I started a service business 6 years ago in Washington, and I have the opportunity to buy a similar business in Colorado that does much better revenue than mine currently does.
Should I sell mine outright and go all in on the other one or should I consider “selling” mine as a franchise and continue to own it alongside the other one? The Brand names will be different, and the operation in Washington is more of an owner/operator concern at the moment, though there is some potential for expansion.
It’s highly dependent on your situation but it’s hard across state lines especially non-neighboring states where can’t be close to them. Plan on spending a lot more on site specific management than you anticipate. It’s very hard to replace “yourself” and in my experience takes two people usually.