Derrick Simpson of Franchise Resales has announced that the first stage of a management buy-out has been agreed.
Franchise Resales, established by Simpson and Iain Martin in 2007, advises both franchisees and franchisors on the sale of their business.
Simpson has been forthright over the years in offering his advice on the importance of exit planning. He says that all businesses should plan their own transition to new, younger owners as part of a structured development strategy.
Over the past two years, Simpson has worked closely with Julie Taylor, a senior account manager at Franchise Resales and some of her colleagues on the structured management buy-out.
The team led by Taylor comprises Michael Bohan, Gordon Cutting, Keith Halsall and Tony Mundella. Taylor has become managing director and Bohan marketing director.
Simpson will remain on the board to ensure continuity but Martin will be leaving the company. Both will retain a small shareholding in the business.
Commenting on the buy-out Simpson said: “I believe it is important for anyone leading and driving a business, to recognise they are not irreplaceable and there comes a time to move aside and let others take the reins.
“I have known and worked with Julie for six years and for most of last year Julie, together with Michael and the other account managers have been the ones running the company.
“The team have committed to the long-term future of the business, by making the investments they have. The franchise industry will continue to benefit from the expertise and guidance Franchise Resales provides.”
Taylor said: “I am delighted to be able to takeover at a time of strong growth in the business, following a year where Derrick has allowed us to start to evolve and develop the business model.
“We have created a new operations centre in Wellingore, Lincoln and under Michael’s guidance the company is now reaching new audiences through social media. This online activity has increased our awareness and our new website provides freshness to the brand.
“This growth has meant we are interviewing for additional account managers, to work with us on the increased number of enquiries we are receiving. Derrick and Iain established the company eight years ago and spearheaded the resales marketplace.
“Michael, the team and I look forward to developing this legacy further and continuing to provide the dedicated service which Franchise Resales has always provided,” added Taylor.
The company is the only business brokers affiliated to the BFA. The service offered by Franchise Resales focuses solely on providing the opportunity for franchisees to complete successful resales of their businesses. It manages the entire process from end-to-end, right through to completion of the sale.
Franchise Resales will be sponsoring the Franchise Resales Pavilion at the National Franchise Exhibition, on October 2 and 3 at the NEC, Birmingham. They will be offering visitors advice on the benefits of acquiring a franchise resale.