Having helped thousands achieve the American dream of business ownership over the past 35 years, our network of coaches at The Entrepreneur’s Source have spoken with countless unhappy employees. One of the greatest concerns for employed adults are the “what if” fears;
Taking control of your immediate income and the wealth you create for your family in the future are primary motivations for why employed adults consider an alternative career as business owners. The equity established with business ownership can be sold to another, or transferred to your family at some future point in time. Establishing a business or businesses that generate profits and income regardless of who is operating it, is a primary goal for nearly all of our thousands of TES Clients.
For existing business owners, succession planning is a hot topic. As illustrated in this recent article from Forbes, keeping a business successful as it passes from one generation to the next can be a challenge for many. The new generation has new ideas and suggestions for improving past systems that have proven to be successful.
When it comes to franchise opportunities, there is always a unbiased third-party involved in the training, operations and on-going support of that each families business. Family members can have their opinions, but franchisors have concrete metrics by which all franchisees are measured to determine success. New operators of an existing franchise unit, family members or not, are expected to adhere to these systems and are monitored consistently by the franchisor for maximum sales and profits.
So while independent businesses may struggle with family personality conflicts and inheritance battles, established franchise businesses will continue to provide advantages for generations to come. For some of our most established franchise companies, it’s not unusual to find third and fourth generation franchisees at the helm! Use our complimentary FranchiseMatch.com tool today to discover new opportunities that could change the future for you and your family!