Here at Winkworth there are three avenues for joining the network as a franchisee:
- Cold Start – This is when an individual makes contact, establishes an area and opens up a new Winkworth office from scratch.
- Conversion – This is when an independent estate agency contacts the new franchising department and changes the brand to Winkworth whilst continuing to trade.
- Resales – This is when an established Winkworth office sells to another individual.
The Winkworth franchise agreements run for a term of 10+10 years so resales happen in cycles. Some franchisees express their wish to sell their businesses after ten years for a more leisurely lifestyle change. They will either look to sell their whole business or a percentage of shares over time.
In 2016 Winkworth sold three offices, two of which were in London. One was sold to a new franchisee, the other was sold internally to an existing franchisee, and the third resale was on the South Coast and sold to an old employee of a Winkworth office in London.
The new franchising team helps the resale process by acting as mediator between buyer and seller to obtain a fair price. With the market being somewhat tricky at the moment, valuations of estate agency businesses are fluctuating, however now is a good time to buy.
The pro’s for going down the purchasing route are that there is already an established business with a pipeline to ease initial cash flow, as well as having the full support from the franchising team throughout the process and afterwards.
Here at Winkworth opportunities to purchase existing offices often become available so why not get in touch?
To find out how you can become part of Winkworth contact our New Franchising team
James Campbell | Gina Piper
firstname.lastname@example.org | 0207 355 0200