January 13, 2023

Franchising FAQ: How Do You Get Out of a Franchise Contract?

If you feel that your franchise is failing, what are your options? Can you get out of a franchise contract? Watch and learn.

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00:00 If your franchise fails, is it costly to get out of the contract with your franchisor? Great question, Tricia. I want to preface. this by saying that I am not a franchise attorney, and I’d highly recommend contacting one should you find yourself in this position.

Every situation is unique, but in my experience, the franchise business that you’ve invested in is yours to make or break. It’s yours. to build, and it’s yours to sell if you choose. Your franchisor would likely never prefer that you close your business, as they will need to show that on their FDD. Instead, there are various ways you can go about selling your franchise.

01:45 Even if your franchise is no longer working for you, what you have created still has value. There are resources like http://bigbuysell.com and some fantastic franchise brokers out there who can help you determine the valuation and work with you on a plan to sell your franchise.

01:45 A smart investor will do their due diligence, and if it’s the right fit, they’ll jump right in and take over where you left off, and you can make a graceful exit.

Have questions, or are you ready to explore a franchise investment of your own?

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