1) Franchise agreement - (50 pages!)
2) Franchisee questionnaire and financial report
3) Copies of suggested membership contracts
4) Lease application + equipment quotes
So far, I've given full priority to numbers 1 and 4 on the list above--the franchise agreement and the lease application. I'm glad to report that I have completed reading the franchise agreement.
I've also created a spreadsheet with my concerns and questions cross-referenced to the appropriate pages and sections in the agreement. My attorney will get this today. There are a few sticking points to discuss with him, most of which are related to non-compete clauses. However, these points are unique to my situation rather than concerns that would be likely to affect most franchisees.
One legality requires a lapse of 10 days before a signed agreement can be sent back to the franchiser (World Gym). My guess is that this provides the franchisee ample opportunity to review the document thoroughly without feeling pressured by the franchiser - similar to a 'buyers right to cancel' a fitness membership.
The main reason why I've also kept the equipment lease front and center is that there are 4-6 week lead times for receiving most of the equipment. This means that even if I were to order everything today, I'd be unlikely to have it until January! I would love to have everything in place by January so that when the prime season for new memberships kicks in, we'd be well prepared.
I suspect that things will remain quiet for the next week or so. My attorney should respond in 5 days. And meanwhile we are busy gathering prices from contractors, and determining what steps to take once the agreement is signed.
Other than organizing these "big picture" tasks, I don't plan to do much regarding financial commitment until the franchise agreement is in place. That's because we aren't a World Gym until all the "i's" are dotted and "t's" crossed.
