About this episode

Wade Millward discusses the critical role of insurance in franchise operations and how to mitigate risks associated with lawsuits and financial disasters.

Most franchise systems overlook the critical role insurance plays in shielding their brand — until a lawsuit hits. Wade Millward, founder of Rikor, reveals the hidden vulnerabilities lurking in franchise disclosures and operations that could cost millions—and how to build a defensible, risk-proof franchise model from the ground up.In this episode, Wade pulls back the curtain on the often-misunderstood world of franchise insurance, exposing why even the most sophisticated FDDs are riddled with gaps that leave brands vulnerable. You'll discover how proper insurance can be your first line of defense against costly lawsuits, vicarious liability, and reputation-damaging claims. Wade shares concrete frameworks, like his proprietary FDD insurance analysis, showing you how to close the expectation gap between franchisors and franchisees and prevent financial and legal disasters.We break down: the nuances of item 7 and item 8 insurance requirements, industry-specific coverage strategies, and how to prevent franchisee pushback by weaving education into your process. Wade discusses his surprising research predicting franchisee litigation using over 1,500 FDDs and his insights into building…

People in this episode

Host: Matthew McReynolds

Guest: Wade Millward

Topics covered

• franchise insurance
• risk management
• franchise operations
• lawsuits
• financial disasters
• franchisee litigation

Keywords

• franchise
• insurance
• risk mitigation
• lawsuits
• FDD
• vicarious liability
• financial strategy

Mentioned in this episode

Organizations: Rikor

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