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What do you do if your franchising venture fails?

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Franchising can be a rewarding and profitable way to start or grow your own business. But it also comes with risks and challenges, and sometimes things don't work out as planned. If your franchising venture fails, you may feel overwhelmed, frustrated, and unsure of what to do next. In this article, we'll explore some of the steps you can take to cope with the situation, learn from the experience, and move on to new opportunities.

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Lizzy Young, CFE

Partnering with franchises and business networks to help owners hire and retain top talent ?? | Certified Franchise…
Elis Almeida

Top Voice Comunnity Mentoria, Franchising e Treinamento e Desenvolvimento | Sócia e COO na rede RHF Talentos |…
Yolanda Martín Ruiz

Socio gerente. Abogada de franquicias. en Consulta Franquicias

1 Assess the situation

The first thing you need to do if your franchising venture fails is to assess the situation and determine the causes and consequences of the failure. You may need to review your financial records, your franchise agreement, your market research, your customer feedback, and your operational performance. You may also need to consult with your franchisor, your accountant, your lawyer, and your lender. Try to be objective and honest about what went wrong and what you could have done differently. This will help you avoid repeating the same mistakes and identify areas for improvement.

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Yolanda Martín Ruiz

Socio gerente. Abogada de franquicias. en Consulta Franquicias
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Lo primero: La Importancia de Entender y Negociar el Contrato de Franquicia. Negociar el contrato de franquicia no es solo un paso burocrático, sino una oportunidad para proteger nuestros intereses y establecer una base sólida para el éxito conjunto. Posteriormente, siempre hay que buscar la negociación antes del pleito.

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Lizzy Young, CFE

Partnering with franchises and business networks to help owners hire and retain top talent ?? | Certified Franchise Executive | Author of the Franchise Leadership Ledger | Co-Chair of WFN Chicago
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One thing that comes along with failure is the feeling of shame. The best thing you can do, as an individual and a business professional, is learn from your failures, and see them as opportunities into a new chapter. That mindset is easier said than done, but it all starts with going in with an open mind. When your mind is running in circles or you're not diving into the problems with solution-focused mindset, it can be hard to truly learn from your setbacks.

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Bruno Misael

Especialista em Franquias l Expans?o l Inteligência de Mercado l Geomarketing l Pontos Comerciais l Implanta??o
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Qualquer decis?o precisa ser tomada com base em dados concretos, sendo assim é fundamental entender o motivo ou os motivos que levaram o projeto a falhar! Muitos fatores influenciam o resultado, desde uma n?o identifica??o real com o negócio até uma falha real na estrutura??o do mesmo!

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2 Negotiate with your franchisor

Depending on the terms of your franchise agreement, you may have some options to negotiate with your franchisor if your franchising venture fails. For example, you may be able to sell or transfer your franchise to another buyer, terminate your contract early, or renegotiate your fees or royalties. You may also be able to get some assistance or support from your franchisor, such as training, marketing, or mentoring. However, you should be aware that your franchisor may have the right to enforce certain obligations or penalties, such as non-compete clauses, liquidated damages, or legal costs. Therefore, you should always read your contract carefully and seek legal advice before making any decisions.

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Lizzy Young, CFE

Partnering with franchises and business networks to help owners hire and retain top talent ?? | Certified Franchise Executive | Author of the Franchise Leadership Ledger | Co-Chair of WFN Chicago
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This is also why it's important to consult with a lawyer when you receive the FDD. You'll be able to get a full picture of what your options *would* be if it ever got a point where you had to take a step back from the business (unexpectedly).

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Bruno Misael

Especialista em Franquias l Expans?o l Inteligência de Mercado l Geomarketing l Pontos Comerciais l Implanta??o
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Por mais que os contratos de franquia sejam claros e objetivos em rela??o aos direitos e obriga??es entre as partes, busque um ponto comum, em que ambos concordem com uma saída amigável, esse é sempre o melhor caminho.

