The small business specialists
Phone: 13 12 49
Selling a franchise is different to selling a ‘standard’ business.
Your franchisor will have an established process for selling a business within the franchise. This should be in your franchise agreement and operations manual. Although it will restrict what you can do, the process will also make the sale easier by providing clear steps to follow.
TIP: Obtain advice from your accountant and lawyer before selling your franchise to make sure you understand your obligations.
It is a good idea to discuss the sale of your business with the franchisor and other franchisees as they could have useful advice or want to buy it themselves.
The obligations for the sale will vary by franchise. Check with your franchisor for specific requirements, these could include:
Under the franchise code the franchisor is required to provide a disclosure document to the potential buyer. As a gesture of goodwill it is a good idea for you to provide a copy to the potential buyer.