Many would agree that selling your business, or at least the rights of it, is not easy. Of course, it is emotional for you especially if you really worked hard for it, then letting go may be hard for you to do. And others also see selling the rights of a business as a new beginning. They see it as an opportunity to expand their business and make it more known to the people. This part of the business development may be a rollercoaster ride for some of the businessmen, but before they consider the thought of selling the rights of their business (franchise), they must first rationally evaluate their business to see if it has these much needed characteristics before franchising.
These characteristics are:
Credibility. Before selling the rights of the business, you must first establish your credibility in order to be sellable to other business investors.
Distinctive. A business must stand-out in order to be noticed. The distinction might be in the products or services you offer, it may also be from the marketing strategy or the lower investment cost or a different target market.
Easy to operate. When you are selling, you must think that the business investors or buyers are relatively new. So, to help them succeed in their endeavor your business must be easy to operate.
Adaptable and in demand. These characteristics are important especially if your franchise will be brought to new locations. The services and products should also be in demand so that selling it would be easy.
Fast return of investment. Your business must give the franchisee a fast return of investment. It does not have to be automatic but it should also be reasonable.
Strong management. In franchising, you must be able to produce strong managers to prevent the business from faltering.
If your business is all these, then selling it would be easy. But it also comes with lots of paper works and legal stuffs. You may be a good businessman but you might need a good and expert conveyance partner to help with these paper works and legal issues.
Your commercial conveyance solicitor will be the one to prepare your franchise plan. He will make the business outlines with your guidance of course. If a franchisee is interested in your franchise, then he will draft the franchise agreement and the Franchise disclosure document. These documents must also be in line with state and national laws and must come up with the legislative requirements.
Before selling the rights, you must also register your intellectual rights to it since you are the original owner of the business and the idea was yours.
Contracts that needed to be signed will all be prepared by the commercial conveyance solicitor. So, they actually help you by being in charge of the legal and paper work aspect when you are planning to sell your business. This helps save a lot of your time. That is why, selling your business is now easier to do!