Exiting your franchise profitably

Being in the forefront of action in the last 24 years has certainly been very rewarding experience. In particular, it is exhilarating to see franchise owners realise the return on investment from their business. The potential of success can be nothing short of life- changing should you follow the franchise system diligently.

When the time comes to walk away, planning and preparation can pay huge dividends to your exit. Regardless of your reason and circumstances, selling your business is crucial to realising the value of your investment in the franchise system. To that end, here are some tips from owners who have sold their franchise successfully;

1. Keep Your Business Records in Order - Business records are evidence of your activities, transactions and successes. Being able to document the kind of customer you acquire at particular stages of the franchise process can provide valuable insight to an incoming business - owner. Most franchised companies provide their franchise teams with a central customer management system ( CRM), be sure to keep yours updated regularly.

2. Understand the Potential of your Business - You must be able to explain why your business is a great buy compared to a competitor a few blocks away, or any other business of the same investment value. The ability to communicate this is crucial. Do your research and get your facts right. When possible have a business forecast to allow yourself birds- eye- view on numbers involved in running and operating your franchise.

3. Plan you marketing and' Show- Around' time. - Timing has a lot to do with your success. Selling your business when you are heading to a slow season for example might significantly impact on your asking price. Look for best media in your industry or sector and aim for few leads rather than settling for one enquiry that might not fulfil your desired outcome.

   For best results, consider investing in a franchise sales consultant to get additional expert support in your exit process.

   
   

   Being in the position to sell a business is a great achievement for any business owner. Your franchisor will have a wealth of knowledge in your specific industry. Always secure their guidance and additional support where you need it.

   After all, franchising is a win, win investment opportunity. We wish you all the best in your endeavour if you are selling one.

   
   

   Are you are curious about franchise opportunities with BforB, give us a call on 0330 118 8980 or email: centralservices@bforb.co.uk for more details.