As a former franchisor selling mobile service units as franchises, I was rather surprised how many people would buy a franchise and two or three years later they would get tired of it and wish to sell the business to someone else after building it up. All that hard work and all the sudden they decided they wanted to go do something else. This is becoming more and more common in our society, and the average person leaves their job for only 2.3 years. Some of this is due to the fast-moving technological nature of industry where one new business is expanding, while an old one is shedding its extra weight.
Still, there may be a bigger component with the psyche of the average American worker. They don't want to get stuck in one job all their life. Things are not like our grandparents era. Today, employees like a little variety in their career. It makes sense that this attitude would permeate through the franchising industry, and I can tell you from personal experience it very much has. In the late 90s my franchising business was expanding quite rapidly. I watched many franchisees sell their franchises and transfer them to new franchise buyers.
Sometimes they have the same difficulty we had selling franchises, that is; the franchise buyers didn't always have the capital needed to invest. Therefore they would carry back paper, allowing the new franchised outlet owner pay them overtime for the purchase. This happens quite a bit when small business owners retire and sell their businesses using a business broker. It is a common practice. Still, before you sell your franchised outlet and do this, it's important that the individual taking over the business knows how to run a business, and will follow the franchisor's program.
This is why I suggest that if you're going to carry back paper to sell your franchised outlet to a former military veteran. They are used to working in a structured environment, following the rules, and doing it by the book. Those kinds of franchisees will be more successful than the average franchisee might. This is good for the franchisor, and it also means that when the business is successful, the new owner, the military veteran will be able to pay off the loan to the former franchisee.
Indeed, I can tell you from experience that this works, I've watched it work, and it makes good business sense. Not to mention the fact that it helps provide a small business for a retired veteran, they've given a lot to our country, and they deserve a break. Please consider all this and think on it.
Still, there may be a bigger component with the psyche of the average American worker. They don't want to get stuck in one job all their life. Things are not like our grandparents era. Today, employees like a little variety in their career. It makes sense that this attitude would permeate through the franchising industry, and I can tell you from personal experience it very much has. In the late 90s my franchising business was expanding quite rapidly. I watched many franchisees sell their franchises and transfer them to new franchise buyers.
Sometimes they have the same difficulty we had selling franchises, that is; the franchise buyers didn't always have the capital needed to invest. Therefore they would carry back paper, allowing the new franchised outlet owner pay them overtime for the purchase. This happens quite a bit when small business owners retire and sell their businesses using a business broker. It is a common practice. Still, before you sell your franchised outlet and do this, it's important that the individual taking over the business knows how to run a business, and will follow the franchisor's program.
This is why I suggest that if you're going to carry back paper to sell your franchised outlet to a former military veteran. They are used to working in a structured environment, following the rules, and doing it by the book. Those kinds of franchisees will be more successful than the average franchisee might. This is good for the franchisor, and it also means that when the business is successful, the new owner, the military veteran will be able to pay off the loan to the former franchisee.
Indeed, I can tell you from experience that this works, I've watched it work, and it makes good business sense. Not to mention the fact that it helps provide a small business for a retired veteran, they've given a lot to our country, and they deserve a break. Please consider all this and think on it.
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