As well as opening approximately seven new franchised offices a year, Winkworth also sell between four and six a year to new franchisees.
Similar to other franchised businesses, the resale of Winkworth offices happens for many reasons:
- The existing franchisee is looking to retire
- The existing franchisee is looking to relocate
- The existing franchisee has other business interests that they wish to concentrate on
- The exit strategy of the franchisee has always been to sell at a certain trigger point
- The Franchised term of 10 years is up, and the franchisee wishes to exit
“Portfolio management in the form of resales is an important growth arm for Winkworth,” explains Gina Piper, Operations Manager. “Bringing in new franchisees who are hungry and enthusiastic can really benefit already established and successful offices further.”
Recently Winkworth has seen a considerable shift in the younger generations stepping forward to own their own business and often these millennials make highly driven franchisees as they strive for successes both financially and competitively amongst their peers. They can also adapt quickly in terms of digital evolution and legislative changes.
Toby Powell started in the Winkworth Brighton office as a negotiator in 2013 before rising quickly to manager, and subsequently purchasing the office off the then franchisee in June 2018. Toby comments, “I had always wanted to own a Winkworth office eventually, and when my previous franchisee announced she wanted to sell I saw that as my opportunity. It wasn’t ideal timing and something I’d thought I wouldn’t be able to do for a good few more years but Winkworth were extremely supportive and helped me every step of the way. I’m now looking forward to doing a second Winkworth office!”
It’s not only millennials that Winkworth are seeing stepping forward however, it’s also managers who have reached the glass ceiling in their current positions and are seeking the next challenge.
New franchisee Sean Doyle recently purchased the existing New Cross office and comments, “Having worked in the property sector for over 20 years in private development and now having a young family, I felt no time like the present to partner with an established prestige brand such as Winkworth to grow my existing business and take it to the next level. I feel that by purchasing the New Cross office this has allowed my business to grow quickly and organically, and the opportunity to network with fellow driven franchisees has been extremely rewarding.”
Franchisee Dominic Cocklin had been working as a lettings director for a well-known London estate agency for several years but at the beginning of 2018 made the decision to buy the established Winkworth Bow office. “I chose to own a franchise as it was the right time for me in my career progression and I was in the right place at the right time to take hold of the fabulous opportunity that I was presented with,” he explains. “Starting out on your own creating a brand and making it successful is difficult and takes a long time to get established. So, having a brand as big and as prominent as Winkworth behind you makes a lot of sense. Being part of Winkworth propels you light years ahead of establishing a name for yourself and fighting in a very competitive London market.”
The pros of entering franchising through a resale opportunity are vast as the business is already established and generating income. The premises are sourced and refurbished, the office is fully staffed and brand awareness is embedded.
Winkworth have several resale opportunities available and are always on the lookout for driven and entrepreneurial potential franchisees looking to purchase an existing office. If you think this could be for you, get in touch with our new franchising department today.