Is it time to Sell Your Franchise? Are you planning your Exit? Kit Franchise Law is Here to Guide You Forward
You’ve built a successful franchise, and it’s time to sell. Maybe you’re ready to retire, or maybe you’re ready to move on to the next big thing. Whatever the case may be, you need to make sure not only that you get a good price, but that you protect yourself legally as well.
Selling a franchise presents some unique issues that are not involved in selling other types of businesses. As a franchisee, you are no doubt well aware of the rigors of operating within the franchise model. When selling your franchise, you will need to engage with your franchisor one last time, as your sale (or “transfer”) is almost certainly subject to franchisor approval.
How Kit Can Help with Selling Your Franchise
At our franchise law firm, Kit Higgs guides franchisees through all phases of the transfer process. Once you have a buyer lined up, Kit will assist you with obtaining your franchisor’s approval, and represent you in your negotiations with the buyer (or the buyer’s counsel). We can paper the entire transaction, and ensure that you feel comfortable and confident in the terms of the deal when it is time to go to the closing table.
Our services for selling franchisees include:
Asset Purchase Agreements
Many franchise sales are executed through asset purchase agreements. When you engage our firm to handle your sale, Kit will draft an agreement that is custom-tailored to your deal. Kit is always working closely with you to ensure that your asset purchase agreement addresses all relevant assets (while excluding any assets you plan to keep or that belong to your franchisor).
Bills of Sale
The bill of sale is another key document for franchise transfers. Our franchise law firm drafts custom-tailored bills of sale, and here too Kit takes a two-pronged approach focused on both accurately documenting clients’ transactions and ensuring that they have all necessary legal protections.
Transfer & Assignment Review
When it comes to obtaining approval for the transfer of your franchise, you will most likely be dealing with your franchisor’s form documents. Kit will review these documents and propose any changes that are necessary to ensure that your interests are adequately protected. If your franchisor has a right of first refusal, or if you encounter any issues with regard to securing approval for your pending transfer, Kit can address these issues on your behalf with an eye toward ensuring that your sale closes as scheduled.
Contact Kit to Get Started with a Free Initial Consultation
If you are planning to sell your franchise and would like to know more about the legal issues involved, we invite you to get in touch. To schedule a free initial consultation (by appointment) with Franchise Attorney Kit, reach out online.