Digg It - Business

If you own a franchised business there will come a time when perhaps you wish to sell your fran

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

chise. When selling a franchise this is called a Franchise Transfer in franchising legal terms.

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

You will be selling your rights in the current term of the franchise agreement to another part

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

. The transfer must be approved by the Franchisor and therefore there is a whole lot to conside

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

r. Here are the Top7 Tips in selling a franchised business.

1.) Before advertising your franch

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

se for sale anywhere, be sure to read the terms of the franchise agreement under; Transfers

2.

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

) Contact your franchisor so they know your intentions ahead of time and do not find out by rea

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ing it on a website or classified section.

3.) Ask you franchisor if there are any buyers for

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

your area currently or if there have been previously and ask for contact information.

4.) Cons

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

der a Business Broker, but shop around as they are not all the same and can tie up a listing an

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

d sometimes do nothing with it for 6-months.

5.) Be careful of competitors who are interested

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

as they may not qualify as per your franchisor’s business strategy and they will deny app

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ication for transfer and you will have disclosed proprietary information, which could be a viol

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ation of your franchise agreement.

6.) Try to get all the money from the sale up-front, as a f

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ture dispute with the buyer and the franchisor could mean you will not be paid on any terms you

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

came up with in the sales agreement.

7.) Sell your business to someone who will be good for t

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e franchise systems too, this will help with more smooth sailing thru the transfer application

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

with your franchisor.

Selling a Franchised Business is much different than selling a regular b

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

siness and you need to be aware of all this in order to make sure that you are indeed getting t

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

he most out of all your hard work in building the business up. Please consider all this in 2006

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/46174/diggit-Top-7-Tips-on-Selling-a-Franchised-Business.html">Top 7 Tips on Selling a Franchised Business</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/46174/diggit-Top-7-Tips-on-Selling-a-Franchised-Business.html]Top 7 Tips on Selling a Franchised Business[/url]

What if you created the World's best MindMap to assist humans in using all of their knowledge, experience, observations and education to make the very best decisions for themselves, their companies, their government, their communities or children of the World? If you had such a thing who would you market it to? How would you get the word out; where would you start?

Recently my dentist recommended that I see an orthodontist for a consultation, and not only did I learn about having my teeth straightened, but I also witnessed absolutely brilliant, excellent customer service offered by this outstanding local business. If you own a business that offers a service to your clients, these tips for excellent customer service will show you how to expand your local customer or client base with no extra work or marketing expense.

Use these tips to circumvent voice mail, be relentless in your pursuit for a human, and get ready to smile as you make personal contact with a real, live, person who wants to do business with you!

Tags

Links

Digg It - Top 7 Tips on Selling a Franchised Business

Related Articles: