It certainly would be nice to make a clean, crisp break from a business after an all-out sprint, but for the vast majority of businesses, the process of selling a company is a lengthy, multi-year process. So the sooner you get started, the better.

Ease the emotional, financial, and psychological impact of selling your business through preparation and proper planning. Besides start-up and early development, selling a closely held or family business is one of the most difficult tasks facing business owners. You have probably spent the better part of your adult life tending to the care, growth, and well-being of your enterprise. This can have a similar affect as nurturing a child ... the business has become the owner's baby. So it is not surprising that many owners steer clear of thoughts about parting ways with the company until the last minute. Many times this is prompted by some external factor or event, such as divorce, disability, or partner dispute. In addition, when it comes to thinking about one's business it is extremely difficult to maintain objectivity. The business owner has devoted five, ten, twenty or more years in building a business that has provided the means for the owner and family to enjoy a great lifestyle and to live comfortably. At the same time, much of the owner's wealth remains highly illiquid  - tied up in the equity of the business. So how does the business owner unlock this wealth and convert it into liquid assets that carry into the next stage of life? Generally, the most feasible liquidity event takes the form of a business transfer transaction - either to family members, company management, or third party buyer. While the process can be very emotional and time consuming, there are a number of important issues to consider in preparation for this undertaking. 

Prior to investing in any franchise system, obtain a copy of the Franchisor’s Disclosure Document. Under the Franchise Rule, which is enforced by the Federal Trade Commission (FTC), you must receive the document at least fourteen (14) days before you are asked to sign any contract or pay any money to the franchisor or to any affiliate of the franchisor. You have the right to ask for a copy of the disclosure document once the franchisor has received your application and has agreed to consider it. Therefore it may be in your best  interest to get a copy of the franchisor’s disclosure document before incurring any due diligence expenses.

The franchisor may give you a copy of its disclosure document on paper, via email, through a web page, or on a disc. The cover of the disclosure document should have information about its availability in other formats. Make sure you have a copy of the document in a format that is convenient for you, and keep a copy for future reference.

As a general rule, you should read the ENTIRE disclosure document. Do not be reluctant to ask for explanations, clarifications, and/or answers to any of your questions.