What is a ROFR?

A “Right of First Refusal” is an agreement a seller has made to a second party to ensure that the second party has the ability to match any sales agreement the seller has entered. In practice, this is usually an agreement between a banner and a banner member as part of their membership contract. It allows the banner to find a buyer who is willing to sign an extension with the banner and prevent the potential buyer from closing on the transaction. Of course, if the existing buyer is willing…