“This calculated risk is well worth taking”

A franchise resale is the right choice if you’re eyeing a new career opportunity, says Michael Bohan of Franchise Resales

There’s no denying the world has changed this year. Businesses across the world have had to make major changes to the way they function.

There’s no doubt about it, caution is required when making any life changing decisions during this time. But that doesn’t mean buying or selling a business is not a good decision right now.

Throughout the pandemic, we have continued to receive enquiries for the businesses we have on the market and the launch of our new online portal has seen an influx of buyers sign up who are actively looking for a new business opportunity.

Adapting and thriving

While there are many uncertainties, business still continues, as does the buying and selling process.

There are many reasons a franchisee might need to sell, even during a pandemic. We have been in touch with the businesses we already have on the market - some were able to continue trading during the lockdown, while others were forced to shut.

Significantly, we have witnessed businesses making changes to their premises and processes to ensure the safety of their staff and customers. Businesses are adapting and thriving despite the circumstances.

A notable positive for the franchise sector is that the risk is far more calculated than starting a business from scratch. Not only do the businesses on the market with us have a proven method for success, they’re also established businesses in their own right, making a franchise resale the right choice for anyone who is in the market for a new career opportunity.

The pandemic may well have made you re-evaluate your work life or may have forced you to do so. Franchising could be the perfect option.

Due diligence

Being a franchisee can change your work-life balance for the better. But before you start the process, you must carry out your due diligence. Before you buy any business, you should always do your research and it’s perhaps more important now than ever.

Your should find out how the franchisee and franchisor have handled the pandemic. As well as the usual due diligence you will perform, such as checking the accounts, contracts and premises, there are other things you should consider.

For example:

• Was the business affected by the lockdown and will it be affected by any subsequent lockdowns?
• Has there been any disruption to the supply chain?
• How has this franchisee and others in the network dealt with the pandemic?
• Were any of the staff furloughed?
• What changes has the business made to make sure it’s COVID-safe?

By ensuring you’ve done all the relevant research on a prospective business, you can rest assured you’re prepared for becoming a business owner.

We specialise in the buying and selling of franchise resales, meaning we prepare our franchisees in advance. They know what a potential buyer will ask for. This means they will have all the information you require to allow you to make an informed decision.