What Is A Corporate Refugee?

Corporate Refugees were prevalent during the recession and they are still among us. The most desperate are unemployed professionals in their late 40s, 50s and early 60s. They were well paid, with six figures, a nice 401K plan and health benefits. So what do they do after decades of security and success? For many, it’s either find a new career or leave town. Lexmark is the perfect, and sad, example of a corporate refugee’s future. Where does an engineer, communications professional or international expert find a job? Lexmark has highly qualified and specifically trained industry employees. Can they find the same kind of position in Lexington or Central Kentucky? Even if there are one or two jobs available, more than 100 employees were recently let go from Lexmark.

There is an option some Corporate Refugees may not have considered: Franchising! I was a Corporate Refugee with no serious prospects and I went into business for myself. Yes, it’s a scary option. Business ownership is not for everyone, but the opportunity is intriguing and attractive. Being your own boss with the potential to sustain the same income can be even more satisfying than the rigors of Corporate America.

Now for some facts about franchising. When you think of franchising, you think of McDonald’s, but fast food is the smallest category of franchise availabilities. Baby Boomer related services are big right now. Home healthcare, lawn care and home repair are low cost franchises with great income potential. Most franchises range from $50,000 to $150,000 with great financing options.

So if you’re a Corporate Refugee; afraid you may be one soon, or just want a change of pace, consider franchising.