The safest way to open a business and ensure a high-value exit strategy!
One of the most important issues to evaluate when considering opening your own business is a potential franchise exit strategy. If you get into the business and for whatever reason decide that you need or want to exit it – perhaps your passion changes direction, you have a serious illness in your family, or you need to move towns – you will need to understand the risks and rewards that you will be entitled to when selling.
Don’t Be Blind to the Possibility of Selling Your Franchise
Even though it’s a little weird to consider your potential franchise exit strategy when you’re first starting out, it’s important to think through every possibility. It may seem inconceivable that you’ll ever want to exit the business, considering the potential unforeseen circumstances that may lead to a sale in advance will ensure that you make a smart choice regarding your purchase.
Valuation Details to Develop a Franchise Exit Strategy
Selling a known business can be far more lucrative than selling an independent business. For all the reasons that you chose to go into a franchise business to invest in, so will new investors. Because your business is well-known and is a successful business concept, you are able to increase the value for the business.
Another thing you will be able to consider is the value that you place on yourself. Though you can quickly exit the business if need be, you may also place a value on your time. You can choose to stay on as a consultant to the new owners and council them in business strategies.
Enlist an Expert
While there is a wealth of information online, a search engine only provides you raw data and you can’t beat the individual attention you gain from working with an expert!
Careyann Golliver is America’s Franchise Matchmaker™ and the Founder of Franchise Logic. She can help you determine what is the proper choice when it comes to purchasing a franchise, as well as alert you to potential sale valuation and loopholes. With over two decades of experience in entrepreneurship and franchising, she can provide critical feedback and guidance for a franchise exit strategy. Contact Careyann today or call 303.805.5078.