Post-completion issues when buying a franchise

That moment when you finally sign all the paperwork, pay the funds and receive the figurative or physical keys to your new franchise is an exciting time. Although the hard yards are behind you, and the business sale has been completed, you should be aware of several issues that can crop up only after you have taken over control. Whilst these differ between franchises and business models, some of the common post-completion issues include:

1. ineffective communication with customers and/or suppliers about the change in ownership;
2. the previous owner competing with you and taking your clients post-sale;
3. important contracts not being transferred or assigned or outstanding debts not being resolved with suppliers;