Every now and then I have a prospective franchisor that wants to consider licensing as an alternative to the formal franchising process. I understand their motives. At first glance, licensing looks like a faster, lower cost and less extensive process. 

Meeting with a lawyer is an investment. If you choose a high caliber franchise lawyer, it can be a substantial investment. This is necessary to ensure the success of your franchise selection, as well as protect you against common franchisee pitfalls.