How to Get Right Price When Selling Franchise

There could be many reasons a franchise owner decides to sell the franchise. But several franchise owners enter the process of selling franchise without being aware of and informed as to how to sell a franchise, what to expect, and what precautions should be taken and often find themselves in trouble often end up getting a lower selling price than the franchise is worth.

There are certain aspects that need to be taken care of when selling franchise so that the franchise, which you worked hard to build, should generate fair price when sold. The suggestions, that can help you generate fair price for your franchise, are as under:

Let your Franchisor Know
You should keep your franchisor informed about your intention to sell the franchise. Number of franchisors may have specific rules on selling the franchise. These rules must have been listed there in the franchise contract.

Your franchisor might be able to support and help you in selling franchise, as franchisors; being in the business for quite some time; might be aware of prospective buyers who are interested in a particular territory and might be in a look out for a good opportunity to buy some franchise.

Understand the Market
After informing the franchisor about your plan of selling franchise, now it’s time to develop the primary understanding of the market before your sell your franchise. Collect the relevant data, analysis – how much of similar franchises have been sold of late. Is this the right time to sell the franchise, is the market hot? Who could be the potential buyers for your franchise?

The answer to these questions will directly affect the sale of your franchise. There are possibilities that you will find that this is not the ripe time to sell your franchise or you can also discover the actual worth of your franchise.

Do the Homework
You should do some preparation before you actually present your franchise on the market for sale. These preparations should include the right value of franchise, arranging financial details, informing key employees (if you have any) and lastly putting together a sales package.

There are certain franchises which require more upfront arrangement than other franchises. Hence, just assess your franchise falls in which category.

Advertise and get ready for Sales Pitch
Even if your franchise is amongst the best in the town, without spreading awareness among the buyers you cannot reach anywhere. Make sure that it’s rightly and appropriately advertised and promoted through every possible mediums. You can also take help of agents to promote your franchise and list it with them. In addition you need to prepare your sales pitch and practice the same for the final day.

Offer Assistance to the Buyer
Majority of occasions you may need to provide support and assistance to your buyers in terms of re-establishing the franchise after they buy it. This assistance can be of several types which may include training, technical or functional support. You may also need to work along with your buyer for quite a few months as well.

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Know When to Sell Your Business

Selling a business can offer you a great deal of opportunities, but unless you have a good understanding of your exit strategy and the appropriate process to implement it, you will be left with a business that you would not be able to sell or you can't obtain its real value when you do sell.

To avoid such situation, there are a few tips that you need to consider prior to you even think to sell your business. These points are easy to understand and will enable you to get some useful tips on whether it’s right time to sell a business.
• Are you ready to sell your company?
• Do you have a company that you can sell?
• Is this the right time to sell?
• Are you personally interested in selling?
• Will it assist your life plans if you sell your business now?

For instance, you have managed your own business for almost 10 years now. You have generated a fair amount of savings and contemplating about retiring. To add some stability to your future savings, you are considering selling a business. Under these circumstances consider above stated tips and look at your business to analyze if selling is a prudent decision.

You should ask yourself if your business is salable. Well, do you have a steady flow of customers that keep you working full-time? Do you have additional requests for work every week? Do you employ multiple employees to help you in your business full time and your records for the past four years manifest continuous growth and profit? If yes, your company is salable.

Now, are you all set to sell a business? Are you really old enough to retire? Do you want a life outside of your business and determine that this is the perfect time for you to get out?

Next, given the economy in mind, is this the best time to sell? Well, it is the middle of the winter and your business is always the strongest during the winter. Also, you just got a machine replaced for one of the business' assignments, and for the last 6 months you have put money back into the business to install latest tools and equipment. In addition, the ever-changing economy is booming in your city. Of course, it seems that now is a right time for the business to sale.

Next, are you personally devoted to selling? You wish to take rest, as you would like to be able to travel and enjoy your retirement without taking up the stress running a business brings. So yes, you are entirely dedicated to selling your business.

Finally, does selling bring value to your long-term plans? Selling the business for a feasible price would enable you to realize your dream of investing in the stock market, which you have always dreamed of doing but never had the opportunity. This would also enable you to rest on weekdays and travel in your camper whenever you want. So yes, selling your business will enable you realize your objective of a successful retirement.

Selling your business should not be a grueling process. With a little knowledge and evaluation, you handle this process with confidence.