Home / Franchise Articles / Be sure you tap into the FDD template when you start to organize your franchise disclosure document because it can help you get it right the first time.
In the world of franchising, the FDD template represents one of the real lifesavers.? FDD stands for franchise disclosure document and it is no picnic to create one when you first start putting together your plan to franchise your business.? It has not been that long since the FDD template replaced the Uniform Franchise Offering Circular. This important document is more than just a friendly greeting to those who are thinking about buying a franchise from you.? It is a heavily regulated and detailed disclosure document that lays out everything from soup to nuts about your business and what the franchise relationship will look like when the dust settles.
Most companies that set out to create franchises of their business see the creation of the franchise disclosure document as one of the real challenges of the quest.? That is because it can be tedious and tricky to get it right. Using a good FDD template can keep you from stalling out while you put together a disclosure document that not only satisfies the government watchdogs but serves to help your future franchise money making partners as well.
When you download the FDD template, be prepared for a project that is going to take up some serious time and energy.? A typical FDD template will detail what goes into the FDD document through 23 different chapters and each chapter will come with charts, illustrations and explanations not only of the kind of information you must disclose to a potential franchise owner in your business but how you must disclose it. Be sure you step through each section of the FDD template with patience and virtually superhuman attention to detail because the FTC is all over this document.
While much of our discussion about the FDD template might put the fear of god into you about completing the franchise disclosure document, take heart.? It is a step in franchising your company that is necessary and it is one that every successful business that has launched into franchising completed correctly as well. If they can do it, you can do it too.
Instead of viewing the use of the FDD template as a big nuisance, think of the value this document will have for your future franchise owners.? The franchise disclosure document goes to the potential franchisee well in advance of the franchise agreement.? By doing a good job of packing that document with every bit of minutia about your business and about what it will mean to franchise from you, you shift the responsibility for that information from you to the franchise applicant.
Moreover, the FDD template will enable you to do a great job with the franchise disclosure document which will result in better educated franchise owners.? Smarter franchise owners means more productive franchise owners which means partners who are generating large piles of money, much of which comes your way.? So give the FDD template your best effort, not only because you have to do it to stay kosher with franchise law but because you will have a higher quality franchising program as a result.
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Source: http://www.franzoom.com/franchise-articles/fdd-template-2/
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