Advice on selling your business. Reflecting on his experience with Stretch Zone, Tony stresses the importance of seasoned advisors. Their guidance was crucial, allowing him to concentrate on daily operations. He highlights the value of investing in a strong team and advisors, as they are key to a successful sale. Tony also emphasizes patience and strategic management during the often lengthy PE sale process.
Balancing your business while selling. Tony managed both running and selling Stretch Zone by relying on his team with managing daily operations and the sale process, ensuring the business could function independently. Finding a balance between managing the sale and maintaining core functions is important to keep your organization running smoothly.
How to navigate being a first-time franchisee. Tony advises that buying an existing business can present challenges due to the location's already established culture. For first-time franchisees, he recommends starting with a new franchise to gain essential experience before considering the purchase of an existing business. Ultimately, being passionate about the franchise, rather than solely focusing on financial gain, will allow you to become a more successful operator.
