Answer: Many franchisors face this same predicament. Not only are restaurant franchises resold every day, but it is very common to see all types of franchises for sale on the resale market.

The absolute first thing that you must do is to contact your franchisor. Do not be embarrassed! Franchisors expect that a certain percentage of their franchisees will someday want to sell their franchise. It is normal. There are many reasons for a franchisee to want to sell a franchise. Your reason for wanting to sell is probably a legitimate reason, something that the franchisor has probably heard many times before.

But probably the biggest reason that you need to contact your franchisor is that many franchisors will impose restrictions on franchise re-sales. For the most part these restrictions will follow closely with their existing guidelines used for recruiting a new franchisee. They just want the ability to approve any new franchisee.

Are you prepared to sell your franchise? Do you know what your franchise is worth? Will you need to carry financing? Is your financial information up to date? Have you talked with your attorney about the correct from of structure for a sale (asset based vs. stock based)? Are there property lease considerations? Will your landlord allow an assumption of your lease?

You have got to know the answers to these questions. Make sure that you are properly prepared to sell your franchise. You will need to research the marketplace in order to establish a price point. You may wish to talk to a Business Broker or other informed expert for guidance. Check with your accountant. He or she has probably seen a business or two that has been sold over the years. Lean on those around you for good quality advice.

Looking at many franchisor web sites over the last few months, many sites include a section on their web site for franchise re-sales. Consequently, your franchisor may be able to help you market your franchise for sale to others. There are other ways to sell an existing franchise. A good old fashioned newspaper ad can work. A more progressive way is to advertise your franchise for sale online with a web site that is designed to market your franchise. An example would be The Business Market which has a number of existing franchises for sale.

So don’t be embarrassed… be proactive! You can do it!

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1. The Components of a Franchise System
2. Franchise For Sale – An Opportunity Or An Embarrassment?
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Exactly what kind of job have you in mind? Do you see yourself the owner of a pizza joint, or are you looking for something unique and something unrelated to food or franchises. I hear you; you want to start out on your own. What will it be? Who will help? A possible scenerio follows:

You remember your high school art teacher who was the most successful business man you know and you have never known anyone like him, before or since. His glass sculptures gives class to hotel lobbies all over the south. You call him, the two of you get together and you talk. He agrees to be there for you when you need help. The confidence he gives you is priceless. He will not take money or gifts. He asks for nothing in return but he agrees to free vacations at the lakeside hotel you will own someday.

A mentor is not unlike a spiritual advisor, both can be out of tune with your needs at various times, but both have your best interest at heart. You certainly don’t want a mentor who thinks everything has to be his way; far from it, a good mentor only offers suggestions and makes it a point to see things your way. He can only do this if he is older, is wiser, and if he is young enough at heart to remember when he was your age. Every young business man needs a mentor who can come to their aid when the going get tough. There usually is no problem that they have not encountered.

Mentors, most often, are not members of your own families but they can be, but this is the exception to the rule. Family members, even older uncles or aunts or grandparents, who are wonderful and knowledgeable in their fields, are too emotionally involved with you personally to be able to effectively guide you. Sad but true, like father, like son is true, no matter how much you try to prove both wrong. There are exceptions, however.

A mentor is someone you can look up to while not having had any other dealings with them except in your chosen fields. In other words the mentor that you choose is known only to you as the best business person you know. In fact, often it was he whom you looked to when you were deciding to model your business after his.

Choose both your business and your mentor wisely and give both proper respect and consideration while giving neither all your time. A mentor will be the first to insist you keep everything, time, family, business and yourself in proper perspective.

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