Jim Penman on the upcoming Franchising Code of Conduct Review with Joel Kleber
In this episode, Jim discusses his submission to the review about the franchising code and shares his thoughts on the current state of the industry.
Jim believes that the franchising code is a good idea but is currently ineffective in protecting people from being ripped off.
He suggests that people should consult lawyers who specialize in franchising contracts, as many general lawyers lack knowledge and experience in this area.
Jim also shares a story about a franchisee whose lawyer advised against signing a fair contract simply based on principle.
Tune in to hear more about Jim's recommendations for improving the franchising code.
https://jims.net/
In this episode, Jim discusses his submission to the review about the franchising code. He talks about the rampant issue of people being ripped off in the industry and believes that the government should step in to protect consumers and crack down on bad operators. However, he criticizes the current franchising code, calling it "completely and utterly pathetic." Jim shares his recommendations, including the need for lawyers who specialize in franchising contracts and actually read and understand them. He also shares a case where a lawyer advised against signing a fair franchise contract based on principle alone. Tune in to hear Jim's insights on the flaws in the franchising code and his proposed solutions.
Timestamps:
[00:01:37] Franchise contract recommendations.
[00:05:03] Surveying franchisee satisfaction.
[00:09:43] Franchising and protecting small businesses.
[00:10:08] Misconceptions about franchise profitability.
[00:13:22] Protecting small businesses.
[00:16:24] Jim's newsletter and insights.
Tune in to hear Jim Penman expose the truth behind the franchising industry. With eye-opening insights and real-life examples, he sheds light on the flaws in the current franchising code and proposes practical solutions for a fairer system.
Quotes:
"Look, what I see in the industry is people who are ripped off." - Jim Penman
"But let's have a system that works for everybody and not just that 5% hyper-educated elite." - Jim Penman
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