If you’re in the market to buy a business you can either buy a franchise or buy an existing business. Or you can just cut to the chase and start your own. If you’re a business owner and want to sell, then you can place your business on the market and either sell your stock or membership in the company or you can sell its assets.
If you buy a franchise, you contact the franchisor, get a franchise disclosure document, and negotiate a franchise agreement. When the deal is done you’ll have a license to use the franchisor’s trademarks, operating manuals, advertising rights, exclusive geographic rights, and training benefits in exchange for a fee which is normally a percentage of the gross profits. Normally, a buyer sets up an LLC or corporation to run the franchise. If you’re a buyer and want to purchase an existing business, then you normally sign a confidentiality agreement, research the business, sometimes sign a letter of intent with the seller, negotiate a purchase and sale agreement, then close the deal.