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Are you interested in owning a business but unsure of whether you should purchase an independent business, a brand new franchise, or an existing franchise for sale? When you know that you’re ready to take the plunge into franchise ownership, consider the most important reasons why buying an existing franchise business for sale may be the best option for you!
What is a franchising? Simply put, it’s when a business allows you to use everything that comes with their brand as well as their business model. Franchising is immensely popular throughout the world, & especially in the U.S.. One out of every twelves businesses in the U.S. is a franchise – that’s an incredible amount of franchisee opportunities, considering that there are over 30 million businesses in operation. Let’s take a look at some of the best reasons to buy a franchise resale business.
For starters, the U.S. is one of the hotshots in the today’s franchise world, as it has been for nearly 90 years. There are nearly 746,000 franchises established here in the states. Some top franchises to own include fast food restaurants, health & fitness gyms, learning centers for children, & cleaning franchises. If you’re considering buying a franchise resale business, are 5 reasons to purchase an existing franchise .
Reason 1 – Staffing
One of the hardest aspects of starting a new business is hiring, training, & keeping a talented staff. When you purchase a franchise resale business, you are getting a seasoned staff that know the ins & outs of the business they are working in. If you are new to business ownership, this experienced staff can be a very valuable tool for you in regards to bringing you up to speed on how things flow on a daily basis, as well as getting you acquainted with the people who will now be your very own regular customers.
Reason 2 – Training
When you sign on to purchase a franchise resale business, you’re going to receive a tremendous amount of training & knowledge from the franchisor’s corporate training program. After your corporate training, commonly known as Discovery Day, you’ll be placed in your store/business to train one-on-one with not only your new staff, but the previous owner/manager. When you build a brand new business, or become a new franchisee owner, you won’t get this kind knowledge, because it just doesn’t exist!
Reason 3 – Immediate Earnings
The primary reason anyone goes into business ownership is obvious – to make money. The faster money is made, the happier the business owner is. With that being said, new franchisees can wait up to a year, & in some cases even longer, until their store/business starts to build, earn & retain customers. When you purchase a franchise resale business you have immediate cash flow, not to mention past years profit & loss statements so that you can project what your income & expenses will be.
Reason 4 – Proven Location
When you decide to purchase a franchise resale business, you take all of the guesswork out of choosing a location or territory. All of the research has been done. No need of reviewing things like demographics & the amount of traffic you will receive. This work was already done by the franchisor before opening the business & deciding on the location. However, you will still need to review the current owner’s financials as well as information on what changes are projected for the area the franchise is located in. You don’t want to save all of this legwork only to come into a franchise that is losing money in an area that people are leaving from in droves!
Reason 5 – Reduced Costs
Most franchisors won’t require you to pay a new franchise fee, but will charge a transfer fee that you or the seller will need to pay. The transfer fee is usually less than the franchise fee, but still be a substantial amount of money. The transfer fee will be presented to you pretty early on in the qualification process, so it won’t pop up later in the chain of events & disqualify you from the purchase. If the seller has agreed to pay the transfer fee, you can expect it to be tacked onto the purchase price of the franchise. Keep in mind, however, that when purchasing a franchise resale business, the purchase price & terms can often be negotiated.
Some franchisors will transfer the franchise agreement terms over to you when you become the new franchisee. This means that if the original franchisee had agreement terms of 10 years & fulfilled 7 of them before selling, you will take over the 3 remaining years of the terms as they stand, & after 3 years you will sign a new agreement with the franchisor. At this time you can also expect to pay the renewal fee. It is very uncommon for a franchisor to not honor the original franchise terms & make the new owner sign an up-to-date agreement.
Purchasing an existing franchise business for sale is a great way to get into the business ownership. Check out our listings for franchises available for resale today!
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