Interested in putting up your franchise for sale?

Interested in putting up your franchise for sale?

Follow these steps!

Putting up your franchise for sale is no easy experience. To put it bluntly, it’s a daunting prospect. But, the good side is if done correctly, you stand a lot to gain—financially. Remember, you have invested a lot of money, time, and sweat to bring your business to this level. Therefore, make no hasty decisions as regards selling it. This is why we wrote this article as a guide to help shape whatever decision you want to make. 

 

Decide why you’re putting up your franchise for sale 

Are your reasons for selling your franchise genuine enough? Are you selling it off because you can’t generate enough revenue? Or, you can’t meet the demands and needs of your franchisor?

You need to have genuine reasons why you have decided to sell  your franchise. A good or bad reason will eventually affect the outcome of the sell off eventually. 

 

Do the math 

Before you decide on putting up your franchise for sale, calculate the overall worth of your business. Consulting a professional to help you do this is a good idea because there are a lot of complexities above your head when it comes to business valuations. Always remember that trust is the bedrock to setting things in motion, that is to say you must trust their eventual judgments more than your emotions that directed you to put up your franchise for sale. 

 

Get your financial acts together 

When you put up your franchise for sale, potential or prospective buyers would want to ensure buying your franchise is good business enough for them to stake their money. Nobody wants to end up with a bad investment. So, you should have clear records of your business such as equipment details (personal or least), employment records, details of contractual obligations, etc. Keep it clean and well organized because anything short of this will leave your prospective buyers unimpressed. 

Most investors can tell a good investment right from seeing its records. 

 

Get expert advice 

You should seek expert advice from professionals such as your franchisor, financial advisor, accountant, or solicitor. They must have a well of knowledge and experience to steer you to the right course or direction. You might own your business and have thorough knowledge about it more than them, but they have been on the “selling franchise” street longer than you have. You need to learn to trust their judgment because it comes from experience. 

Always seek help along the way. Remember, there’s no shame in asking for help. 

 

Find a buyer 

This is probably the most important step when putting up your franchise for sale. So, how do you find a buyer for your franchise? It can happen in many ways. How? 

First off, a franchisor could get approached by a franchisee. Many potential buyers are looking for where to stake their money. If your franchisor succeeds in winning them over, you have to pay them a commission. This is business ethics. 

Secondly, your employee can show interest in buying when you put up your franchise for sale. This is one of the best methods because your employee is not a novice. He or she has a lot of info about your business and how it is managed. 

The last method is through an advertising campaign. This is the most popular route most business owners take. Do you have a franchise for sale? There you have it!

 

 

 

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