Generational Collaboration Makes Franchising a Family Business
What do Baby Boomers and Millennials have in common when it comes to career planning? More than you might suppose. Both groups are increasingly disillusioned with the traditional career path: Find a job, work hard to get promoted, save and invest some of your salary, and hope to retire someday. That’s not how things are playing out for many Americans these days. That’s one reason they come to FranNet DFW—they are hungry for different options.
Entrepreneurship Beckons All Age Groups
Many professionals in their fifties and sixties are burnt out at their traditional jobs—but still not ready to sail off into the sunset. Others find themselves suddenly in transition due to downsizing and unsure of what to do next. Young men and women in their twenties to mid-thirties are facing pressure to find jobs in an economy where a college degree may do little to help them find meaningful, lucrative work.
What happens when two generations in the same family are faced with this reality? Sometimes, they decide to partner up and do something about it. Small business ownership is one path forward that has increasing appeal. When parents and their children can work together toward a common goal, the future is bright indeed.
What Makes a Family a Strong Team in Business?
Obviously, the first thing parents bring to the table is the financial ability to fund the business. While many Millennials want to become business owners, few have the resources to do so. That Baby Boomer nest egg is an essential piece of the puzzle. But mature adults also bring much more to the family business:
- A realistic expectation for what success will require
- Practical business experience
- The ability to make solid decisions based on reason
- Well-developed skills that can transfer into running a business
- Patience in the face of adversity
- A track record for following through
The younger generation has its own strengths and resources that can add enormous value as well:
- Enthusiasm and energy
- The ability to work long hours and still stay healthy
- A better sense of what younger customers want
- High adaptability in the face of a changing marketplace
- Knowledge of how to connect with employees and customers using digital technology
- An understanding of the true importance of a company’s culture
- A strong desire to do meaningful work that makes the world a better place
When parents and their adult children can agree on a business opportunity, the synergy is very powerful.
Why a Family Owned Franchise?
In days gone by, many parents would create a business from the ground up. Children and grandchildren would become apprentices and learn the trade, and this knowledge would be passed down to help the organization continue to thrive for decades or centuries. Franchising provides a shortcut in this process so that families can start today and build on proven business models.
When kids work side by side in the franchise with their parents, there are also fewer surprises in exit planning. Offspring already know how to continue running the business when their parents retire. Or, they know for certain that they want to try a different entrepreneurial adventure (and they are well-prepared to do so). Either way, the experience of successful small business ownership is a powerful legacy for families.
Finding the right franchise opportunity when parents and kids are involved is even more complex than decisions that just involve spouses. Put your family on the right track with the in-depth, no-cost consulting services provided by FranNet DFW.