Law professor Dennis Monroe wrote a column for the Star Tribune where he offered advice on how to sell a franchise business.
From the column: The selling process is fairly straightforward: In most cases it will be an asset sale vs. a stock sale, and require certain kinds of reps and warranties, ensuring your financials are true and correct.
In regard to employees, you are obligated to pay out all owed benefits. If key employees have employment agreements or non-competes, reassure them that if they are not hired by the new franchisee, they will receive some kind of severance pay.
