Franchise Facts: Letter of Intent
If you are buying a franchise, be prepared to be inundated with information. When you are getting close to reaching a deal for a franchise, you may encounter what is known as a letter of intent, or its cousin, the memorandum of understanding. If you are presented with such a document, there is typically nothing to fear. Letters of intent lay out the basic framework for the transaction, but they are typically not binding.
Watch this week's video to get some helpful tips and insight so that you know what and who to ask when preparing to buy a franchise.
Get tips and other franchise-related snippets in this interesting and relevant 2-minute video series on franchising!
If you have any questions on this or any other franchise-related topic, contact me ator 301.575.0345.
ABOUT BRIAN LOFFREDO
Brian Loffredo is a commercial litigator with more than seventeen years of experience representing clients in the franchise industry. Brian routinely assists clients during the licensing and franchise/FDD review process, as well as with the resolution of franchise-related disputes, including those involving terminations, territorial disputes, fraud, disclosure/relationship law violations and breaches of contract.
In addition, Brian represents and counsels clients in the construction industry on matters involving litigation, construction defects, licensing and compliance, collections, mechanic’s liens, payment bond and Miller Act claims, contract drafting, and compliance with home improvement laws and other construction industry laws.
Brian also has extensive experience representing financial institutions with workouts, collections and residential/commercial foreclosures.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.
Whatever and wherever your industry, Offit Kurman is the better way to protect your business, preserve your family’s wealth, and resolve your most challenging legal conflicts. At Offit Kurman, we distinguish ourselves by the quality and breadth of our legal services—as well as our unique operational structure, which encourages a culture of collaboration and entrepreneurialism. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law.
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