Should I sell my fledgling, struggling franchise territory, hire someone to run it or shut my doors?
I'm seeking a true entrepreneur to run the day-to-day operations of my Abrakadoodle franchise territory. I'm a busy mommy of three.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.
Entrepreneur Editors' Picks
How Millionaires Prepare for a Recession, According to a Former Wall Street Trader
5 Self-Care Habits of Every Successful Entrepreneur
Listen Closely to What People Ask You. That's Where to Find Your Hidden Power.
Gen Z Customers Want More. This 3-Step Strategy Will Help Your Company Give It to Them.
This Founder Was Madly Pulling a Pandemic Pivot When...the FBI Showed Up at Her Door With Guns, Seized Her Money and Told Her Husband He Was the Target of a Criminal Investigation
Take Customer Service to the Next Level With These Service-Based Franchises
Define Your Short-Term Goals With These 3 Components for Long-Term Success