FRANCHISING STAR: 10 Minutes with Finn Franchise Brokers’ Ryan WillsherMay 13, 2015
In this installment of FRANCHISING STARS, we were given the opportunity to interview Ryan Willsher from Finn Franchise Brokers.
What would be your number one tip for someone looking to sell a franchise?Prepare and plan for the sale 1-2 years out. This includes maximising your profits for preferably 2 financial years, minimising un-needed & personal expenses, ensuring the businesses can run without you being there, and speaking with your accountant to minimise any capital gains tax. We would love to see more people plan correctly and achieve a sale price that accurately reflects the hard work they have put in over the years.
What would be your number one tip for someone looking to buy a franchise?Decide that you want to buy a business first before spending a lot of wasted time researching. Speak to a specialist business broker who will help you understand what you want to get out of a business and how it will be the vehicle to get you to the next stage of your life. At least half the people we meet end up buying a totally different franchise to what they originally envisaged.
What qualities do you look for in a prospective franchisee and how does that tie in with the your brand?
The main qualities we look for are attitude, motivation and intent. With a combination of these three things a potential franchisee will make any opportunity happen and work for them. We can help them through all the other challenges with buying a franchise as long as these exist.
How was Finn Franchise Brokers conceived?
The brand was conceived in 2004 by Steve Finn & Len Ferguson when they recognised an apparent need in the market place for a specialist service to help franchisees exit their businesses. Being former franchisees themselves they found it near impossible to find professional help when selling their franchise businesses. General business brokers just didn’t understand the process of selling a franchise, and the importance of selecting the right calibre franchisee to take over the business. For over 10 years now the brand has been helping existing franchisees move on to the next stage of their lives, and new franchisees attempt to realise their goals.
What diversifies Finn Franchise Brokers from its competitors?
An intricate understanding of the franchise industry & processes, a very refined system, a wide network of franchise specialist advisors, and an unmatched level of professionalism.
What is the biggest challenge right now in your particular business and the sector you trade in?
Matching vendor’s price expectations against the current market and finding new ways to finance sales outside of the major banks.
What is going to be the focus for Finn this financial year?
Growing market share through increased investment in marketing and helping more and more new franchisees find the right business for them.
What is your career and business mantra?
Me first, Family second, Business third. If I am not healthy and well then I can’t look after my family. If my family is not healthy I cant run my business. It sounds selfish but I have found it is the best way to ensure my entire focus is on my business during work hours and that has led to success.
If you could live the day in the life of a successful business person who would it be?
Richard Branson – got to love that guys passion for life and the crazy things he does.