What Are the Steps to Sell a Franchise?
As a seasoned franchisor, you know that the success of your business lies in the franchisee’s success. So, it’s not enough to sell your franchise opportunity to the highest bidder—you need to award it to the right candidate to grow your brand and establish your reputation.
Ready to get started? Here’s everything you need to know about franchise sales development and how to navigate the sales process so you can take your business to new heights.
Kickstart Your Lead Generation Campaign
Before you dive straight into sales, you’ll need to start a lead generation campaign to build brand awareness. For most franchisors, the biggest obstacle to franchise development is brand recognition. You need to spread the word about your business and highlight the opportunity for new entrepreneurs. But where do you start?
While there are several effective organic marketing methods to drive leads, it’s also a good idea to build an advertising budget. This way, you can get in front of the right people at the right time with an irresistible opportunity.
Follow Up with Franchise Leads
Once you’ve transformed your franchise business into a lead magnet, it’s time to follow up. At this point during the sales process, your main goal is to contact potential buyers and encourage them to schedule their first call.
It might seem simple, but it takes consistency to guide your leads to the next stage of the buyer’s journey. If you don’t have enough time to follow up with your prospects, a dedicated team can help you every step of the way. At Pinnacle Franchise Development, our franchise development services can help you engage new leads and expedite the sales process.
Choose the Right Candidates
As a franchisor, part of your success lies in your ability to choose the right candidates to represent your brand to customers. Beyond traditional interviews and background checks, create a profile of your ideal franchisee to help guide you. You’ll also want to look for franchisees who are passionate about the business and the brand. At the end of the day, their commitment will motivate them to work hard and deliver your brand promise to customers.
Discovery Day and Awarding
Selling an independent business is different from selling a franchise, and you’ll need to give your buyer a copy of the FDD 14 before awarding the franchise. You will also host a Discovery Day, it can be either virtual or in person. This allows the candidate to get an inside look at the model and corporate support, and also gives you an opportunity to get to know them better. Now that you’ve found some qualified candidates, you can draft your franchise agreement and start the awarding process.
Take a New Approach to Franchise Development
Here at Pinnacle Franchise Development, we’ve developed a proven franchise development process to guide franchisors and candidates every step of the way. From promoting your business through different marketing channels to building brand awareness, we’ll help you reach the next level of success. Contact us today to learn more about our comprehensive franchise development services and how we can help grow your franchise.