How to Sell Franchises
When an entrepreneur is interested in seeking financial stability through opening up of their own business he can choose either from starting from scratch or applying for a franchise.
There will come a time however that this franchise owner will be interested in selling the franchise and should therefore follow certain guidelines to ensure a successful transaction.
The most important thing to consider before you sell your franchise is to first review whether or not the original franchise agreement permits the sale or resale of which by the original owner. Also review the tenure of your franchise agreement and other financial factors that may interfere with the legal process of selling the franchise. You will need to review also whether or not you are completely certain that you want to sell the franchise. Take into consideration the pros and cons and weigh them accordingly. Once your decision is final, draft out your plans and prepares to discuss them with your franchisor. Depending on your franchise agreement you may need to adjust to what you have in the contract. Luckily some franchisors will allow for some minor changes or even provide loopholes but also remember that this may not even be an option in other cases.
When selling the franchise you will be working hand in hand with the franchisor as the requirements of the franchisee will be the same as those you had to undergo when you were an applicant. Therefore the final decision and approval lies with the franchisor. If you already have a buyer in mind you will need to inform the franchisor of this and present them with the necessary requirements. Financial stability and the capability to finance for the maintenance of the establishment and franchise as well as other franchising fees will be reviewed and taken into consideration as well.
In other cases however you may want to seek the professional consultation of a franchise attorney to further assist you with the sale of the franchise. This is especially important when you find yourself legally bound to the franchise and their rules and regulations which may prevent you from selling the franchise outright. Create your sales package which will include everything that you will be selling, the franchise, the employees and staff, the materials and equipment, the furnishings and everything else you want to include in the deed of sale. Include also all the legal documents from your local government and prepare yourself with the transfer of these documentations to the buyer of your franchise.
Once you have everything in order advertise the sale of your franchise and be prepared to answer the basic questions interested buyers may ask you. Draft out these questions and prepare answers for them. Also include in your advertisement that you will provide training and assistance with the management and operations of the franchise thru your franchisor.
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