You'll need a lawyer if you want to recoup any money, but here's what you should know before you go attorney-shopping.

Lisa Gubbels, Council Bluffs, Iowa
I live in a community that does not fill the demand for children's entertainment, so I decided to invest in a franchise based in Georgia that did just that. I paid $35,000 in August of 2007, signed the franchise agreement, and tried to raise $250,000 to get the business running. It did not happen. The business manager changed the business plan, discussed it with me, and we went forward to open a smaller version of the franchise. I have invested a total of $70,000. I am upset by misrepresentation of what I was told I would receive from the agreement. At this time I want out and want to open my own business with no help from a franchise. Of course, I would love to get that franchise fee back as well. Any thoughts about how I can resolve this without getting into more debt?

By Emily Maltby, CNNMoney.com staff writer
The first thing you need to do is get in touch with an attorney, recommends Ed Teixeira, founder and former president of consulting firm FranchiseKnowHow.com and author of Franchising from the Inside Out.

"Gather all the information you can, including the franchise agreement, all e-mails and correspondences related to the franchisor – and don't take any precipitous action without counsel," he says.

You need an attorney for two reasons. First, if the franchisor is not sticking with an agreement, it will take a professional to help recoup your losses, including the franchise fee. Also, an attorney will guide you through the process of putting up your own sign as an independent business – if it's even possible.

Franchise attorney Robin Day Glenn of Rancho Santa Margarita, Calif., notes that you need to understand the differences between franchise law in your state of Iowa and the franchisor's state of Georgia.

"Ask a lawyer in your home town to find out which franchise law applies here," she says. "Typically, franchise agreements say that laws will be in the franchisor's state. However, many states have laws to protect their own people."

Iowa franchise law may or may not grant you the home-court advantage. Once you determine the state in which you will proceed, you should find a lawyer in that state to follow through. The lawyer will advise you to either threaten action in attempt to get your money back, or follow a conciliatory route by asking the franchisor if you can cancel the agreement and part ways with mutual release of claims.

Teixeira encourages finding a specialized franchise lawyer. Pro-franchisee organizations such as the American Association of Franchisees and Dealers can help you locate one.

But Glenn notes that if there isn't a franchise lawyer in the state where you'll be contesting the contract, it's best to go with a general business lawyer – it is preferable to hire an attorney who is familiar with the laws of the jurisdiction than an out-of-state specialized lawyer. She recommends Lawyers.com as a place to seek out the attorney that is best for you.

Give us your advice: Check out recent “Ask & Answer” questions.

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Calculating the risk of a franchise investment

New franchise rule: More disclosure, same high risks

William, Denver, Colo.
This question is a follow-up to "Who gets the name in a business custody battle?"

What happens when the majority shareholder wants to franchise the business, but the minority partner is against it? The minority partner is not willing to expand with her current partner. Instead, she'd like to go it alone. Does this trigger a buyout? Is that the best and only solution?

What do you recommend? Leave a comment with your answer.

Give us your advice: Check out recent “Ask & Answer” questions.

Related links:

Blood feud: How can you fix a broken family business?

Two businesses, one marriage – can it work?

Growing an LLC: How to add partners

The scoop on financing a chain of Dairy Queens

Sid, Atlanta
My partner and I have owned more than 10 Dairy Queens over the past 20 years. We’ve never lost any locations. Each is incorporated separately. We’ve been trying to capture another location in Alabama. They’re asking $625,000 and we’re ready to put 20 to 25 percent down. It seems hard to get a loan these days. Is it because the market is falling? Do you think we might face a problem securing the loan?

By Shara Rutberg, Fortune Small Business Contributor
Dear Sid: Ten Dairy Queens! Not only is that a lot of Blizzards and banana splits, it’s a lot of experience that should help you you apply for a loan. Over the past two decades, you’ve “likely gained tremendous experience in the franchise business,” says Alfred Luhr III, senior vice president, business banking at Buffalo-based M & T Bank. “That experience should be put to use when applying for a new loan. Prepare an updated financial plan that shows projected revenues, expenditures and cash flows, as well as year-over-year same-store sales statistics, location analysis, management structure and background, franchise contracts, etc. The better prepared the borrower, and the better the communication between borrower and banker, the easier the decision for the bank."

A more positive flavor within the ice cream business might have more of an impact on your potential to get a loan than the overall economic climate that seems to be melting profits across the country. “Keep in mind that your business’s ability to borrow in this economy will depend on how the downturn is affecting your particular business and perhaps your industry more broadly,” says Jim Cole, a spokesman for San Francisco-based Bank of the West. Consider working with a bank that understands your business and has experience lending in your industry.

You can still get a loan, agree Cole and Luhr, but you just might have to work harder for it. “Your best bet is to develop a strong, deep relationship with a conservative, well-capitalized bank that is focused on serving businesses in your community,” says Luhr. “Banks today are even more interested in your deposits than in your loans, so consider moving as much of your banking business as possible – both commercial and personal – to that bank that provides you with credit. With that kind of relationship, your bank is far more likely to give you the help you need when you need it most.”

In today’s economy, some lenders may prefer to lend via the Small Business Administration’s 7(a) program that shares some of the credit risk with the lender. Another advantage to SBA financing is that they often come with “a longer term, which means lower payments. Lower payments enable you to retain more working capital to grow your business,” says Cole.

Give us your advice: Check out recent “Ask & Answer” questions.

Related links:

Tips for a successful loan application

Calculating the risk of a franchise investment

New franchise rule: More disclosure, same high risks

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