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3 Ways to Make Your Franchise a Family Business

By: Bill Bradley

 

Ways to Make Your Franchise a Family Business

You can’t choose your family, but if you’re a franchise owner you can choose whether or not they are involved with your business! In fact, 43 percent of small businesses are family businesses according to the National Federation of Independent Businesses. If you are looking to bring your family into the franchise fray, here are some of our favorite ways to make your franchise a family business.

Partnering with Your Family

Much like franchising with a business partner, franchising with a family member is a way to protect your investment and always have an extra perspective. Being in business with a relative can also be a great source of support. No one has your back like family!

Franchising with a Spouse

Investing in a franchise with your spouse can be a great way to incorporate family in business. You will have someone you trust with you at every step of the franchise journey who truly understands you and your business goals. Plus, it is a nice way to spend time together after years working separate corporate gigs.

Franchising with a Child

Depending on the age of your children, franchising with your child might be an option. According to research conducted by Bentley University, 66 percent of Millennials have the goal of starting their own business. But large amounts of debt and less work experience can make it hard for them to secure traditional loans. This is where you come in. Franchising with your child can help them achieve their goal of business ownership. Plus, your wisdom and experience can help them avoid common franchising pitfalls. And you will get to spend more time with them while enjoying a new phase of the parent-child relationship. Partnering with your son or daughter can usher in a new era for your relationship – one where you are partners with a common goal: building a successful business.

Hiring Your Child

If your kids are a little younger, owning a franchise could be your way to guarantee them an after-school or summer job. Your kiddos will never have a blank resume or CV. Working and earning their own money is a way for teens to gain some independence and work experience. And it’s surely nice to know everything about the environment they are working in. Plus, having them work in your franchise location gives you more quality time with them before they are all grown up and off on their own adventures.

Family Succession

Owning a franchise is a great way to leave a legacy to your family. Building up a business and passing it on to a child or relative when you retire will make your franchise a family business in the most traditional sense. Ideally, you’ll have your exit strategy ready long before you’re ready to retire. That way, you can gauge if any of your children or relatives share your passion for your franchise business. Once you’ve talked to that relative about taking the business on, you will have time to teach him or her everything they need to know about running it. When the time comes for you to step down, you will have confidence in your relative’s ability to do the job.

Many franchisees make their businesses family businesses, by franchising with their relatives, hiring their children, or passing the business to a family member when they retire. If you are looking for the perfect opportunity for you and your family, browse our franchises.

Published: February 5, 2020
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Source: America's Best Franchises

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Bill Bradley

Bill Bradley

Bill Bradley is founding member and CEO of America’s Best Franchises, LLC.  Bill founded three financial services firms, Ocean Shores Ventures, Denali International and William Bradley Enterprises. In addition, to launching America’s Best Franchises in 2005, Bill orchestrated approximately 20 private equity transactions in excess of $31 million, and launched five specific purpose private equity partnerships.

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