There are basically three paths to business ownership. You can start your own venture from scratch and custom-build an operation that suits you. You can also buy an existing business from a current owner-operator. Or—like most like-minded entrepreneurs—you can choose the franchising route.
There are numerous advantages to the franchise business ownership model, upping the odds of creating a lasting and successful operation. Following a proven business model, corporate support and the guidance of fellow franchisees are some of the most obvious reasons. Yet there’s another benefit that doesn’t get the attention it deserves—the legacy component, sometimes referred to as a multigenerational franchise partnership.
Many entrepreneurs choose franchising because one day—after they’ve built a successful business—they hope to pass the operation down to their children. Franchising can become a legacy opportunity, ensuring your hard work will benefit your family when the time comes to plan an exit strategy. The business then becomes a competitive edge for your next generation.
For some candidates, the legacy option is the prime reason for buying a franchise. It’s no secret that determining the type of franchise you’ll own and operate should be a family decision. As a FranNet consultant, many of our clients are a husband-wife team—and some have plans for involving their children in the operation right away. When you look at it this way, buying a family-owned franchise is actually an investment. In a best-case scenario, not only will your business increase in value over time—you can keep the fruits of your labor within the family for years to come.
When you decide to investigate franchising as a means to own a business of your own, think about the next generation of ownership. The added bonus of creating a legacy business for your family is an opportunistic factor you shouldn’t overlook.
FranNet of Dallas-Fort Worth can introduce you to several family-friendly franchise business models. If you’d like to hear more, schedule a no-cost, no-obligation meeting with us and together we’ll find a legacy franchise that meets your business ownership and lifestyle goals.
About the Author
Sara Waskow is the Dallas-Fort Worth Market President for FranNet, the nation’s leading franchise consultancy. She’s a career transition specialist whose no-cost, no-obligation expertise matches individuals to business opportunities that best fit their unique goals and talents. Sara is a member of Success North Dallas, the Southlake and Grapevine Chambers of Commerce, and the Cowtown Executives Association. She graduated from Texas A&M University and has lived in the DFW area for over 30 years. She can be reached at email@example.com.