Resale strategy proves successful in prolonging lifespan of franchise locations
Fibrenew, the leading mobile service franchise specializing in the repair, restoration and renewal of leather, plastic, vinyl, fabric, and upholstery, prides itself on its commitment to franchisees, offering full support to owners starting the moment they first inquire about purchasing a franchise. That support continues throughout the entirety of the lifespan of the owner's location, even if they choose it's time to move on to the next stage in their career. As part of its succession strategy, Fibrenew provides a resale program for franchisees looking to sell their territory to a new owner.
Fibrenew assists in finding new prospective franchisees through means of the brand's online platform, third party websites, and email blasts, along with helping in guide the current owner in advertising locally. Through Fibrenew's careful selection process, outgoing franchisees can be reassured that the business they worked so hard to build will be going into the caring hands of a new owner who will continue that same progress.
"The goal of a resale is to keep a working franchise running and prolong a location's lifecycle," says Jamie Myles, who heads up the resale program with Fibrenew's Corporate Team. "But with Fibrenew's promised dedication to our franchisees, we also want to ensure the current owner has our full support as they consider their eventual exit from their investment, and that they will not be left high and dry to figure out what to do with their franchise on their own."
While the strategy is not unique to Fibrenew, their program has proved successful over the years, with over 36 resales around the world since 2016, including 25 in the U.S.
"Having the ability to offer a resale strategy to our owners proves the brand's sustainability, especially through times of economic uncertainty," Myles said. "Fibrenew works hard to grow our brand with people who are the right fit."
While some new franchisees have achieved the same level of performance with their location, others have gone on to grow their business, either expanding to multiple territories, or within their location. With 300 locations in operation around the world, Fibrenew remains dedicated to ensuring its franchisees find success in their operations.