So, you've decided, for whatever reason, you'd like to sell your business. Prior to sticking up the ‘for sale’ sign, there are lots of things you can put in place to ensure the sale goes through smoothly.
The famous saying ‘if you fail to prepare, prepare to fail’ could not be more relevant here. Proper preparation will affect the achievable sales price and the ease at which a potential buyer will be able to raise the necessary capital.
Purchasing a resale franchise can have some great advantages over starting a new business from scratch, but there are also some pitfalls to avoid. Resale franchise units may consist of successful operations that are making money as well as units that are either losing money or barely making ends meet.
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When looking to buy an existing franchise, there are two types of businesses for sale - those businesses which are successful and those which are underperforming. However, whilst a performing franchise will bring with it many benefits, and probably a hefty selling price, you shouldn't be quick to rule out a franchise that isn't successful or losing money
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Purchasing a franchise resale can have some great advantages over starting a new business from scratch, but there are also some pitfalls to avoid. You need to carefully evaluate why it is for sale, the business performance, local market, resale costings as well as evaluating yourself.
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It’s sensible for franchisees to plan for exiting the business at a time that suits their personal or commercial goals. However, many franchise owners and operators fail to fully consider the range of options available or engage early enough with their advisors. So, what are the options for exiting your franchise business?
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Franchising can be a very complex area and to make sure you find the right franchise for you, or set up your own franchise correctly, is it imperative that you do as much research as possible. This includes seeking professional help and advice. Our Ask the Expert section allows you to post questions regarding funding a franchise, legal issues, accountancy, consultancy and general franchise advice.
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Barbara Frater and Caroline Bradshaw have recently made the change from senior teaching roles to their “dream job” as a Barking Mad franchisee. They bought an established Barking Mad franchise in Alnwick and haven’t looked back.
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Around 90% of new Papa John’s franchisees buy the licence to run a brand-new pizza outlet, opening up in a new area. However, as Papa John’s continues to expand, there is an increasing opportunity to purchase a re-sale store. Nazim Vadiwala has recently taken over the Leith Walk Papa John’s store in Edinburgh. Nazim who worked for a rival pizza firm for 10 years now manages Leith Walk with the help of operations director. Here why Nazim,and fellow Papa John’s franchisees decided to go down the franchise resale route.
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Due to pending planned retirement a well-established WPA Healthcare insurance franchise is now for sale in the Bromley area. The current Healthcare Partner has been operating the business from home for the past nine years and now wishes to sell the business to a customer orientated person.
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Looking for a better work / life balance and to be doing something she was passionate about, education and technology, led Lynne Kerr to ComputerXplorers. Lynne has been running her ComputerXplorers children’s computing franchise in South East Scotland since 2009. Now over 12 years later, Lynn is looking to sell her established business. Find out about Lynne’s journey with ComputerXplorers and why it is a great opportunity for anyone looking to secure a low cost, lifestyle-based business with a steady income stream in a rapidly growing market.
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