What You Need to Know About Franchising
While they say “Virginia is for lovers,” it’s also a great place to start a franchise. As a registration state, franchisors must register their franchise disclosure document (FDD) and audited financial statements with the Virginia State Corporation Commission before doing business there.
The franchise law in Virginia is the Retail Franchising Act, which is designed to provide pre-sale disclosure and other protections for prospective franchisees. Another important thing to note: Virginia imposes financial assurance requirements. When submitting your FDD registration (or renewal), the state examiner will review your franchise’s financial statements to determine whether the company is solvent or not. If it is found to be insolvent or in danger of becoming so, your registration may be refused.
8.3% of Virginia franchise units are commercial/residential cleaning businesses.
Franchises create 238.2k jobs in Virginia.
80% of Virginians have a positive view of family-owned franchises.
(or potential franchisors)
(franchisees & franchisors)
(or potential franchisees)
Attorneys Who Understand VA Franchise Law
Franchise laws vary from state to state, and it can be difficult to understand the requirements. Spadea Lignana has streamlined the process to ensure you remain compliant as you grow nationally.
Flat Fee Program for Franchisors
Spadea Lignana’s CORE program for franchisors is a cost-effective and practical solution for the ongoing legal needs of franchisors, including but not limited to, FDD updates, state registrations and franchise agreement executions. Through a proprietary cloud-based system we can effectively and efficiently manage FDD Disclosures and Franchise Agreement executions for fair flat fees billed monthly. We believe that hourly billing, although necessary in certain circumstances like complex M&A deals and litigation, can weigh on the relationship between client and attorney. By coming up with a fair flat monthly fee, the uncomfortable negotiating of whether or not a 6 minute increment in your bill for replying to an email was legitimate goes away.