A pro shares his insight on five ways to position a franchise for resale.
By Ralph Askar
After deciding that a franchised location needs to be sold, there are many important decisions that need to be made. Simple changes can be made to improve your business from the inside out – use these guidelines when considering a resale and you’ll be on track for success. Here are five keys to position a franchise for resale.
Position A Franchise For Resale
Your business should appear that it is available each day it is in operation. Keep it pristinely clean and vibrant. When people come in, they should see excitement, positivity and good things happening. This should be your constant, whether you’re for sale or not.
Sell While On An Upward Trajectory
Sell it while it’s on its way up. A business that is not making money doesn’t show consistent growth, and consistent growth is the most important factor. Engage in marketing activities for a few months beforehand – this will allow you to capture the highest ROI possible. If buyers see you’re growing, they’ll pay more for the business. If your sales are stagnant and your appearance is poor, they won’t pay you the proper value. Remember this as you work to position a franchise for resale.
Pay Attention To The Lease
Have a good premise lease if you’re transferring the lease to someone else. Talk with your landlord or agent about your options – communication is key to help position a franchise for resale.
Keep An Accurate Financial History
Good financial statements are paramount – keep your records accurate and as up to date as possible. This will make a transfer much easier as you position a franchise for resale.
Be A Cheerleader
Talking up the business is key as you position a franchise for resale– if you don’t exude happiness and contentment, people won’t buy it. Negativity will show. Even if you’re not happy, say good things and look on the bright side, because the reputation of your business is everything, especially as you position a franchise for resale.
About the Author
Ralph Askar is the CEO and President of Instant Imprints. For more information on the franchise, please visit www.instantimprints.com