you can do about this particular item. Meaning that if you have some type of philosophical issues with these individuals (public figures) that are involved in this particular franchise that are disclosed, they're probably not going to leave just because you don't become a franchisee.
So, it is important that you do understand they are involved and that you do not have any type of philosophical issues with them being involved before you acquire that franchise. We're going to cover some of the key points of Item 18.
The Definition of a Public Figure
A public figure is kind of what it sounds like. It's going to be somebody who has some well-known stature. It may be a professional athlete, an actor, or a musician, think like a celebrity. So for example, when you've probably seen some of these celebrities on TV for the Subway commercials, or in the case of one of the franchises we work with called Clean Juice, they actually have Tim Tebow as their spokesperson. That would be considered a public figure.
But here's a little caveat about it …
watch/listen to full episode/podcast
What's Covered in the Episode?
- The Definition of a Public Figure
- Financial Obligations to the Public Figure from the Franchise
- Public Figures Involvement in Management
- Franchisors' Control of Public Figures Information
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