Small Business and Entrepreneurship
Business and Industry
How much is the franchise fee of andoks?
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Asked in Franchising
Do franchise charge franchise fee and transfer fee when buying existing franchise business?
Buying an existing franchise has many benefits. However, there are many things you must consider before accepting the purchase. Some franchises require that the franchisee pays a transfer fee, which is often about $10,000 or more, but this can vary. In most cases, the current franchisor pays the transfer fee. However, this is something that must be negotiated before signing any final legal documents. While franchisors don't charge you to pay a new franchise fee, they most likely will charge you a transfer fee to either you as a new franchisee or to the selling franchisee. Make sure you have this clear in the franchise agreement with both parties. Sometimes, the selling franchisee will include the cost of this transfer fee within the sale price of the franchise. In any case, look for negotiation tactics, and if the fee is non-negotiable due to the prior franchise agreement, make sure you understand who is responsible for paying such fee.