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MissSassy
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Really you need to get some comparisons, here are a few thoughts for you to consider.

Speak to a legal expert and gain some advice – http://www.legalvision.com.au

Do you need to do this today and give away 45% of your business?

If this company wants 45% equity as their fee do you really want them as your business partner?

Assuming your 3 existing sites are profitable your cashflow should improve in a matter of time and perhaps you are better off acquiring debt to franchise as this is cheaper than giving equity.