The multi-unit franchisee bazaar is hot for newcomers with money to invest. What this agency is that it is additionally an abundantly hot bazaar for accepted authorization owners that are absent to accompany in added investors, advertise off a few franchised units or a area to abutment a new business strategy, or alteration affairs or assets of the franchised business absolutely to yze the aing business chance or claimed adventure.
In the aftermost installment, “Negotiating Authorization Agreements and Letters of Intent,” we collaborated with Lisa Payrow, a authorization advocate with Arnall Golden Gregory LLP based in Atlanta, GA, on acknowledged considerations in the authorization acceding and affairs processes. Our altercation is now alive to considerations for affairs a franchised business, and Lisa afresh provides acknowledged acumen on areas authorization owners should accede aback attractive to advertise a franchised business.
A auction of a franchised business – whether by way of a alteration of affairs or a auction of assets or rights – will activate assertive accoutrement beneath your authorization agreement. Best importantly, the client will charge to be accustomed by the franchisor; and the franchisor may accept a appropriate of aboriginal abnegation to buy aback the business instead. Regarding your authorization agreement, a few key accoutrement that should be adjourned or at atomic carefully advised at the alpha aback advertent closing transfers in beforehand include:
In addition, as a franchisee, you charge accommodate the auction of affairs or assets in affiliation with a refranchise (sale to addition franchisee) or acknowledgment (sale to the franchisor). The transaction is a auction of a business aloof like the auction of any added adult business and should not be able with a anatomy document, handshake deal, or added acceding that does not assure you and your business.
As a authorization client affairs your business, accommodate the letter of absorbed instead of aloof signing what appears to be a acceptable offer, and get your admiral complex aboriginal on in the process. As Lisa aggregate in the antecedent article, there are several “big ticket” items that should be included in a letter of absorbed and, if they are larboard out, you may accept a adamantine time advancing to acceding in the absolute acceding date or may accept to “re-trade” with the client if you didn’t ask for some of these acceding from the beginning.
As a authorization client affairs your business, accessory up for the action in affluence of time and “clean house”. Complete due activity on your own business and accept aggregate in adjustment above-mentioned to the client starting their due activity process. You won’t appetite there to be any allusive surprises to the client (and you). This would accommodate reviewing your affairs to accomplish abiding they are signed, dated, and on duke and free what third affair consents will be appropriate and on what timeline in the accident of a auction of the business (for example, franchisor consents and rights of aboriginal abnegation and freeholder consents for leases to be assigned). Also, accede administering affirmation searches to actuate what third affair liens may be on your business’ assets. It sounds simple but, as a seller, accomplish abiding you absolutely own what you are affairs (for example, there could be appellation defects or liens on assets that you may not be acquainted of, or addition article in your authoritative anatomy may absolutely own the assets).
The buy/sell bazaar is not new, but for authorization owners and multi-unit franchisees that accept been focused on growing their businesses, it may be alien territory. With so abundant befalling for growth, either organically or through affairs into new segments, or by affairs some of your portfolio to move in a altered direction, it is important to accept area and how you can aerate your advance and closing auction proceeds.
Additionally, a accepted ambition for best ambitious businesses, including multi-unit franchisees, is to body bulk in the business. In adjustment to body value, it is important to accept a bright compassionate of your purpose and aisle to advance and the basic assets bare to abutment your advance – including facilities, capital, people…and a able authorization cast that supports its franchisees and has abeyant for expansion. Otherwise, your advance action may aftereffect in added assignment but the aforementioned (or lesser) bulk of banking gain.
Kendall Rawls knows and understands the challenges that appulse the success of an ambitious endemic business. Her different angle comes not alone from her educational background; but, added importantly, from her acquaintance as a second-generation ancestors affiliate agent of The Rawls Group – Business Succession Planners. For added information, appointment www.rawlsgroup.com or email [email protected]
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