Franchising is one of the most popular ways for entrepreneurs to own their own businesses. But it is a confusing area, a potential minefield of unworkable businesses models and shady operators. That’s why the new Book-of-the-Month is essential reading.
Franchise Bible: How to Buy a Franchise or Franchise Your Own Business, by Erwin Keup and Peter Keup, is in its seventh edition. Since it was first published, this guide has been well respected and considered one of the most reliable sources of information for people looking for profitable business opportunities.
The book, published appropriately by Entrepreneur Press, has been considered an indispensible resource since the first edition was published in 1955. It thoroughly covers the entire process of buying your own franchise and franchising your own business.
Everything You Need
If you want a comprehensive source for all things franchise, this is the book to get. People just getting interested in business opportunity sales appreciate the chapter listing the pluses and minuses of going franchise because it’s not for everyone.
Other chapters explain the legal jargon and what types of business decisions are involved when you decide to buy. It offers step-by-step guidelines for evaluating the franchise opportunity and the training and on-going services promised by the franchisor.
The section on turning your business into a franchise lists the various ways that are available and shows you how to set up the best system. As a lawyer and franchise insider, Keup also identifies ways you can save on attorney fees.
The book has a large number of sample franchise documents, like disclosure agreements, net worth form and the FTC requirements for disclosure. Entrepreneurs appreciate the many checklists and questionnaires included, like how to determine if this the best choice for your interests and needs, assessing a franchise and what types of documents you need to put together if you decide to go ahead.
Experienced in the Franchise Field
The late Erwin Keup, who wrote the first six editions, was a lawyer who centered his career in the franchise sector. For over 50 years, he worked in franchise law, did consulting and also practiced general corporate law. Building on this foundation, he had a number of roles:
- Arbitrator for the American Arbitration Association in franchise disputes
- Member of Franchise Arbitration and Mediation Inc.
- Member of British Columbia International Commercial Arbitration Centre
- Member of the Franchise Legislation Committee for the California Bar Association
- Member of the Forum on Franchising of the American Bar Association
With those serious credentials, in a career spanning five decades, he was a natural to write the bible for buying a franchise and turning your own business into one.
His son Peter Keup updated the book for the 2012 edition, the seventh in the line. He is also a lawyer as well as a professor at the University of South Caroline, teaching at the College of Educational Leadership and Policy.