During more recent times, the brand has looked to encourage younger individuals into the business and has been developing different avenues to enable a wider variety of franchisees to come on board.
Winkworth has always had three strong franchising growth routes:
This is where an independent estate agency business converts their existing brand to Winkworth. Usually the business owners are looking to boost revenue, add further income streams, enjoy the economies of scale that Winkworth provide and be part of a 100 strong network of offices without losing the independent ownership of the office.
Are when individuals are looking to take the next step in their career and want to open their own estate agency from scratch but with the backing of Winkworth’s recognised and respected name above the door. Even though cold start offices take slightly longer to break even, franchisees who pass the standard due diligence process, source an available territory and locate suitable premises, find this route highly rewarding in the long run. Cold start opportunities give potential franchisees the autonomy to set up the office and grow it how they see fit right from the beginning – sometimes a preferred route to purchasing an existing Winkworth office.
The new franchising team look to sell 3-4 offices a year in various locations. This could be down to retirement, relocation or simply because the franchise term has expired for the existing franchisee. Normally 50% of resales are bought by new franchisees looking for the opportunity to enter the network and own an established business that has a history of trading, income from an established lettings and management portfolio and pipeline.
Whilst these avenues are proven ones and continue to happen, Winkworth has adjusted the model to allow opportunities for potential franchisees looking to own their own business that perhaps don’t have the level of funding required. Over the last few years, Winkworth has been actively seeking experienced managers and matching them with suitable offices whose franchisees they know are looking to exit the business in the coming years. Recently, we have seen whole management buyouts happen, the giving of equity shares based on performance and part purchases of existing offices. These routes allow the franchisee looking to sell to take a step back from the business, allow a hungry, enthusiastic individual to take it on, incentivise them with shares and reward them as revenue increases.
So, if you are serious about owning a successful business and are in it for the long run or are looking to increase revenue and future-proof an existing business – Winkworth wants to hear from you. For more information, contact the new franchising team today.