Advice


Leave on a high note


Troy Tappenden, the founder and former owner of Dream Doors, provides a rare insight into an established franchisor’s exit strategy


A


t some time, almost every entrepreneur, business owner or franchisor will consider cashing out.


And when you do, you’ll definitely want to get the best price you can. After all, you’ll only sell your business once, so getting the maximum return for all of your efforts has to be your priority. So, how do you go about working


out how and when to sell your business? It was a question that I pondered for more than five years before I sold my company, Dream Doors, in the spring of 2019. It took a while to find the answers, and I’ll admit I took a few wrong turns along the way. Nothing devastating, of course, but definitely costly – pitfalls I could have avoided with the benefit of hindsight. If you’ve been a franchisor for a


while, you’ll know there are plenty of people out there who will offer you advice and guidance – for a fee. And there are several who will say they can


46 | The Franchisor 2019


help you sell your business – again, for a fee. I’ve probably met most of them, and discounted several, after being let down by empty promises and false hopes. So, having sold Dream Doors


earlier this year, I’ve decided to help other franchisors plan and execute their exit strategies, and avoid the costly mistakes that I made. I’ve built up some fantastic contacts in the private equity arena who are looking for exciting investment opportunities in the franchise world. And for the right business, I might even consider buying in myself. I’m not ready to retire just yet! So what are the key things I’ve learnt over the last few years? The first is to make sure your company isn’t all about you. That’s something I realised a long time ago – that to build a successful franchise you need to bring in the best people to work alongside you. It’s important to drop the ego and listen to those you empower, too, especially in areas where you are not or are no longer


“If you want to exit your business and realise the best return for all of your efforts, you need to start planning for it now”


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100