HOW DO I SELL MY FRANCHISE?
You’ve worked to make your franchise a success, and now want to sell. Here is what you’ll need to do.
Maybe you’ve decided to try something else, of you’ve built your business into such a success that offers to buy it flow in faster than your customers. No matter your reasons, selling a franchise is a common situation, but it isn’t always simple. You may have to jump through a lot of hoops to get the deal you want, and you’ll have to make sure you get all the money you deserve. Here is what you need to know:
1. What does the agreement say? The first thing you should do when considering selling your business is consult your franchise agreement. This document serves as the basis of your business, and they often include specific guidelines in the event of a subsequent sale. Comb through your agreement to make sure you know exactly what it says, and what you can or cannot do when selling to a new party.
2. Talk to your franchiser. Whenever a franchisee wants to sell their business, one of the best things they can do is talk to the franchiser. Not only will they want to make sure you comply with the rules, but they may be able to offer you a better deal. When a successful franchisee wants to sell a business, it’s usually in the franchiser’s best interest to find a strong buyer. By telling your franchiser, you may be opening the door to more bidders willing to pay more money.
3. How valuable is the business? You’ve spent a lot of time, money and effort building your business and it’s only appropriate that you get compensated for your work. Coming up with the right sales price can be challenging. Don’t just jump at the first offer you get, even if you think it is incredibly high. The bidder may know something about your business you aren’t seeing, and their price may turn out to be lower than what you can get. Research your market, find a business consultant to evaluate the franchise for you or otherwise ensure you know what you are selling. Nothing is worse than selling your business and finding out later you sold too quickly and asked for too little.
4. Be willing to help. Just like you, someone who wants to buy your franchise is doing so because they like the idea of owning an already established business that offers a lot of help to new owners. Selling your franchise may involve a little more work on your part, but it is worth it. Make sure potential buyers know you will be there to aid them in the initial stages. Be open to answering their questions, helping them work-through the details and even work alongside them to walk them through their baby-steps. Franchise owners like the idea of a safety net, and they are willing to pay for it. By providing assistance, you’ll be able to get more from the sale.
Selling a Franchise How to - To learn more about this author, visit Ian Macleod's Website.
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Ian Macleod
(Visit Ian's Website)
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