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3 Manage your debts and liabilities

One of the most challenging aspects of dealing with a failed franchising venture is managing your debts and liabilities. You may have outstanding loans, leases, taxes, wages, suppliers, or creditors that you need to pay off or settle. You may also have personal guarantees or collateral that put your assets or income at risk. You should try to communicate with your creditors as soon as possible and explain your situation. You may be able to negotiate a repayment plan, a debt consolidation, a debt settlement, or a debt relief order. If you are unable to pay your debts or meet your obligations, you may have to consider bankruptcy or insolvency. You should seek professional advice from a financial counselor, a debt advisor, or an insolvency practitioner before taking any action.

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Bruno Misael

Especialista em Franquias l Expans?o l Inteligência de Mercado l Geomarketing l Pontos Comerciais l Implanta??o
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Aqui temos outra quest?o ainda n?o m explorada! Lembre-se que você também possui ativos, nem tudo este perdido, muitos itens, equipamentos e até insumos, podem ser repassados para outro franqueado, para a franqueadora ou de forma independente no mercado, gerando uma receita que ajudara a sanar dividas e passivos.

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4 Take care of your mental health

Failing in a franchising venture can take a toll on your mental health. You may experience stress, anxiety, depression, anger, guilt, shame, or low self-esteem. You may also feel isolated, lonely, or unsupported. You should not ignore or suppress these feelings, as they can affect your well-being and your ability to cope. You should try to take care of your mental health by seeking help from a therapist, a counselor, a coach, or a support group. You should also try to maintain a healthy lifestyle by eating well, sleeping well, exercising regularly, and avoiding alcohol or drugs. You should also try to stay connected with your family, friends, or peers who can offer you emotional support and encouragement.

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Elis Almeida

Top Voice Comunnity Mentoria, Franchising e Treinamento e Desenvolvimento | Sócia e COO na rede RHF Talentos | Psicóloga | Mentora de Negócios | Gest?o de Equipe | Lideran?a | T&D | Avalia??o Psicológica | RH | Franquia
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O fato de falhar em um empreendimento, seja ele franquia ou n?o, com toda certeza acarretará algum impacto emocional. Importante saber trabalhar a frustra??o e manter-se focado na resolu??o das coisas. Caso n?o consiga fazer isso sozinho, buscar ajuda profissional será de grande valia para conseguir superar essa situa??o.

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5 Learn from the experience

Failing in a franchising venture is not the end of the world. It is an opportunity to learn from the experience and grow as an entrepreneur. You should try to reflect on what you learned from the failure, such as your strengths, weaknesses, skills, knowledge, values, goals, or passions. You should also try to identify what you can do better in the future, such as your planning, decision-making, problem-solving, risk-management, or innovation. You should also try to celebrate your achievements and successes, no matter how small or big they are. You should be proud of yourself for taking the initiative, pursuing your dreams, and overcoming challenges.

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Bruno Misael

Especialista em Franquias l Expans?o l Inteligência de Mercado l Geomarketing l Pontos Comerciais l Implanta??o
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A verdade tem de ser dita! N?o dar certo é um risco inerente de qualquer empreendimento, agora que você já conhece com clareza quais os motivos levaram ao insucesso, foque sua energia e recursos, em novos projetos, aprenda mais sobre o setor que vai investir, converse com muitas pessoas do mesmo ramo, avalie bem os riscos e busque empreender com parceiros fortes e bem estruturados.

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6 Explore new opportunities

Failing in a franchising venture does not mean that you have to give up on your entrepreneurial aspirations. It means that you have to explore new opportunities and find a different path to success. You may decide to start a new business, join another franchise, or pursue a different career. You may also decide to take a break, travel, volunteer, or study. Whatever you choose to do, you should do it with confidence, optimism, and enthusiasm. You should also keep an open mind, be flexible, and embrace change. You never know what opportunities may arise from a failure, or what doors may open for you.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your franchising venture fails?

1

2

3

4

5

6

7

1 Assess the situation

2 Negotiate with your franchisor

3 Manage your debts and liabilities

4 Take care of your mental health

5 Learn from the experience

6 Explore new opportunities

7 Here’s what else to consider

Franchising

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What do you do if your franchising venture fails?

1

2

3

4

5

6

7

1 Assess the situation

2 Negotiate with your franchisor

3 Manage your debts and liabilities

4 Take care of your mental health

5 Learn from the experience

6 Explore new opportunities

7 Here’s what else to consider

Franchising

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