Does teamwork make the dream work? That’s a question many families should be asking themselves when it comes to exploring the possibility of becoming franchisees. This topic is what some in the industry refer to as legacy business building, involving multi-generations of a family buying a franchise for the purpose of creating family wealth. And it can work from both directions, be they Millennials or Baby Boomers.
First, let’s look at some statistics from this interesting report from the prestigious Pew Research Center. The takeaway? The population of Millennials, as a generation, are poised to overtake Baby Boomers by the year 2028. This is based on U.S. Census Bureau information from 2016. Various other research also tells us that Millennials are much less risk averse about starting their own ventures. Born to be entrepreneurs, this generation is eager to plant their own flag.
What do they lack in taking over the world at this point? Capital. Guess who has most of that? Baby Boomers. So…what if they teamed up? Franchising is a very interesting scenario to consider when this is proposed. And it has everything to do with legacy franchising. Where the older generation of a particular family starts a business with the notion of one day turning over the reins to the younger generation, thus keeping all earned wealth right in the family.
Many of our FranNet consultants from around the country are reporting that this scenario is becoming much more commonplace. And hasn’t it always been the older generation gruffly proclaiming, “You’ll never get rich working for someone else!”? If an old adage from the same line of thinking holds true, this could be a winning proposition: The family that plays together, stays together.
There is also a specific franchise operations category that practically lends itself to the multi-generational franchise legacy plan. It’s called the semi-absentee business model. The aspects are pretty basic. An individual buys a franchised business not with the intention of running the day to day operations, but rather hiring a manager to manage things. The older generation makes the purchase, the younger generation runs it.
This is a recipe that can put your family on a path to future success. If the thought of exploring legacy-based franchising appeals to you and your family, talk to one of our qualified FranNet consultants, of whom you will find living and working right in your own local area. FranNet consultants work at no cost to you.
We can explain the ins and outs of franchising and how a successful operation can become the focus of your families’ future. You can go to our franchise consultation page and read all about how to get started on a family-based entrepreneurial path.
Let’s chat! There’s a local FranNet consultant right in your market who knows that market inside and out – knows the personality of the market – knows the competitive landscape. FranNet has a great track record of assisting individuals on their path to entrepreneurship, and one of our franchise experts would love to provide you with guidance free of charge. Sound like something you might be interested in? Get started here and find your local consultant right now!