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...