Question: I'm tired of running my franchise restaurant. How do I sell? Answer: Many franchisors face the same situation. Not only restaurant franchises sold every day, but it is very common for all types of franchises for sale on the resale market.
The only absolute thing first you need to do is to contact your franchisor. Do not be shy! Franchisors expect a certain percentage of their franchisees will one day want to sell their right to vote. It is normal. There are several reasons for a franchisee wants to sell a franchise. Your reason for wanting to sell is probably a legitimate reason, that the franchisor has probably heard many times.
But probably the main reason you should contact your franchisor is that many franchisors impose restrictions on the resale of franchise. For the most part, these restrictions will closely with their existing guidelines used for the recruitment of a new franchisee. They simply want the ability to approve any new franchisee.
Are you ready to sell your franchise? Do you know your franchise is worth? Will you need to make funding? Is your financial information up to date? Have you talked with your lawyer about the proper structure of a sale (based on assets relative to stock-based)? Are there any considerations to rent property? Does your landlord allow ownership of your lease?
You've got to know the answers to these questions. Make sure you are well prepared to sell your franchise. You'll need to research the market to establish a price. You can talk to a business broker or other expert informed purposes only. Check with your accountant. He or she has probably seen one or two companies that were sold over the years. Lean on those around you to get good quality advice.
Looking at many websites franchisor in recent months, many sites include a section on their website for resale franchise. Therefore, your franchisor may be able to help you market your franchise for sale to third parties. There are other ways to sell an existing franchise. A good old fashioned newspaper ad can work. A more gradual advertise your franchise for sale online with a website that is designed to market your franchise. An example would be the corporate market that has a number of existing franchises for sale.
So do not be shy ... be proactive! You can do it!
About the Author
Barry Jark is vice president for the corporate market, an online marketplace specializing in the sale of franchises. Mr. Jark is a bank president and retired entrepreneur. His articles are known for their scenic, direct style to help them succeed in transferring knowledge and business-related lessons.