You have worked hard to buy and operate a franchise. You’ve gotten help on everything from marketing to operations, but what happens if something were to happen to you as an owner? Well, much like franchisors create roadmaps for franchisees to follow for business success, we have created the Future File system as a roadmap for your loved ones in case something were to happen to you.
When an accident or death happens to anyone, it wreaks havoc on their family. For entrepreneurs, it wreaks havoc on their businesses, too. From how to access your work email and social media accounts to what online payment accounts you have, having this information available for your loved ones will save them thousands of dollars and hundreds of hours of time. It might even save your business operations altogether—or at least prevent some disruption.
In addition to getting a Future File (which, we have available to readers of The Franchise King Blog for just a one-time fee of only $99.99), what follows are some other preparations you can make to ensure that your franchise operations remain intact.
Preparations To Make For Your Franchise Business (If Something Happened To You)
1. Get an internal plan together: Pick one point person for your franchise and let them know about their responsibilities. Make sure that your loved ones have key contact information for that point person in the business and a plan of disseminating information internally, such as to other employees.
2. Get an external plan, too: Make sure that your point person has customer, client, vendor and other partner contact information and a plan of what to say externally, should an issue arise.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
3. Plan for access: Make sure that access can be gained, whether to your place of business (retail locations and/or offices), computers, client files, social media accounts, email, etc. This should include both passwords and challenge/security questions. Your Future File system will help you to organize and think through this information.
4. Take care of the money!: Make sure that your loved ones or business partners have a clear place to access all outstanding invoices, work in progress and bills that need to be paid (with detailed instructions), so that the business can continue to operate.
5. Make a succession plan for the long-term: Make sure that you have an interim and long-term clear succession plan in place and that your wishes are communicated to your loved ones. Whether you want the business to be passed on to family, to a business partner, to employees or to be sold, the more clarity you bring to the situation, the less fighting that will happen among your loved ones and the more likely the business will continue to operate.
Take care of your preparation now and get The Franchise King® community special pricing on Future File to help save your loved ones money, time and burden by clicking here.
(This post was graciously written by my friend, Carol Roth. Carol created the Future File system to help others, having been through the process of losing four loved ones by the time she was 40, including most recently, her vibrant and healthy father, who passed unexpectedly from a freak accident.)