As the owner of a small business, you are proud of what you have built and may be reluctant to sell. However, you may be in a situation or a stage in your career or in your life where selling your business or converting it into a franchise is beginning to look like an attractive idea.
Still, before you make the leap to become a franchise owner or to switch industries, you want to be sure that you are not making a decision you will regret.
Here are three things to consider before making the decision to sell your small business and/or become a franchise owner:
1. How Healthy Is Your Small Business?
To get a maximum return on the time, money, and effort you have invested in your business, it is best to sell when it is doing well rather than during an economic slump. Your products or services may be exceptional and your business acumen well seasoned, but like stocks and bonds or real estate, businesses are best sold at a peak rather than in a “trough” period.
Also consider if there are any major problems with your employer-employee relations, business processes, cash flow, net worth, or growth rate. If you can take measures to boost your business’s value before putting it up for sale, you may want to wait a little; if business is going as well as it can, it may be time to sell.
2. Have You Nailed Down Your Post-Sale Plans?
Even if it is a great time to sell, selling before developing a detailed plan for your career and life following the sale may be a dangerous move. You need to get a good estimate of how much your business is worth and will likely sell for, figure out what other capital or financing you can secure, and decide how you would like to spend your time going forward.
Franchising is often a viable option for small business owners who wish to move in a different direction. You can apply your past experience in new ways; be part of a franchise with a large, loyal customer base; and focus on managing since you will be working with a proven business model and the franchise will do most of your marketing.
3. Have You Weighed the Benefits of Being a Franchise Owner?
If you decide to sell and invest in a franchise or convert your current business to a franchise in the same market niche, you will need to weigh the benefits of franchising and franchise options. One promising franchise in which to invest is Fully Promoted, formerly known as EmbroidMe.
Fully Promoted deals in all aspects of promotional marketing, from customized apparel to promotional gifts at trade booths to full-service online marketing campaigns. When you become a franchisee of Fully Promoted, you tap into B2B relationships and high-volume orders, a 24/7 online store, extensive initial and ongoing training, and the brand exposure of a franchise rated number one in its category in the 2015 Entrepreneur Franchise 500.
If you are a business owner considering a switch to franchising after selling your current business, with Fully Promoted, you can still be your own boss and reap many other benefits.
To learn more about becoming a Fully Promoted franchise owner, contact us today by calling 877-959-8087, by visiting us online, or by downloading our free franchise brochure.