Turn important answers into a reviewable record

Record the question and the source

After a material conversation, write the question, who answered, the date and the substance of the response. Distinguish your interpretation from the words or documents actually provided. Ask permission before recording a conversation and respect applicable requirements.

A useful log has a field for the supporting document and another for the issue still unresolved. Avoid marking a question complete simply because a confident person gave an answer. The aim is to understand how the answer relates to the proposed legal and operating arrangement.

Handle contradictions openly

If a presentation appears inconsistent with a contract provision, ask for an explanation and give both versions to independent counsel. Do not assume an informal assurance changes an agreement. Financial-performance statements deserve particular care: preserve the material and ask how it relates to the applicable disclosure.

Do not sign a questionnaire or acknowledgement that inaccurately describes what you received or were told. Read proposed statements carefully and obtain advice about concerns before responding. A form that looks administrative can still affect the transaction record.

Keep the log useful after the sale process

Organize unresolved issues by who can answer them: development, operations, a lender, a landlord or your own advisers. Decide which answers are essential before proceeding. A written record does not guarantee a sound decision, but it makes the reasoning behind the next step visible and easier to challenge.

Put it on paper

• Track material statements with dates and sources.
• Escalate inconsistencies to independent counsel.
• Read acknowledgements for accuracy before signing.

Continue with the franchise research checklist, our FDD guide, and the research directory.