Failing in business at some point is not only inevitable but essential. Failure is the biggest teacher, therefore there is always a lesson to be learnt. Failing at anything can be horrible and it can definitely knock your confidence, however, it’s vital that you get back up. As the small business owner and decision maker, you are allowed to fail, however, it’s your recovery that says everything about you as a leader. You need to make sure that you are leading by example and showing your team how to recover from a failure in business.
exit strategy
We’ve all heard the stories of companies that started in a garden shed to eventually be sold to Google for billions. So many founders and aspiring entrepreneurs share this dream. But building your start-up for a trade sale takes a lot of forward-planning. Where do you even start?
Husband and wife left the retired life behind to give themselves a challenge again, so they set up a business. Scrumpies of Mayfair, was a project that breathed life into their retirement for the couple, who had left an international law firm behind. Here, Vicki gives the story behind her and her husbands journey or retirement and entrepreneurship.
There may be a time that you have to say goodbye to your small business, whether it’s because you’re a serial entrepreneur and want to make money from your successful business or you simply want to get rid of your struggling business. The key to successfully selling your business is to devise an exit strategy. An exit strategy will help you decide how much money you can make from a profitable business or how much of your initial investment you can retain from a struggling business.
A franchise agreement is a binding contract between the franchisor and the franchisee of a franchise. It’s a lengthy document of around 40/50 pages and it requires a thorough inspection as you need to make sure you fully understand all terms and conditions of the agreement, to avoid any surprises. The agreement will highlight all the expectations and obligations that your franchisor will have of you.
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There are many reasons as to why you have decided to sell your franchise, from a retirement to wanting to invest in another business opportunity. Selling and buying an existing franchise is also known as a ‘re-sale’. You have to prepare for your re-sale from the very beginning of your franchise career if it is possible. These simple steps will help you get organised and prepared for the re-sale.
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