Professional Reviews Before Discovery Day

Before heading to Discovery Day—and absolutely before signing a Franchise Agreement—you must get professional reviews of your documents. This step ensures your financial and legal interests are fully protected.

Legal Review by a Franchise Attorney

Your franchise-specific lawyer will check for:

• Potential negotiation points in your Franchise Agreement.

• Any major discrepancies between the Franchise Disclosure Document (FDD) and the Franchise Agreement.

• Red flags or critical issues you might have missed.

Recommended Franchise Attorneys:

• Spadea Lignana: Spadea Law

• Intercola Law: Franchise Law Solutions

Accountant Review

Hire an accountant experienced in working with small businesses to verify your financial plans. They’ll:

• Ensure your financial model is realistic and sustainable.

• Identify potential financial risks or opportunities you might have overlooked.

Recommended Resources:

• Profit First Professional Connector:

  • Complete a brief form describing your needs and you'll be connected with accountants trained in the "Profit First" methodology, tailored to your industry.

  • Hire a Profit First Professional

Taking these reviews seriously ensures you're financially and legally prepared, giving you clarity and confidence for your franchise journey ahead.

Take Their Recommendations Seriously

There is a chance the lawyer or accountant uncovers something you totally missed. You have done months of due diligence and spent thousands on the accountant and lawyer review. You feel committed, you really like the franchisor team, and it will be easy to wave away the concerns these processionals have. Do not do it.

You may have done the pro forma totally wrong and the business will make half of what you thought. The Franchise Agreement may lock you into outrageous promises. Who knows what could be uncovered in this stage so you have to be ready to walk away if they uncover any major red flags.

Next Steps

If the reviews come back clean or with just a few items you need to discuss with the franchisor, then you should go to Discovery Day. This is where you get to meet the franchisor team in person!

These articles are simple overviews of the franchise research process to know what to mentally prepare for as you begin the journey. If you want a guide that will give you the right questions to ask, at the right time, to the right person, you need to work with a Tracer Franchising broker. 

Click here to schedule a 30 minute intro call to begin your franchise research process. Our services are free since we are paid by the franchises. 

If you prefer to do the research solo, you can use the free Tracer Franchise Research app

All Steps in the Franchise Research Process

1. Franchise Education

2. Intro Call with Broker

3. Take the Matching Quiz and Follow up Interview

4. Franchise Presentation

5. Initial Call with Franchisors

6. Initial Franchise Disclosure Document (FDD) Research

7. Non-FDD Focused Calls

8. Start Funding Discussions

9. Financial Modeling

10. Speak to Franchisees (Validation)

11. FDD Deep Dive

12. FDD Review Call with Franchisor

13. Outside Research

14. Finalize Your Financial Model

15. Final Validation

16. Attorney and Accountant Review

17. Meet the Franchisor in Person (Discovery Day)

18. Making Your Decision- The Franchise Checklist