Purchasing an existing bakery may be the perfect route for you to become a Great Harvest franchisee. When current owners decide to sell, we help facilitate the process for both buyer and seller. Although we're always sad to see franchise owners leave Great Harvest, we welcome the arrival of new franchisees (who bring new ideas and loads of enthusiasm with them)!
Purchasing an existing Great Harvest store (also known as a "resale" or “transfer”) can present numerous advantages for the buyer, including:
WHY ARE THESE BAKERIES FOR SALE?
Franchisees sell their stores for all sorts of reasons. The top reasons bakeries change ownership are: retirement, lifestyle fit, and unforeseen personal predicaments (read more about that here). Do some bakeries fail? Some have, but it’s less common than other reasons for selling. Where failure occurs, it is almost always related to financial mismanagement (read more about contributing factors to failure here). For this reason, Great Harvest encourages accurate and timely financial reporting in order to catch any problems early on and reduce the likelihood of failure.
WHAT DO I NEED TO KNOW ABOUT PURCHASING AN EXISTING BAKERY FOR SALE?
The application and approval process for someone purchasing an existing bakery is very similar to that of opening a new store. The major differences are listed below:
The remaining training (which is required for the main Bread Company operator) includes:
For further information about pre-opening training and support, visit our training page. After the transfer of ownership has taken place, we will send a trainer to spend two to seven days with you at the purchased location, and follow-up with a second week of on-site training approximately three to five weeks after the initial training. Further training and ongoing post-tracking support are also included.
HOW DOES THE MULTI-STORE EXPANSION PROGRAM FOR RESALE BUYERS WORK?
Two of the smartest ways to invest with Great Harvest are by purchasing an existing bakery and taking advantage of our multi-store Hub & Spoke model. That’s why we are excited to offer a new incentive program that makes it easier for new Great Harvest owners to do both.
Here’s why it’s a big deal:
It all adds up to greater savings and more profit potential. Crunch the numbers and see for yourself!
The details: When you buy an existing Great Harvest location with a Legacy Agreement, you can turn it into a Hub and add Spoke stores with minimal franchise fees. For each additional store inside your territory, you pay $10,000 in franchise fees or $15,000 each for stores outside of your territory.* You will also enjoy a 4% royalty rate (instead of our standard 5%) and will be able to take advantage of the services that come with the additional 2.5% marketing fee you will pay. This reduced royalty rate is good for the life of your bakery cafe, and is transferable.
Program participants will follow Great Harvest’s guidelines for menu, marketing, design, and POS/technology applications in the new store(s). With each additional franchise agreement, you get one seat for the main Bread Company operator to attend Great Harvest University, additional in-person training, a tracker, site selection analysis, and lease negotiation assistance. Additional in-person support is available for store location evaluation and opening for a nominal charge, if desired.
*This offer is only available for resale stores with a Legacy Agreement at this time.