Potential business owners taking advantage of a franchise opportunity have a lot to consider, and though it may be down the road, one of those considerations should be a succession plan for the business.

The International Franchise Association Franchise Relations Committee recently announced a new publication that provides a blueprint for franchise business owners looking to make such a plan.

Barb Moran, chairman of Moran Industries and head of the International Franchise Association Franchise Relations Committee, said that "selling and transferring ownership of a franchised business is something that many franchisees do not think about early enough." She explained that the new handbook "provides a step-by-step guide to help make the process as smooth as possible."

The Franchise Succession Planning and Transfer Handbook covers topics such as the elements needed for a succession plan, why the plan is necessary, and how documentation and training can be used effectively.

The International Franchise Association is a membership organization that helps franchisors, franchisees and suppliers. Last month, the group urged Congress to pass the Help Veterans Own Franchises Act, a measure that would aid veterans who want to own franchise businesses by offering them a discounted franchise fee.

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