When I advise people on franchises, we focus a lot on selecting THE right business investment for them. We also discuss exit strategies.
The most common exit strategy for franchisees is to sell their businesses. This can be done as an inside sale to a family member like an adult child or a key employee like the General Manager.
Naturally, it can also be sold on the open market.
Getting into a business venture is a process. It is also a process to exit one.
Start by knowing WHEN you, the owner, want TO EXIT.
Then GET the business READY TO SELL, and do this well in advance of your planned departure.
Normally, your CPA and franchisor help you DEVELOP THE SALES PRICE.
When you and your business are ready, MARKET THE BUSINESS for sale.
For more information on Exit Strategies, check out this Franchise Alert.
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