My business is a part of a franchise at the moment.
The franchise offers a program that is a Lifetime membership, once they pay their tuition they never have to pay again. I have brought to their attention about how ridiculous this is and they have finally listened. So I got them to change the program down to an 8 year course.
Here is my problem. I am the newest school so I am not liable for ANY life time memberships right now. They want to run a campaign saying "sign up now because it is going away" Which would be great because we would get a lot of sales for a ton of money. BUT I would be liable for Lifetime memberships if I did this!
I have members who have already heard from the other schools that we are getting rid of the life time program so I have people wanting to sign up for it. My question is, does it make sense to be held liable for lifetime memberships??? It seems to me that I should avoid the quick buck and wait until next month when the program changes.
My franchise agreement is 5 years long. I don't believe I will renew after that, the original plan was to use the name to grow the business and then go off on my own, whether I sell the current school or have someone else run it to pursue other things. I know some of these are legal questions that most cannot answer but curious on what you guys would do or what you think about it.
The franchise offers a program that is a Lifetime membership, once they pay their tuition they never have to pay again. I have brought to their attention about how ridiculous this is and they have finally listened. So I got them to change the program down to an 8 year course.
Here is my problem. I am the newest school so I am not liable for ANY life time memberships right now. They want to run a campaign saying "sign up now because it is going away" Which would be great because we would get a lot of sales for a ton of money. BUT I would be liable for Lifetime memberships if I did this!
I have members who have already heard from the other schools that we are getting rid of the life time program so I have people wanting to sign up for it. My question is, does it make sense to be held liable for lifetime memberships??? It seems to me that I should avoid the quick buck and wait until next month when the program changes.
My franchise agreement is 5 years long. I don't believe I will renew after that, the original plan was to use the name to grow the business and then go off on my own, whether I sell the current school or have someone else run it to pursue other things. I know some of these are legal questions that most cannot answer but curious on what you guys would do or what you think about it.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today