If you have owned a franchise for some years or even months now and find that it is not what you initially expected or actually want, it is possible to sell it. However, you must realize that selling back your franchised business to recoup your investment isn’t a walk in the park. As a matter of fact, you won’t be able to sell your franchise back to your franchisor. This puts an unfair and huge onus on them and in effect, allows you to fail with no consequences.
In other words, to sell your franchise, you will need to find a buyer. Plus, the person or the company you purchased your franchise from will need to give their approval of your chosen person. As to the procedure of how to sell your franchise, your contract can serve as a guide. Often, people who hope to sell their franchise get in touch with a Melbourne Accountant through a small accounting firm in order to ease them through the process. After all, with all the detailed paperwork you need to work through, getting as much help as you possibly can will be more than worth any amount you pay for these services, for the most part.
After all, franchises don’t allow you to be as independent as you can. There are so many requirements for franchisees that many would-be franchisees don’t see coming. For many folks, one serious disadvantage of franchise ownership has to do with the imposed restrictions such as geographic territory, pricing and what service or product can be offered. To put it another way, compared to other types of businesses, a franchise gives you less freedom. Of course, there are also a lot of advantages to owning a franchise but for some folks; the disadvantages tend to outweigh the advantages. When in doubt, consult your Melbourne accountant for guidance.