Is it time to sell your franchise?
Selling your franchise business – when, how and to whom?
One of the least acknowledged aspects of owning a franchise business is preparing for its eventual sale. When is a good time, how do you go about it, who will buy and for how much?
It could be one of the biggest decisions you make but the good thing is, once you’ve made the decision, you’ll still have plenty of time to figure the rest out because it’s not going to happen overnight.
Timing is everything and the time is right
Experts are expecting a surge of businesses on the market over the next few years as baby boomers (those born 1946-1964) rush towards retirement and sell up their businesses to fund it. Getting your franchise business to stand out among them could get increasingly more difficult, so it could pay to get in sooner rather than later.
Selling your franchise business is a journey not an event
It starts with preparing yourself and your business for sale, then there’s advertising, negotiating, contract signing, and finally handover (which can itself be a process within a process). This is why it’s important to plan, because it’s not going to happen straight away.
Who will buy my franchise business?
The new generation of business owners come with new skills and new expectations. They are more technologically savvy, very driven, and in touch with the market in different ways. They’ll be looking for a business that is performing well but could perform much better. What they are looking for more than anything is opportunity – for example, a franchise business that has a strong product or service but could benefit from a fresh approach.
Read more: Who will buy your franchise business?
On a personal note, you’ll need a plan as to how you are going to fill the hole in your life that your franchise business will leave. Whether you fill it with another opportunity, volunteering, more time with loved ones, more time for your hobbies or an overseas adventure, you’ll need a plan. It can be quite an adjustment and many people underestimate the impact it can have on their physical and mental health – you’ll still need a reason to get up in the morning.
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