What to check before you hand over management of your store
Choosing a bid is not the last step. Before an operator takes over the daily running of your store, settle these things.
1. Ask your brand early
Many franchise brands have rules about who may manage a store, and some need to approve a new operator or management arrangement. Read your franchise agreement and ask the brand before you commit. This site cannot give that approval.
2. Put the deal in writing
Write down the return, the split, how often it is measured, how long it runs, and how either side can end it. Say what happens in a quarter that misses the target.
3. Decide who pays for what
Settle who pays the crew, who pays for repairs and supplies, and who signs for what. Be clear about which decisions the operator makes alone and which need your okay.
4. Look at the operator's record
Check the level, and what we have checked. Speak to the operator and ask for references from owners or managers they have worked with.
5. Plan how you will watch the numbers
Agree what reports you will get and when. Quarterly is the rhythm we use for measuring the return.
6. Get your own advice
You may want your own lawyer or accountant to look at the agreement. We are not a party to it and do not give legal or financial advice.