Selling a Franchise How to
Selling a Franchise How to
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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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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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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