For many people, the New Year is a time for reflecting on what they want from life and creating resolutions in areas where they want to improve. And with more than three quarters (76.4%) of UK professionals intending to look for a new job in 2022*, it is also a time to consider pursuing new career opportunities. If this means the possibility of selling a business in your case, you may be in luck. John Hatt, the Managing Director of Business Partnership, gives his advice on why now is the perfect time to sell your business and invest in a franchise.
Now is the perfect opportunity to sell your business and put your life on a new trajectory. Running a business over the past two years has been an isolating experience, which is why many people will now be considering selling their business. However, for those who do not want to step away from work all together, transitioning to franchise ownership allows you to take on a supportive business network that allows prospects flexibility, an improved work-life balance and training to take on a new challenge – making it an attractive proposition for business owners looking to sell.
Avoid taking on a post-pandemic business environment
During the pandemic, the phrase ‘unprecedented times’ was banded about considerably. However, just because the pandemic is seemingly coming to an end, do not expect to stop seeing that phrase anytime soon. Why? The aftermath of the pandemic is likely to be just as uncertain for businesses as it was during the pandemic, particularly for those who are tired of single-handedly trying to keep their company afloat, so now could be the perfect time to consider selling a business.
The pandemic has undoubtedly altered how we live our lives. Keeping up with changing customer demands and expectations will be a struggle for many business owners in 2022. Companies were forced to adapt over the past two years, and that trend will likely continue. Many businesses have had to make a digital transition to improve productivity, implement work-from-home policies and keep up with the ever-changing social distancing requirements. I would recommend assessing whether your business can withstand another “new normal” in a post-pandemic environment.
There is a competitive buyers’ market for certain sectors to take advantage of
The pandemic has left an ever-growing number of buyers with cash sitting on the sidelines looking for new ventures. In turn, this has helped foster a significant opportunity for business owners ready to sell. As you can imagine, despite demand among buyers continuing to grow throughout the pandemic, supply has remained relatively low. Why? Because many owners of businesses that were negatively impacted by the pandemic have been waiting to recover before selling their business to maximise profits. However, as more businesses reopened this year, many owners have seen a resurgence in business value due, in part, to repressed consumer demand. When the buyers’ market is booming, you can be offered prices that are too hard to refuse. Buyers could even go on bidding wars for your business, which means more money for you.
You may just want a change
For many, the past two years have made people appreciate their free time, environment and general wellbeing more than ever before. If you no longer have the desire to work long unsociable hours, then selling your business and using the money to pursue a new interest could be the answer. For example, you could pay off your mortgage, buy a new house, or start a franchise that allows you to spend more time with loved ones. A good businessperson always looks at their options going forward. The more time your business is out there, the greater risk you have – so, why not sell now?
Why franchising can be the answer
If you run your own independent business, security will be the number one advantage you gain from joining a franchise. By taking on a franchise, you receive support from the franchisor meaning you are never alone. Depending on the terms of the franchise agreement and the structure of the business, the franchisee will receive the brand, the equipment, supplies, and the marketing plan – essentially everything you need to operate the business. Having access to these tools and resources can be essential to running a successful business and will make it much easier than if you were on your own.
A franchisee also becomes part of a community. Not only will you be able to discuss any issues with your franchisor, but you should also be put in touch with your fellow franchisees across the business network. Becoming a franchisee also allows you more time. You will no longer have to waste endless hours deciding the best way to operate or market yourself because the franchisor has already worked this out for you. In fact, because franchisees and franchisors alike are coming up with more robust ways of keeping their companies profitable in unprecedented times, those outside of the franchise network are seeing just how beneficial the business model – with its ongoing security and stability – can be.
* CV Library, 2021, More than three quarters (76.4%) of UK professionals intend to look for a new job in 2022 with over half (57.6%) looking to re-skill