John Tifford
speaker
727 appearances
2 recordings
1 series
first heard May 2011
last heard Aug 2011
John Tifford’s voice in public audio — every appearance, attributed to the second.
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Appearances
So the very simple answer is anything they say, any broker says on Twitter or Facebook or anything, pretend it's being said by the president of your company, because from a legal standpoint, it's the same thing.
Yes.
If, in fact, you've retained the broker and they're authorized to act on your behalf, you're responsible for them.
Now, there are two...
I could just use a little bit of background.
There are two areas in which you can get bitten.
One, private lawsuits by the franchisee who subsequently discovers that the information they acted upon based upon this Toyota thing turned out to be wrong, and they bought in reliance upon that information.
And secondly, regulators who said, gee, I see this ad or this earnings claim that you referenced before, and I don't see an earnings claim disclosure in your FDD.
you couldn't have made these claims.
And the things I always worry about, of course, are the franchisees who have really lost a lot of money.
The regulators are also an issue, but not nearly as serious.
And the way that we always recommend that you try to do the best you can to police this is at the time during the sales process, and again, you just make sure you understand what is motivating the franchisee and what
What information is the franchisee acting on and thinking they want to buy your franchise?
And secondly, at the closing, we very much recommend that our clients use something that we call a compliance certification, but call it anything you want.
But at the closing, you ask them a series of questions designed to see whether or not the sales process was lawful, number one.
And number two, whether the franchisee is maybe acting under some misunderstanding of what the nature of this business is going to be.
And so you ask them a series of questions, and some of them would be, did anyone make any earnings claims to you?
Did somebody tell you how much money you'd make or what your sales would be or something along those lines?
And, well, if you make an earnings claim, then, of course, you'd condition it by saying, other than what we have told you in Item 19 of our FDD, has anyone made any statement to you about?
And then you put the, and have them affirmatively answer yes or no.
Showing 541–560 of 727 · page 28 of 37
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