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A List of Essential Documents Needed in Preparing a Succession Plan
Many hard-working franchisees, following the franchisor's business plan, have built their operations into very successful businesses representing a high percentage of their net worth. Because a franchise is a unique asset, however, fashioning a sensible estate plan for a franchise owner is far more difficult than for a sole proprietorship or closely held business. For one thing, a franchisee does not own their business outright; a franchise is only a contract right. Therefore, the franchisor, too, must be a participant in the decision-making process.