Deciding whether or not it’s time to sell your franchise business isn’t easy, but Chairman Alistair Glaze has helpfully broken down his dos and don’ts.
There’s a million reasons that you might be looking to exit a franchise agreement. You might have re-evaluated your life goals. You might be looking for a new adventure. You might be looking to retire. You might be in financial trouble. Whatever your reasons, Alistair explained that, “[Recently] there’s been a marked increase in franchisees needing advice on how to sell their business as the pandemic has pushed them to think more [proactively], as well as to consider de-risking.”
In his work with the business and B2B services franchise, Alistair has gained a huge amount of expertise, and he recently broke these insights down for franchisees, sharing a few simple dos and don’ts on deciding if it’s time to sell up. According to Alistair, you should: Plan ahead, make your business look good and utilise the services of a professional business valuer. You shouldn’t: Take your foot off the gas once the business is on the market, cut staff numbers or take comments from potential buyers personally.
He went on to say, “The time that you choose to sell your franchise is vital. On one hand, you need to be aware of how your business has grown and what its current vulnerabilities are resulting from this. On the other, you want to ensure that you have built sufficient value in your business to sell it at the best possible price.” Selling during the pandemic hasn’t been without challenge, but with the market finally bouncing back, Business Partnership is confident that successful franchise sales are possible.
Business Partnership Bromley, Croydon and South East London franchisee Douglas Craig said, “We’re predicting the market will return to pre-COVID levels in terms of business sales confidence by Autumn, so I’m expecting to support a number of successful franchise sales before the end of year.” If working with Business Partnership appeals, you could be one of those Autumn sales. Find out more about the franchise via its profile page, which is linked above.
Cara Squires, Point Franchise ©