In August 2021, Jim contact us to help sell his Huntington Learning Franchise located in Newark, Delaware. Jim was ready to retire and had his business listed with another business broker for almost two years before he engaged us.
We helped position the business to be attractive to buyers. Before we took the business to the market we were able to arrange small business financing with our lending partners. This made it easy for the buyer to buy the business and eliminated the hurdles of finding financing later in the process.
Selling a franchised business is especially challenging. Brokers not only have to negotiate a sale with the buyer and seller, but we have to get the buyer approved by the franchisor and qualified with the bank. Once moving to close, there is a final negotiation with the landlord who has to approve the buyer for the lease assignment. We handled all of these approvals and negotiations and made an effort to keep the deal moving forward.
We closed on this business on December 23, 2021. The seller had one heck of a Christmas present!
Congratulations to Prakash and Jim! We wish you much success in the future.