Franchising With Family

Business ownership means experiencing a level freedom that you could never experience while working for someone else. You are your own boss. You make the decisions. You make the hours. You make all the calls. And owning a franchised business can help get you there faster than by beginning a startup from scratch.

The benefits of owning a franchise are numerous, from being attached to an established brand from Day One to the unprecedented training and support you will receive from the franchisor. The franchise route is an attractive path to success.

But one issue that all business owners deal with is the balance between professional life and personal life. Running a business will take a lot of time. If you have a family, how do you maintain that important part of your life while keeping your business running smoothly?

One possible solution: run the franchise with your family!

The prospect of a “family-owned business” can be very appealing to both you and your potential customers. For you, it is the chance to start a great new chapter with your entire family. For your customers, there is something special about doing business with a family-owned operation.

It is a win-win.

So, what are some of the benefits of owning a franchised business with your family?

Ownership with Your Spouse

Imagine having a business partner that you trust completely from the day you open the doors! You and your spouse have already established routines as a team managing the home, now you can translate that into business. Your personal and work goals will also align, making this a great combination. And as a bonus…it will be a refreshing change after working for years at separate gigs.

Ownership with Your Child

Most children in their 20’s and 30’s dream of owning a business. Opening a franchised business with your child can help them achieve that goal. Your wisdom and guidance, combined with their enthusiasm and energy, could make for an unstoppable combination. And just imagine the positive impact on your relationship that sharing the common goal of business success will have.

Your Child as an Employee

Maybe you have a younger child in their teens. They obviously could not be a business partner with you, but they could benefit by having a part-time job, or summer job, at the family business! You would not only be helping them earn income, but the confidence and business knowledge they would acquire could be invaluable.

Succession

Every business owner is concerned about selling the business when it is time to retire. When you bring the family into the business, you have a built-in succession plan! What an amazing legacy to be able to hand down the family business to your kids. It is peace-of-mind for you, and a wonderful opportunity for them for future stability.

If the idea of a family-owned franchise sounds great to you, you are not alone. There are thousands of them out there. The best way to find a franchise that would allow you to bring the whole family in is to contact a professional franchise consultant that can help you sift through all the choices. Just imagine, this time next year you could be running your own business and sharing something special with the most important people in your life…your family.

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Cindy Rayfield is a franchise broker with the International Franchise Professionals Group (IFPG). Since 2008, Cindy has been helping her clients find the perfect franchise match for themselves and their families. If you have questions for Cindy, contact her at 720-261-4391 or [email protected].