For immediate release
Contact: Alisa Harrison, 200-628-8000
WASHINGTON, May 3, 2010—A new publication produced by the International Franchise Association Franchise Relations Committee provides an important blueprint for establishing a succession plan and ownership transfer for franchise business owners.
“Selling and transferring ownership of a franchised business is something that many franchisees do not think about early enough,” said IFA Franchise Relations Committee chair Barb Moran, chairman of Moran Industries, Inc. “This handbook provides a step-by-step guide to help make the process as smooth as possible.”
The IFA Franchise Relations Committee’s mission is to assist IFA members by developing information and programs that promote positive relations and encourage dialogue and cooperation between franchisees and franchisors. The new publication, Franchise Succession Planning and Transfer Handbook, is part of the committee’s ongoing Best Practices Series and is available at www.franchise.org/franchiserelations.aspx . It covers such topics as why a succession plan is needed; elements needed in a plan; and the process, documentation and training needed to be successful.
Small businesses are the backbone of the economy and family owned businesses, including franchise businesses, are central to that success. According to the handbook, more than 90 percent of all businesses in the United States are family owned and employ 62 percent of the private sector workforce. Many of these businesses do not have long-term success due in part to poor succession planning and estate planning.
Other publications produced by the Franchise Relations Committee focus on establishing mentorship programs among franchisees, creating effective advisory councils, and tips for addressing distressed franchisees, to name a few. All publications are located at www.franchise.org/franchiserelations.aspx.
About the International Franchise Association
The International Franchise Association is the world’s oldest and largest organization representing franchising worldwide. Celebrating 50 years of excellence, education and advocacy, IFA protects, enhances and promotes franchising through government relations, public relations and educational programs. Through its awareness campaign highlighting the theme, Franchising: Building Local Businesses, One Opportunity at a Time, IFA promotes the 21 million jobs and $2.3 trillion of economic activity generated by franchising. IFA members include franchise companies in over 90 different business format categories, individual franchisees and companies that support the industry in marketing, law and business development.