Franchising Client Alert – March 2019
Representing Buzz Franchise Brands in the Sale of Mosquito Joe
Kaufman & Canoles congratulates Buzz Franchise Brands on the sale of its 288 unit Mosquito Joe franchise system to Dwyer Franchising, LLC (recently renamed Neighborly) on August 10, 2018. Kaufman & Canoles was franchise counsel to Buzz Franchise Brands in the transaction. Buzz Franchise Brands continues to own and operate its Pool Scouts and Home Clean Heroes brands and systems.
Patrick Maslyn Joins K&C
Kaufman & Canoles is pleased to announce that Patrick J. Maslyn has joined the firm as Of Counsel in the Richmond office. Mr. Maslyn comes to the firm with years of experience working with franchisors and franchisees. He has helped countless start-up franchisors and several Fortune 20 companies structure their franchise systems and manage their franchisee networks and will add additional depth to our Franchise Practice.
Home Clean Heroes® Begins Franchising
Kaufman & Canoles congratulates its client, Home Clean Heroes®, on completing Virginia state franchise registration and all other prerequisites to selling franchises in Virginia and some non-registration states.
The Dirty Buffalo® Begins Franchising
Kaufman & Canoles congratulates its client, The Dirty Buffalo®, with two locations in Norfolk, on completing Virginia state franchise registration and all other prerequisites to selling franchises in Virginia and some non-registration states.
New Revenue Recognition Rules
The FASB has adopted new revenue recognition rules (ASC 606) that will apply to franchisors, for non-public companies with fiscal years beginning after December 15, 2018. (For companies using a calendar year accounting basis, these rules took effect on January 1, 2019). The rules significantly change revenue recognition for franchisors. Existing franchisors should consult with your accountants for more detailed information regarding these new revenue recognition rules. You may also contact us for more information.
FTC Franchise Rule Review
The FTC has announced that the FTC Franchise Rule is up for its 10-year review. The FTC is currently soliciting public comments on whether the Rule should be rescinded or amended.
International Franchise Association’s Franchise Business Network
Kaufman & Canoles sponsored the launch of the International Franchise Association’s Franchise Business Network in Richmond, Virginia on February 7, 2019 at The Veil Brewing Company in Richmond from 4:30 PM to 6:30 PM. The FBN is a place for franchise professionals to network with others in the franchise community, meet potential customers and make new business contacts. Each gathering will includes an opportunity to learn about important developments in franchising. Approximately fifty members of the Virginia franchise community attended. Please contact Caitlyn Anderson at email@example.com if you would like to be invited to the next FBN event, currently planned for May 2019 in Richmond.
Franchising Your Business Webinar – April 30, 2019, 12:00 PM – 1:15 PM – A webinar for prospective franchisors interested in learning more about franchising their existing business, presented by Steve Story, Nicole Harrell and Patrick Maslyn of our Franchising Team. Please click here to register for this complimentary webinar.
International Franchise Association Legal Symposium – Patrick Maslyn will be presenting a paper on step-in rights and buy-back provisions in franchise agreements at the 52nd Annual IFA Legal Symposium, May 5-7, 2019 at the JW Marriott, Washington, DC. Please visit www.franchise.org to make plans to attend, or contact Patrick if you would like a copy of his paper, or have any questions.
The contents of this publication are intended for general information only and should not be construed as legal advice or a legal opinion on specific facts and circumstances. Copyright 2020.