On this blog, our franchising focus mostly extends to insight on buying the right franchise and how to manage your business once you’ve got it off the ground. But what happens to a franchise when an entrepreneur decides it’s time to move on - or when life intervenes?
A plan will come in handy. Well, the IFA have just published an authoritative, 27-page succession planning guide that explains the somewhat-complicated business of transferring franchise ownership to the next franchisee.
Let’s face it: when a business is going strong, the last thing a franchise owner will be thinking about is selling off the business. But whether it’s unforeseen circumstances or simply a desire to try something new, franchisees will eventually hand their business over. This guide tells you everything you will need to know about the process.
At some point in time, a successor will to take over for the original owner of the franchise. And the point is, one never knows when that successor will need to take over. As we have always been taught, an ounce of prevention is worth a pound of cure and therefore it is of extreme importance to have a succession plan in place if the owner of the franchise wants to maintain ownership as opposed to transferring it to another.
Succession is a critical issue for anyone considering passing franchise ownership onto their children or another family member. This guide not only helps you draft that succession plan, but it provides advice on how to train your successor in. If you’ve been working a franchise unit for a long time, this guide is essential for helping you draft a plan for what comes next.