Nicole Coleman’s Post

Name: Learn about selling your franchise in this video! | Nicole Coleman posted on the topic | LinkedIn
Uploaded: 2024-02-15T20:17:18.655Z
Channel: Nicole Coleman
Description: Thinking about selling your franchise? 🤔💼 Learn the ins and outs of selling your franchise and how to navigate the process in this video! 💰📈 #franchise #smallbusiness #businesstips #entrepreneurship #businessadvice #SellYourFranchise #BizBuySell #businessbroker #franchiseopportunities

Nicole Coleman

Franchise Ambassador, Helping Others Find the RIGHT Franchise, the RIGHT Way. 801-874-3009

8mo

Thinking about selling your franchise? 🤔💼 Learn the ins and outs of selling your franchise and how to navigate the process in this video! 💰📈 #franchise #smallbusiness #businesstips #entrepreneurship #businessadvice #SellYourFranchise #BizBuySell #businessbroker #franchiseopportunities

Transcript

One of the top questions I get asked is, can I sell my franchise and if so, how do I do that? They're great answer is the franchise is a legitimate business and so you can sell it. It's written in the franchise agreement that you can sell your franchise. And I know candidates that buy franchises and they just run them for five years and then they exit. It's not because they have to sell. That's just the strategy kind of like flipping a home. What you should be aware of is that you need to talk to the franchise or and get their approval to sell the franchise which already written the franchise agreement. You just want to get there. Go ahead and and they're not. And then there's one more thing is they need to approve the buyer. They the the new franchisee or the buyer is going to be new franchisee and they want to make sure they get along with your buyer. Usually the franchise agreements are written that the franchise or has first right of refusal. So let's pretend you're selling your franchise for $1,000,000 and you have a buyer that wants to buy it and they have a letter of intent on it. Well, you get to present that to your franchise or and if they want to pay $1,000,000 for your franchise then you've got to sell it to your franchise or So either way you you get the money but they do have to match the price. But they do have first right refusal. Now assuming the franchise or doesn't want to buy your company and you don't have a buyer out of the gates, the franchise or can help you sell your franchise by letting other franchisees. Knowing the system, you can also reach out to other franchisees. Many of them want to expand their territories and so they might be interested in buying your territories as well. That would be step number one, step #2, You can try to sell it on yourself. There is a popular website calledbizbuysell.com. You can list it on there and get the word out to business owners or prospective. Business owners that your businesses for sale and then finally you can hire business broker. They usually charge 10 to 12% of the gross sales price, but they're kind of like real estate agents for a house seller. They're a business broker that's going to get the word out and help you sell your business represent you also and making sure you have a good sales contract and it follows through. So really you can sell your franchise, you just got to go through some steps just like any other business.

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