Have you ever dreamed of getting away from your current career, and starting afresh? It’s a dream that many of us hold, and franchising gives you the perfect opportunity to realise it. The concept of franchising has been around for decades now, and it’s easy to see why it’s still so popular today. Rather than sticking your neck out and risking all by starting your own business, you are instead able to tap into the success of an already popular brand. Even though you have to pay a monthly fee to the parent company, the benefits you receive in return are enormous- they take a lot of the stress out of business management. Franchises are a big hit with consumers, too, since people are hard-wired to choose something familiar over something new. It’s thanks to the franchising model that fast food chains like McDonalds have been able to conquer the world- wherever you go, when you see those golden arches, you know just what’s on the menu.

Operating a franchise is a chance for you to start a whole new life, and really make something of yourself. Instead of spending day in, day out working for your boss, you’ll be the one in charge. Yet starting a franchise from scratch can be an extremely time-consuming process. On the other hand, buying out an existing franchise means you have a lot less to worry about. Instead of having to spend months working overtime to get the business off the ground, you’ll know that the hard work has already been taken care of. Existing franchises already have a core base of customers giving them a steady stream of income, and will have built up a reputation in the area.

If you’re thinking about entering the world of franchising, though, then it’s vital that you come prepared. Just like when you go on holiday, you should make a checklist to ensure that everything is sorted before you finalize the deal. Firstly, you’ll want to take a look at the franchisee’s books, to see that everything is in order. After all, if you buy out a franchise just to find that its finances are in a real mess, then you might as well have started from scratch. If things are looking good, though, you’ll have a real opportunity to hit the ground running.

Next up, you should think about the staffing situation. Will the existing employees stay on to work under you, or will you have to take on a whole new team? The former option is the easiest for buyers, since you don’t have to worry about recruitment and training while you are still getting to grips with the business yourself. Having a team of employees who already know how things work takes a lot off the heat off you, so it can be helpful to those who are just getting started in franchising. On the other hand, you might want to put your own stamp on the franchise, in which case hiring a fresh set of employees might be the better option.

Last but not least, you’ll want to learn as much as you can about the particular franchisee’s relationship with the franchisor. For instance, how much freedom do you have to set your own prices? Does the franchisor provide ready-made promotions and marketing materials, or will you be responsible for this yourself? Not only does learning about the franchising arrangement teach you more about how the business works before you get stuck in, but it will also give you an indication of how much work you’ll be expected to put in yourself. Use this step to determine whether you want to have a lot of control over business processes, or whether you’d rather go with the flow and focus on the more immediate task of running the business on a daily basis.

Contact us today and plan your get away. Call us on 01522 246811 or e-mail info@franchiseresales.co.uk.

When going away on holiday, it’s vital that you sort all the essentials. From having your travel documents ready and waiting, to packing clothes for all weathers, you need to be prepared if your trip is going to run smoothly. The same thing goes for selling your business- and particularly when you’re reselling a franchise. Whether you’re looking to retire from franchising altogether, or just want to make a fresh start with a new business, the easiest way out is to sell your franchise on to a new owner. That way, you don’t have to worry about winding down the business, or keeping one foot in running it. Instead, you’re able to ride off into the sunset, and enjoy the next stage of your life, hassle-free.

It’s not enough to simply put the franchise up for sale though, and hope that someone will come along and take it off your hands. You need to put some effort in to make the business an attractive proposition, so that buyers will be more eager to take it off your hands. By following the advice below, you’ll be able to ensure that you’re all set to kick off the selling process, so that all parties concerned- you, the seller, and the franchisor company- are happy with the way that things pan out.
First things first, you should ensure that all your bookkeeping is in order. That way, if someone wants to know just how well the franchise is doing, you will be able to give them a clear indication. If your franchise is running smoothly, then this will give you a much better chance of finding a buyer quicker. On the other hand, if your finances are in a mess, then a buyer might think that they are better off just going it alone. The bottom line is, make sure you can demonstrate in simple terms that your franchise is in a strong position, to attract as much interest as possible.

Another thing you’ll need to do is have a plan in place for your existing staff. If they are going to stay on, then this will also make the sale easier to negotiate, and will give the new owner less work to do. Instead of having to recruit and train a whole new team while learning the ropes themselves. They will be supported by an already strong team of employees who know how to run the business on a day-to-day basis. Of course, this might be tricky if, for example, the team is made up mainly of friends or relatives, who won’t want to stay on after you leave. In this case, it’s best if you frame the situation as a strong opportunity for the new owner to put their own stamp on the franchise, and run it the way that they want to.

Finally, make sure you’ve squared things with your franchisor before you formally begin the selling process. While many franchisors are happy for franchisees to pass the business on to a new owner, you will still need their approval first. They will likely also want a say in just who their new franchisee is, so that they can be sure their reputation is in safe hands. You’ll also want to be clear on their policies towards franchisees, although since you’ve already spent time running a franchise, you should already be familiar with this. Make sure you let potential buyers know just how things work in regards to the agreement with the franchisor, so that they can easily tell whether yours is the type of franchise that they are looking to get involved in.
Contact us today and plan your get away. Call us on 01522 246811 or e-mail info@franchiseresales.co.uk.