How important is the Uniform Franchise Offering Circular (UFOC) when marketing a franchise to prospective franchisees?
Unlike many in the industry, I do NOT look upon disclosure documents as a necessary evil to be dealt with expeditiously and put to rest. When drafted and used appropriately, the UFOC (soon to be called “FDD” – Franchise Disclosure Document) represents the most significant marketing tool in the franchisor’s arsenal.
I put a tremendous amount of effort into creating franchise strategies that represent the unusual nature of the franchisor, and the disclosure documents are used to showcase the thinking and unique qualities of a particular brand and the people behind it. A rush to complete the document is a rush toward a shoddy operation, and those with a sophisticated eye will recognize the signs. After all, the Offering Circular and the attendant FA (Franchise Agreement) that accompanies it, represent the true essence of the franchise being offered. They should be meticulously groomed and exhibited with pride.