A Video FAQ with Mark A. Williams.
When your franchise agreement terminates you have to stop doing business. That is the first and foremost thing. Whatever the brand or system that came with that franchise, you need to stop doing it. If you continue doing it there are a whole host of claims the franchisor can make against you.
Secondly, you are probably going to be subject to a non-compete as a part of your franchise agreement, and that means not only do you have to stop doing business the way that the franchisor wanted you to, you might have to stop doing business completely in that industry.
It is really important to read your franchise agreement and make sure you understand exactly what obligations you have once you stop doing business.
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