Joel Libava
Baby boomers are retiring in droves. That’s probably not breaking news to you.
The fact that some of them can’t retire, is.
That would really stink. Working your tail off for 40+ years, only to find out that you don’t really have enough money to not work anymore.
A small percentage of “not able to retire” baby boomers will take a gander at franchise ownership. Is that really a viable alternative to just going out and getting a job?
I guess it depends on your needs.
I may be shooting myself in the foot here, (done that before) but if you’re a baby boomer who’s a little light on cash, and a lot light on monthly income coming in, is investing in a start-up franchise really something you should be looking into?
(I’ve now managed to upset some franchise executives. That’s because some of them pay me to help them with content and social media marketing. Or are considering it.)
Here’s the delio; the franchise executives and salespeople that are now saying, “this dude doesn’t get it. He just made it a lot harder for us to sell franchises to baby boomers,” aren’t the ones that I would want to work with, anyway. They’re the ones who don’t get it.
I’d like to remind my fellow franchise professionals that almost no one makes any money in the first year (at least) in their start-up franchise businesses. If franchise candidates need income quickly, and they don’t have a large enough nest egg to float them through the start-up phase of the business, you shouldn’t really be awarding them franchises to begin with.
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If I was a franchisor, I’d set up a really focused program for baby boomers who are a bit light in the cash and savings dept. These folks don’t want jobs; they want to work for themselves. Set them up with current franchisees of yours who are thinking about selling their franchise units. At least then, these boomers would have some revenue coming in right away. They could become Superheroes.
That’s what I would do.
What would you do?
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Before you add your comments below, here’s an in-depth post on franchising and baby boomers, by Catey Hill over at MarketWatch, which is part of The Wall Street Journal Digital Network.
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