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, one of the fastest-growing, full-service law firms in the United States, serves dynamic businesses, individuals and families. With 15 offices and nearly 250 lawyers who counsel clients across more than 30 areas of practice, Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration. For more information, visit www.offitkurman.com.
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