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As a fledgling franchisee, is it important I have an exit strategy in place?
It’s good practice from the start to be thinking about how long you intend to stay in the system, and how you will know when you have achieved the objectives that will enable you to leave as planned. The answer will be different for everybody. Some will be looking to earn enough to give them the lifestyle they want for the last few years of their working life; some will be looking to build a business quickly so that they can make a good capital gain on sale and roll that profit into another business; some will be intending to pass the business on within their family; and others will be looking to earn as much income as possible during the life of their franchise, looking upon any income from eventual resale as a bonus. Many of our franchisor clients now ask candidates what their ambitions and exit plans are, and most of them have a section covering the resale process in their manuals. If the franchisee wants a long and happy semi-retirement, but the franchisor needs the area to be worked to its maximum, or the franchisee expects to sell for £300,000 in three year’s time, but the franchisor knows this is not possible, then they both ought to realise that they need different partners.
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Exciting Franchise Opportunities
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£14,000 per week
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Profit of £50,000 and increasing thereafter
Up to £230,000
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