Should You Buy a Franchise After Retirement?

For many of us, we’ve spent years looking forward to retirement, only to find it takes just a few weeks to finish all the projects we have at home and watching daytime TV is not cutting it.  So, what’s the next step after retirement? It could be a franchise.

Franchising can be a viable option depending on how much time you want to devote to your franchise business. There are many full and part-time opportunities that allow for a full-time effort or work from home opportunities you can build at your own pace.  Most franchisors have third-party lenders they can introduce you to if need be.

Part-Time Franchise Opportunities

Franchising is a great option for your retirement because you don’t have to work in your new business full-time.  After all, you have paid your dues. Your career job required a 9 to 5 commitment. Now that you are retired, you’re ready for a new challenge.

Ideally, you want to find a passionate endeavor, that will still give you the lifestyle you worked so hard to achieve. You will have the option to buy a franchise that allows for part-time and semi-absent ownership. You can set your own hours and hire someone you trust to run the business on a full-time basis. Enjoy time with your grandkids. Play golf and travel with your family. That’s why a part-time franchise opportunity will work for you.

When you visit the franchisor on Discovery Day, talk to the management team about part-time and semi-absentee ownership. Be clear about your intentions and what you want to achieve by buying this franchise. America’s Best Franchises features a variety of franchise opportunities in the following industries that offer exactly what you are looking for:

• Vending Franchise Opportunities
• Travel Agency Franchises
• Property Management Franchises
• Anti-Aging Wellness Franchises
• Children’s Resale Clothing

Franchise Financing Options

We’ll let you in on one entrepreneurial secret: Retirement allows you to start your own business while you’re in good financial shape. Have you ever heard of ROBS? It stands for rollovers for business start-ups. ROBS could be your best option to start your post retirement business. This financing option gives you the opportunity to use your 401K to start your own franchise business. It is a very technical process, but there are a handful of professional agencies that specialize in it and can get you set up with everything you need roll your 401K into your own venture.

This financing option would not have been possible for you 20 or even 10 years ago. But now you have the resources — not to mention the experience — you need to realize your entrepreneurial dreams.

Other Franchisees Have Paved the Way

Today, about 25% of new business owners are between the ages of 55 and 64. Recent trends show that the proportion of new entrepreneurs over the age of 50 continues to grow. Most franchise brands not only have experience working with older franchisees but welcome mature entrepreneurs with a vast set of management and operational skills. They will be excited to assist with using your nest egg to build a new business that fits your desired lifestyle.

We encourage you to ask the franchise brands you are considering about their experiences working with franchisees who have pursued entrepreneurship as a post-retirement career. Also be sure to ask some questions to help you understand if franchising with a particular brand will provide you the lifestyle you want. Do you have to live near the franchise location? Do they offer part-time ownership? Can you be a semi-absentee business owner and hire a full-time manager? Are there other franchisees who are pursuing ownership after retirement? If so, ask for an introduction and work with others that have the same retirement goals.

Are you ready to find the franchise opportunity that will be your new career after retirement? Start by previewing hundreds of part-time and semi-absentee opportunities available at America’s Best Franchises.