Transfers: the quiet signal in unit tables

A transfer happens when an operating outlet changes hands. The unit count doesn't change, so transfers barely affect the headline growth number.

Why they're worth a look

Transfers show how often owners leave a system while their location keeps running. A low number is common. A rising number may be worth asking the franchisor about.

Reasons vary

Owners sell for many reasons: retirement, relocation, selling to a multi-unit operator, or financial difficulty. The count alone doesn't tell you which.

Good questions to ask

• How many transfers happened in each of the last three years?
• Were they mostly to existing owners in the system?
• Can you speak with owners who bought through a transfer?

We report transfers next to openings and closures, with the year, so they are not lost in a net figure.