The Business Herald

Question: What does UFOC stand for and what exactly is it? 

Answer: According to Wikipedia…

UFOC is an abbreviation for "Uniform Franchise Offering Circular", a legal document used in the franchising process in the United States.

Franchisors must give a UFOC to franchisees at least 10 business days before any contract is signed and before any money changes hands. It contains extensive information about a franchisor, which is intended to give potential franchisees enough information to make educated decisions about their investments. The information is divided into 23 categories:

• The Franchisor, its Predecessors and Affiliates
• Identity and Business Experience of Key Persons
• Litigation History
• Bankruptcy
• Initial Franchise Fee
• Other Fees and Expenses
• Franchisee’s Initial Investment
• Restrictions on Sources of Products and Services
• Obligations of the Franchisee
• Financing Arrangements
• Obligations of the Franchisor
• Territory
• Trademarks
• Patents and Copyrights
• Obligation of the Franchisee to Participate in the Actual Operation of the Franchise Business
• Restrictions on Goods and Services Offered by the Franchisee
• Renewal, Termination, Repurchase, Modification and/or Transfer of the Franchise Agreement
• Public Figures
• Earnings Claims
• List of Franchise Outlets
• Financial Statements
• Contracts
• Acknowledgment of Receipt 

Also, Franchise Profiles International has an instruction page on a UFOC explaining the responsibilities of both the Franchisor and Franchisee.

As I was getting my daily TechCrunch fix, I found this interesting and exciting post. Congratulations and good luck to Brian Wilson, a former Army Officer.  This Military Veteran was able to launch Zolve.com, a promising looking web application for realtors… while deployed to Baghdad, Iraq.

Sidenote: For those who are thinking to yourselves, "They have this much time on their hands?!" 

I commend this gentlemen for taking the little time he did have to himself to use it in a productive manner rather than sitting alone in corner in a deep depression.  Each person out there has their own way of making it through the days.  This is definitely a great way!  I only wish we had this good of an internet setup when I was out there.