International Law

Are Franchisee Prospects both Lazy and Stupid?

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Richard Solomon, over at BMM, has a provocative post in which he argues that franchisees prospects who fail to perform due diligence are both lazy and stupid:

"There is a level of activity in which you cannot excuse incompetence with the "it's my first time" foolishness.

You don't risk everything you own blindly because it's the first time you risked everything you own. That is stupidity and laziness.

When you lose everything you own, there is often no second time. The rest of your life is spent trying to rebuild your resources and trying to overcome the emotional consequences of losing everything when you clearly didn't have to lose it.

Even your wife loses respect for you when you blow the whole family asset pool - don't expect any Po Baby sex for a long time - expect to have to go out and buy sex when you can find some money to do so.

Your life becomes a living hell, and your family may very well not even hold together from the economic tragedy.

I know this from the experience of people who came around too late - who put themselves through it when it wasn't necessary because they thought that having some lawyer "read the documents" for a few quid would suffice as due diligence."

The entire thread is worth reading. Do attorneys owe their clients more than a duty to simply read the franchise documents? Can attorneys provide business advice? How would you select an franchise attorney to provide business advice? All good questions

Full post as published by Misleading Advertising Law on November 26, 2008 (boomark / email).