Trends in Franchising
The Entrepreneur’s Source Terry Powell on The Rise of Multigenerational Franchise Partnerships
A new trend is beginning to emerge in the franchising industry: The multigenerational franchise partnership. This trend doesn’t look like a fad, but one that is here to stay in franchising. Today, The Entrepreneur’s Source Terry Powell provides his insight on the growing popularity of multigenerational partnerships in the franchising industry and why these pairings can flourish.
A Franchising Match Made in Heaven
At first glance this may seem like an unlikely and odd pairing – older Baby Boomer parents teaming up with their entrepreneurial-minded Millennial children. However, when looking at this pairing more closely, it actually makes a lot of sense and these different segments actually have a lot to offer one another.
“A vast majority of today’s unemployed Baby Boomers are seasoned executives with severance packages who are now looking for new ways to invest in their future,” said The Entrepreneur’s Source Terry Powell. This trend, coupled with a bleak job market for today’s college graduates, has led more and more parents to partner with their children and invest in themselves by opening a franchise.”
Although the economy has been steadily rising over the past year, the “standard career pathway” just isn’t a promising option for America’s employees. The average length of unemployment for individuals 55 and older has continued to rise over the past year, the U.S. Bureau of Labor Statistics reports, and more than 50 percent of Millennials with a bachelor’s degree under the age of 25 are jobless or underemployed the Associated Press cites. As many Baby Boomers suffer from Battered Career Syndrome as an effect of The New Career Economy and as their Millennial children enter the unwelcoming job market, this pairing can be a true match made in heaven.
“The Baby Boomer generation [wants] a ‘second act’ career that offers independence as well as benefits and structure, which is often found in franchising,” The Entrepreneur’s Source Terry Powell told Business News Daily. “Millennials are a generation driven by risk and innovation. With limited job opportunities and natural independent drive, the entrepreneurship and stability of franchising is an appealing career path for Millennials.”
Why Franchising is a Fit for Multigenerational Partners
For years parents and their children have been working together in family business settings, but these partnerships are starting turn to franchise systems to invest in. Investing in a “family franchise” offers these first-time entrepreneurs an easy-to-follow system – an integral part of the franchising model – and combines the many benefits of business ownership with a proven brand name, an established operating system and continual assistance and support offered by the system’s franchisor.
Teaming up and investing in a franchise gives Baby Boomers the ability to teach their more inexperienced children what they have learned in their 20+ years in the job force while these recent college graduates can teach their parents new methods that they learned in school: A win-win for these partners.
The key factor in the success of these multigenerational pairings is finding the right franchise concept for them to utilize their unique skillsets and knowledge.
“Finding a franchise concept that allows everyone to leverage their skill set is imperative when identifying the right opportunity for a multigenerational partnership,” said The Entrepreneur’s Source Terry Powell. “Even if the parent isn’t fully engrained in the business – leaving their child to run the operations – they should still have an interest in the concept and be able to utilize their experience or skills to provide support.”
Contact a Franchise Coach at The Entrepreneur’s Source Franchise Today!
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