Should I sell my fledgling, struggling franchise territory, hire someone to run it or shut my doors?

min read
Opinions expressed by Entrepreneur contributors are their own.
Yes. It definitely sounds like you should do one of these three things since it doesn't appear that you have the time to devote to both your three kids and the business.

As to which of these options might be best, that depends on your situation.  Going in reverse order, I would only shut my doors if I believed that the franchise is a loser that I had no chance of turning around and that, realistically, no one would pay anything to buy it from me.

Assuming that the business potential is solid but that you simply don't have time to build it yourself, then hiring someone else to run it and make the business successful is a good option. Be aware that this strategy might accelerate your losses in the short run because you have another salary to pay. But if the person you hire turns the business into a money maker, you can either keep it or sell it much more easily for more money at that point.

The other option you mentioned is selling the business right now. That may well be the safest option from a risk standpoint, but it is often fairly difficult to sell a "fledgling and struggling" business.  Most buyers of businesses want to buy something that is successful and then make it even more so after they own it.

I'd suggest discussing these options in detail with your franchisor and asking what, if anything, he or she can do to help you in your present situation.  Hope that helps and good luck.

More from Entrepreneur

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.