Bipartisan legislation introduced by Representative Bill Flores on December 16 would help qualified veterans invest in their own franchise. The Veterans Entrepreneurs Act of 2013 would create a tax credit of up to 25 percent off the total initial franchise fee, capped at $100,000, for veterans and their spouses who purchase a franchise.
The Veterans Entrepreneurs Act of 2013 will help American service men and women attain small-business ownership through franchising, in turn helping to create job opportunities for other fellow veterans. The tax credit would help veterans become entrepreneurs by curbing financial obstacles to business ownership.
“As veterans return stateside, our service men and women should be able to ride the crest of the economic recovery by taking advantage of franchise business opportunities,” said Terry Powell, founder of The Entrepreneur’s Source. “Franchise ownership provides an established, proven business model, ongoing training and support and an ideal structure for returning veterans to smoothly transition back into civilian life and the working world.”
The franchise industry has a history of supporting veterans in the pursuit of franchise small business ownership opportunities. In 2011, the International Franchise Association (IFA) made the largest private-sector veteran hiring commitment as part of the White House Joining Forces program, led by First Lady Michelle Obama and Dr. Jill Biden. According to the IFA, as part of the campaign, 151,557 veterans, military spouses and wounded warriors have entered franchising since 2011, including 5,192 as franchise business owners.
“Franchises are a natural fit for military veterans who are trained to follow standard operating procedures,” Powell added. “Besides being coachable and comfortable in a structured environment, veterans have the ability to make important and sometimes decisions in a short amount of time. All franchisors seek these qualities in franchise candidates, making veterans an ideal choice.”
For information on franchise opportunities with The Entrepreneur’s Source visit http://www.theentrepreneurssource.com/discovery/.