How to Find a Suitable Resale Franchise in Canada
Finding a resale franchise in Canada is a lot easier than you might think. No matter what industry or region you’re looking into, there should be something suitable out there for you. This article will assist you with your business search by pointing out a few things to ensure that your decision is well informed.
While many franchisees may not want to put out an ad because they don’t want the whole world to know they’re leaving the business, there are many online directories where you can look up available franchise resales in Canada. A quick Google search will bring many directories with long lists of companies that have resales on the books. Ideally, you should be able to filter your search by type of business, net income, cash flow, and asking price. Of course, you can also check our listings at BeTheBoss.ca to find resales in Canada. Once you find a business for sale that you like, request info and you should receive a prospectus of sale.
Ask a Consultant
There are many consultants out there in the franchise industry, and some of them specialize in franchise resales. There aren’t a lot of consultants who do, so if you chose to enlist professional help the selection is somewhat limited. Nonetheless, their help will make the search much easier. You can simply tell them what kind of franchise you’re interested in and they will take care of the leg work and find a selection of businesses for sale in Canada that might appeal to you.
Read the Prospectus Thoroughly
Once you’ve found a resale franchise that you like and receive its prospectus of sale, it is essential that you read it thoroughly. You need to have a solid understanding of the company’s financial standing, customer base, and how long it has been in business to make a sound decision. You also want to make sure there are no liabilities in place that you will have to take over if you buy the business. If, for example, the store is fighting a lawsuit and you come in as the new owner, you will be forced to resume the battle. Don’t let this happen to you. Read every page carefully.
Why is the Owner Leaving?
You should always want to know why the current owner is leaving. There are many reasons for why a franchisee might want to sell, but if it’s because the business is failing, or some other negative reason, that’s obviously going to be a red flag. Maybe the owner wants to retire, or perhaps they just want to move on and do something else. Those are acceptable reasons that should not deter your decision. Whatever the reason is, you have to find out and factor it into your decision about whether or not the franchise resale is suitable.
These are some ways to find a suitable resale franchise in Canada. Take a look and find a great resale opportunity in your area on BeTheBoss.ca Franchise Resales