This blog post was prepared by Gerald P. Moriarty. He will teaching a workshop on November 9th at our downtown SCORE location. ……………….
While some economists say there are some signs of the economy starting to improve, almost all agree that we may be heading for a jobless return to an improved economy. I counsel many middle and senior managers from large corporations, and they are universal in their views that the job market is extremely tough. Sixteen and eighteen month searches are common. Then they learn from colleagues that the tenure of jobs they have is hovering around the three year mark!
Two years ago, Fortune magazine published a very sobering article titled Permanent Vacation. It described the growing practice of large corporations to thin out the ranks of their 50 year old plus executives and managers. Then, say, a 52 year old executive faces a tough job market, and even if he is fortunate enough to get a new position, there is a good chance he will be looking again at age 55 or 56. The pickings are even slimmer, and if he is not lucky, then he is on “permanent vacation.”
Business ownership is one way to gain control of a business career. Franchise business ownership may be a safer and more profitable way to gain that control, provide a nice revenue stream, and even build equity over time. Franchises are strictly regulated by both federal and state laws. The regulators require each franchisor to register critical information about the franchise with them, and then give that same information to the candidate in a book called the Franchise Disclosure Document (FDD). Included in the FDD is the number of openings, closings, and transfers of the franchise units, by state, and for the last three years. Also included is the most recent contact information for any ex-franchisee who has left in the last year. So, due diligence will reveal how “safe” the business is. If the candidate targets “recession resistant” franchises, he may spot a franchise that is both safe and profitable. Some “recession resistant” franchises include hail salons, property restoration companies, health clubs, business coaching, business expense reduction companies, appliance repair, auto service, temporary help agencies, tutoring companies and many more.
To Register for the workshop: https://s08.123signup.com/servlet/SignUp?PG=1522055182300&Info=&P=1522055191158067000