At Franchise 360 we have seen Franchise owners buy and sell Franchises over the years. There are a number of items that help the sale go smoothly and aid the Franchisor to exit their Franchise with confidence. Follow this guide to help you navigate the sale of your Franchise and receive a competitive price.
Franchise Agreement Terms and Conditions
Understanding the terms and conditions of your agreement is a key factor in your exit plan. It is important to understand if any fees need to be paid if training needs to be administered and any other commitments required during, or after, the sale. If you need assistance, the experts at Franchise 360 will help you navigate the contract to ensure you have everything properly in place to re-sell your Franchise.
Preparing to Sell
Take inventory to see if equipment or systems need to be replaced or upgraded. Executing small upgrades, and cosmetic changes, will make your store or restaurant look and feel up-to-date.
A business valuation is a necessary document to obtain when selling a business or a Franchise. A valuation, completed by a third party, will give buyers an accurate financial picture of your business. This knowledge will allow you to market and price your business with confidence. It is recommended you have a professional Business Broker assist you through this process to ensure you have all the facts and figures properly aligned.
Hire a Business Broker
Hire a certified Business Broker to assist in preparing all the appropriate documents as well as to gain access to their network of professionals. If you require financial, legal or other professional services a Business Broker has access to trusted and knowledgable resources. In addition, a professional Business Broker will assist in sourcing qualified buyers to expedite the sale process.
The experts at Franchise 360 will help you plan an exit strategy and navigate re-selling your Franchise. Franchise 360 works with Business Owners, Franchisees and Franchisors in the Toronto, Oakville, Mississauga, Burlington, Milton and surrounding GTA to provide solutions to your long term goals.