Full Sale of Business to New Franchisee

What do we do if a Franchisee is selling their entire business to a new Franchisee?

PLEASE NOTE:

It is your responsibility to consider the following in the terms of the sale figures:

The final balance of any Active Monthly Plans
- Opening the Cancellation feature will show you their final balance if you were to cancel today.

The total value of Outstanding Balances on the transfer date
The total value of Credit Balances on the transfer date
The total value of Levies applied by your Franchisor

Do I need to set up a new franchisee in Franscape?

No. The details of the existing franchisee are edited to those of the new Franchisee, including those of the attached Stripe account (see the action plan below).

Action Plan

The process will then follow this action plan:

What	Task	When	Who
New Franchisee Login	Add the new franchisee as a user to the existing Franchisee account.	When you want them to gain access	Admin
Add Instructor	If the new Franchisee is also the instructor - Add the new Franchisee as an Instructor and assign them to the relevant Territory/Territories.	Before date of Transfer	Admin, Current or New Franchisee
Reassign Classes	If the current Franchisee is an instructor and the new Franchisee is taking over those classes, reassign the instructor of those classes	Before date of Transfer	Admin, Current or New Franchisee
Edit Franchisee Details	Edit the existing Franchisee details to those of the new Franchisee	On date of Transfer	Admin
Stripe	Ownership of the existing Stripe account can be transferred to the new owner	See information below	Current Franchisee
Course Rollovers	Rollover to the new Course beginning under the new owner	On or before date of Transfer	Current or New Franchisee
Informing Your Customers	Informing customers of change of ownership	Up to the Current Franchisee	Current Franchisee or Admin
Customer Balances	Calculate monies to be passed to new Franchisee	On date of transfer	Current Franchisee
Plan Deposits	Calculate total of plan deposits that need to be handed over to new Franchisee (including suspended plans)	On date of transfer or date new Course Starts	Current Franchisee
Remove Old Franchisee User	Remove the outgoing Franchisee as a Franscape User	When they no longer require access	Admin

How

Edit Franchisee Details

Navigate to the exiting Franchisee
Under Basic Information select Edit
Edit the relevant Details
Save

Stripe - When to change payout information

Our weekly payouts batch payments between Thursday 00:00:00 - Wednesday 23:59:59, to be paid out the following Monday.

For more information on Payouts, please see: How Does my Money Flow and Work?

We advise the current Franchisee's bank details remain as the payout details until Thursday AM, to ensure they receive their final payout.

It is the current & new franchisees' responsibility to calculate any payments processed between the final payout being batched and the business transfer date.

For help reporting on payments, please see: Payment & Refund Report

Stripe - How to change payout information

Franchisee Login > Settings > Basic > Stripe Configuration > Stripe Dashboard

On the Stripe Dashboard, select Account
Edit Payout and Professional Details
Edit Management and Ownership

NOTE: To edit the full details, including D.O.B, the account owner will need to contact Stripe Support to authorise the change.

Edit Payout Details
- Changing the bank details connected to the Stripe accountCourse Rollovers

See article https://kb.franscape.io/knowledge/course-rollover . Setting the “Send Re-Enrolment Email” date a few days ahead can also help here, so that payments aren’t being prompted immediately.

Informing Your Customers

We can help here by exporting the email addresses of all of your active customers. You can use the “Contact Customers” feature but it lacks a personal touch.

Customer Balances

Use the Outstanding Balance Report to check for and export details of customer balances that are owing and in credit.

If a customer is in Credit, the current Franchisee will need to pass that money on to the new owner
If a customer owes money, the new Franchisee will need to pass that money back to the current franchisee
- Or deduct the amount from monies owed to them

Plan Deposits - Current Franchisee

Click the 'Download Table' button on the Plans table.

Open the file in Excel or another spreadsheet application
- 1. Turn this data into a table
  2. Use Find & Replace to remove the Â character
  3. Filter this data to only show Active plans
  4. Use AutoSum to total the Deposit column