Selling Your Franchise – Important Points for Selling a Franchise Business
Can you sell a franchise? How much is your franchise worth? If you are like most franchise owner, a time will come when you will start thinking of how to sell your franchise. Developing of a great franchise system requires that you create a great brand that will be well known. And great brands are a result of consistency in execution.
Great franchisors go beyond being detail-oriented. They often border on being compulsive. They know that their number one task is to duplicate their successful business model. And they don’t joke with it.
If you are looking for how you can sell your franchise business so you can duplicate your success and take your product or services to the reach of many people, then stay glue to this post as I will show you how it can be done so easily.
SEE: FRANCHISE TAX PAYMENT AND PROCESS
HOW TO MARKET AND SELL A FRANCHISE – BEST WAY TO SELL FRANCHISING BUSINESS
1. Sell it Yourself
This is one way to sell your franchise if the franchisor is part of the sales team. Selling the franchise yourself gives you a firsthand experience of franchise sales process. It also helps the franchisor to save money which would have been used to hire sales professionals to do the job.
When selling your franchise yourself, it saves time and creates opportunity for building a strong relationship with the buyer. What you just need to do is get to your contact list or check your yellow page and put a call or two through people you feel might be interested and qualified to buy your franchise.
2. Use Every Broadcasting Medium
When looking for buyers for your franchise, you as the franchisor have to take leverage of any broadcasting medium you can handle. Advertise your franchise for sale on billboard, put a stand on trade shows and event centers. You are going to need to find ways to advertise that you franchise is for sale.
You can also begin by listing your franchise for sale on several websites. A number of highly visited sites are franchisegator.com, entrepreneur.com, bixbuysell.com, thefranchisemall.com. These sites are not expensive and they do get a great deal of traffic. You can also run PPC and Facebook advert to boost the reach.
3. The Franchise Must Meet your Requirement
This is very important when thinking about selling your franchise. The Franchisor must be concerned that the new franchisee coming into the system can maintain your business or increase sales.
The Franchisor will need to screen the new franchisee and make sure they are competent enough to run the business and the new franchisee will also have to pass through training. If the new franchise buyer fails to pass the training, the Franchisor cannot allow the new franchisee into the system.
Just because a franchise buyer has a lot of money to spend to buy your franchise does not mean the Franchisor cares to have them in the franchise system.
4. Hire Franchise Sales Professional
If the franchisor can’t handle the sales process of selling the franchise, he or she can hire professional franchise sales people to help do the job. It will be of great benefit to you if the sales professional has a track record of success tied to them as franchise sellers.
Hiring a franchise sales professional makes the selling process highly productive than doing it yourself. it will give you the time to handle other important areas that really need attention Para venture they bring in a buyer, and it is more economical compare to spending on commercial advertisement.
On the contrary, there may be some draw backs like; a franchise sales professional who is used to receiving high commission may find it difficult to work with franchisor that is het to be proven that he or she can pay.
They may also be doubting if the franchisor has the money to fund the marketing process to get leads that might be interested to buy the franchise. So, it is now left for the franchisor to make the sales professional believe that he or she can fund the marketing process.
5. Offer Assistance
This is one other easiest way to sell a franchise. If you really want to sell your franchise you could offer assistance to potential buyers. This assistance may come in many forms such as training, working with them for a short time, lower costs or throwing in extras that will benefit them.
Even though this may not be favorable to you, it may be the only way to get your franchise sold in a timely manner. Nothing beat offering help to someone while trying to sell your franchise to them. It will create the faith in them that you are not just looking for the money, but a partner.
To be successful as a franchisor, you need to know how to build a good system (business) that franchisees will be happy to buy. This is how you can sell your franchise with ease.
