How to Find Home Care Franchises to Buy for Resale
Now that the Baby Boomer retirement wave is firmly underway, it’s getting harder to find home care franchises to buy. That’s particularly true of new franchise units with established franchisors like Visiting Angels®.
Because of this, more and more buyers have set their sights on resale home care franchises. Rather than start a franchise from the ground up, these buyers are opting to purchase existing units with reputable home care brands.
But finding resale franchises to buy poses its own challenges. A limited number of franchise units are available for resale at any given time. And an even smaller number of these units merit serious interest. To find a quality resale franchise, you need to know where to look, and you need to know how to look.
If you’re searching for a resale home care franchise, we suggest using one or more of the following strategies. Each comes with its own pros and cons, and many buyers pursue two or more of these strategies at once.
In any case, you’ll want to go with the strategy — or strategies — that you believe offer the best chance of finding a great franchise.
4 Ways to Find Resale Home Care Franchises to Buy
#1. Comb Online Business Listings
When looking for resale franchises to buy, many buyers start by browsing online business listings. This often serves as a kind of digital window shopping. It gives you a feel for the market, tells you what kind of franchises are for sale, and provides a general sense of market values.
If you know your way around business sales, you might already know which listing networks to trust and how to conduct an effective search for franchises to buy. In this case, you may have no issue finding the business of your dreams. But if you’re unfamiliar with the resale franchise market, you may wish to go another route.
#2. Hire a Business Broker
Unsure about the best way to find local franchises to buy? Then you’ll probably want to think about hiring a business broker. A qualified business broker will have plenty of experience buying and/or selling resale franchises. This experience can give you an insider’s edge into the franchise resale market.
But before you hire a business broker, keep the following two things in mind:
- You’re not looking for just any franchise to buy. You’re looking for a home care franchise. Even an experienced broker might be unfamiliar with the caregiving industry. That could make it difficult for your broker to distinguish between a good home care franchise and a great one.
- This will be one of the most significant transactions of your life. You’ll want to be selective about the person you’ve hired to handle this transaction. Put as much time as you need into vetting your broker. Ensure you find a broker with the right level of experience and expertise.
#3. Contact Home Care Franchisors
Often, the best way to find resale franchises to buy is by contacting franchisors. This is especially true if you’re looking for a franchise in a particular industry. In these situations, you can narrow your search to a small group of reputable brands.
By taking this approach, you can be efficient in conducting your search. Most large franchisors have multiple units up for resale at any given time. With a single phone call, you can give yourself a shot at all of these opportunities.
Even if you don’t find a franchise immediately, you could land yourself on the shortlist for future resale opportunities. When new franchises to buy become available, you’ll be among the first to get notified.
#4. Make Inquiries to Current Franchise Owners
Instead of hiring a business broker or contacting franchisors, some buyers prefer to contact franchisees directly. While this isn’t the most efficient strategy, it allows for a much more “ear to the ground” search. What’s more, speaking directly with franchise owners can give you insights that you wouldn’t glean from business listings, through your business broker, or by speaking with franchisors.
This strategy can also provide you with an inside track on as-yet-unlisted franchises to buy, or on listings that haven’t been visibly marketed. You might learn about a franchise that’s about to be listed, giving you the first shot at an offer. Or you might hear about franchisees who aren’t necessarily looking to sell, but who might consider the right offer.
By reaching out in person, you also have the chance to build a rapport with franchise owners. These relationships can go a long way toward convincing a franchisee that you’re the right person to carry their business forward.
Looking for resale home care franchises to buy? Call 800-365-4189 today or contact us online to learn about resale franchise opportunities with Visiting Angels.