Explore your opportunities to buy an existing franchise business as opposed to starting a franchise business from scratch. Save yourself the time and risk of finding a location, negotiating with landlords, hiring staff, buying inventory, and looking for the first customer! When you buy an existing, profitable franchise business, you get immediate cash flow.
Existing franchisees sell their businesses for a variety of reasons including retirement, illness, a geographic move, the opportunity to trade up, etc.
Buyers are entitled to the franchisor’s disclosure document, and the franchisor’s training program. You’ll almost always pay more for an existing business than one you have to start from scratch, but many prospective franchisees are better suited to buying an established franchise business rather than starting a new franchise business from the ground up.
This interview features Johnny Sellyn, who established FranchiseResales.com, a brokerage that represents franchisees who want to sell their businesses. At the time of the interview, in June 2016, Franchise Resales listed more than 150 existing franchises for sale, many of them name brands. Some of the businesses were profitable, while others were under-performing or failing.
For more information about Franchise Resales, as well as other video topics, visit HowToBuyAFranchise.com.
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John Hayes, Jr.