Is there a ‘cooling off’ period after signing a franchise agreement?

The short answer is no. Entering into a franchise agreement is an extremely important decision. Under no circumstances should it be rushed or should a franchisee be pressured into entering into a franchise agreement. Indeed, if any pressure is put on a franchisee that should sound a very large warning bell.  What this means is that before a franchisee signs the franchise agreement, a franchisee will have carried out a huge amount of due diligence on the franchisor and would have obtained detailed legal advice on the terms of the franchise agreement. In the circumstances, why would a franchisee need a cooling off period?  Almost always when the franchise agreement is signed by the franchisee, the franchisee is required to pay the initial fee, which will be a very substantial sum. At that stage the franchisor’s initial obligations kick in. These involve providing the franchisee with a manual, training and numerous other items. From a franchisor’s perspective, it would be unfair if a franchisee could look at all of the franchisor’s confidential information, quite possibly be trained by the franchisor and then decide that the franchise wasn’t for them.