How To Sell Your Small Business Franchise Fast - Tips 5 and 6

Selling A Small Business Franchise

Step 5 - Let your potential buyers be aware of your small business. Make your presence visible so that buyers can find you.

Advertise and promote your small business franchise. Stress the good points of your small business - This will attract the attention of your potential market.

Step 6 - Accommodate questions and be spontaneous with your answers.

You will find it necessary to list down all possible questions that a potential buyer may ask during the sales process.

Being spontaneous will draw their interest to the small business.

Stick to the facts and be honest.

Most importantly...Do not oversell!

Recap:

- Sit down and negotiate
- Be professional
- Don’t appear like you are just interested to close the sale. You have to empathize.
- “Go the extra mile” to be of assistance to your buyer, build a good relationship
- Be sure that they can reach you and be ready to assist
- When all parties are satisfied and happy, your franchise business sale is successful

How To Sell Your Small Business Franchise Fast - Tips 3 and 4

Selling a Small Business Franchise

Step 3 - Prepare your small business franchise with a good sales package to target your potential buyers.

Establish the value of the franchise, set a price, include your assets and financial statements (cash flow), and include other pertinent information needed in the operation of the business.

You can include services like free assistance and training in your sales package.

Step 4 - Understand what the market is looking for. What is the trend in the market today? How big is the demand for your franchise? Are you the only small business franchise business of this type in your geographical area and/or for sale?

Know how the market works - When you know your market, you know where to find your potential buyers.

This is necessary in order to locate where to market your small business franchise otherwise you will have little impact in your target in order to sell your business.

How To Sell Your Small Business Franchise Fast - Tips 1 and 2

Selling a Small Business Franchise

Prior to advertising your small business franchise for sale -

Before you even decide to put your small business franchise on the market, review your Franchise Agreement Contract.

Focus on the terms and conditions stipulated when it comes to the transfer and sale of the franchise.

Know your rights and your limitations; the rules that you have to follow when selling your franchise.

After further review and understanding of the Franchise Agreement, here are 2 tips of a series to keep in mind to sell your small business franchise fast:

1/ Inform the franchisor of your decision to sell your franchise in writing. Keep a copy for yourself for future reference.

Sit down and discuss the Franchise agreement contract.

Confirm what you know and how you understand the agreement to avoid any misunderstandings.

Accept whatever assistance they have to offer and try to balance the financial package so as to benefit both you and the franchisor.

Know where the franchisor stands in the transfer and sale of your small business franchise.

2/ In the contract, it may state that a franchisor has the right to approve or refuse a buyer - it is wise to fully understand the transaction and have the last say.

Familiarize yourself with these rights to have a smooth flow of the sales process.

Be aware of the franchisors’ strong contractual claim over the sales and assignment of the franchise.

Even during the sales process, let them know the development of the sale - keep them in the loop for an amicable outcome.

They want to know your buyer’s background as they match them with a list of certain criteria to qualify them as a successor of your small business franchise.

More tips to come soon...