Last year, the franchiser Poolwerx became a member of the buying group Carecraft.
Now the organizations are partnering on a new program to help Carecraft members explore options for transitioning out of their companies.
Through the Carecraft Succession Plan Assistance program, members will receive some financial help from the buying group to hire an expert to compile a solid Information Memorandum on their business. This document lays out the financials and other aspects of the business to prospective buyers.
Poolwerx then will take that document and shop the company to potential franchisees.
Carecraft CEO Greg Howard pointed to the rising concerns about succession planning among his own group. “When we ask them, ‘What will you do with your business when you are done?’ so many did not have a vision of what their exit strategy could look like,” he said.
Poolwerx CEO John O'Brien
The groups expect this new program to open up the pool of prospective buyers to interested parties outside the market area or even state. “When we’re recruiting from outside the industry, sometimes those individuals don’t mind moving,” said Troy Hazard, non-executive director of Poolwerx, whose U.S. headquarters are located in Dallas. “Somebody might be in Phoenix, but a really cool business may come up in Dallas. They might think it’s worth moving for.”
Carecraft companies won’t necessarily be guaranteed a Poolwerx conversion, since the franchiser establishes certain requirements to become part of its network. “We’re looking for businesses that are in good standing,” Hazard said. “There will be certain criteria that will no doubt evolve over the coming months.”
Carecraft, based in Carlsbad, Calif., has 300 members in the United States and Canada. Poolwerx currently has 38 locations serving 79 territories in six states in the U.S.
