A Legacy of Success
Congratulations! You have been quite successful in the business world. Whether it is time to retire, you are looking for a change of pace, or you have simply had enough and are ready to be your own boss, the idea of building a family business is one of the predominant reasons people are turning to franchising.
It is quite logical—training is included, turn-key support is provided, and the model is proven. Success is just a matter of executing the systems properly. No problem, right? Maybe for you, but what about for your children? When starting a family business, it is critical that everyone’s goals and expectations are aligned.
There are thousands of franchise operators who have legacy types of businesses, and many are entering their third generation of operations. What they would all tell you is to be prepared for the unexpected. Parents become grandparents, family members move, others might later opt for a different career path, simply stated: things change. It is imperative that you have a backup plan, and it would be wise that your backup plan has a backup plan and an exit strategy. I have personally seen a few 60-somethings running restaurants because their 30-something children had a change of plans, or a change of heart.
There is absolutely no doubt that a family legacy business is a great way to get involved in franchising, and many of these businesses generate real wealth. Jim Jurdy from Forbes magazine wrote a nice, short article on family businesses that you can read here: https://www.forbes.com/sites/forbescoachescouncil/2018/04/09/why-owning-a-franchise-business-is-good-for-your-family/#675bac67531f
I would suggest connecting with a few franchise operators who have created a family legacy business before you make the commitment. Ask these operators your tough questions; most are eager to share their stories, and you can also find valuable information online. Multi-Unit Franchise magazine publishes a quarterly interview of top-performing operators, many of whom run family-based businesses.