With 76.4% of UK professionals intending to look for a new job in 2022* it is time to consider pursuing new career opportunities. In fact, John Hatt, the Managing Director of Business Partnership, believes that now is perfect opportunity to sell your business and put your life on a new trajectory. He shares his advice on why now is the time to sell your business and capitalise on franchising.
Over the past two years, there is no doubt that running a business has been an isolating experience, which is why many people will now be considering selling. 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.
Taking advantage of a competitive buyers’ market
The pandemic has left an ever-growing number of buyers with cash sitting on the sidelines looking for new ventures, which means there is now a significant opportunity for business owners in certain sectors ready to sell.
As demand among buyers has continued to grow throughout the pandemic, supply has remained relatively low. This is because many businesses that were negatively impacted by the pandemic have been waiting to recover before selling their business to maximise profits. Nevertheless, 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.
Avoid the isolation of a post-pandemic business environment
The phrase ‘unprecedented times’ was banded about considerably during the pandemic. However, just because the pandemic is seemingly coming to an end, do not expect to stop seeing that phrase anytime soon. 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 singlehandedly 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.
Shake it up a bit
For many, the past two years have made people appreciate their free time, environment and general well-being 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?
So why choose franchising?
When buying a franchise, a franchisee becomes part of a community – something business owners operating through the pandemic have had to live without over the past two years. So, 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.
Security will be another 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.
*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
