About twenty years ago, Marie and Jerry Wiermanski toyed with the idea of opening a franchise but couldn’t find a well-managed company they could afford. Now, in their early 60s, the couple has more money in the bank, a stronger desire to own a business and – as of a few months ago – a new Batteries Plus franchise to call their own.
As more baby boomers look for ways to strike out on their own or supplement income in retirement, a surprising number are turning to franchises. At the West Coast Franchise Expo in November, 27% of attendees were 51 or older, up from 22.5% in 2008; at a different event on the East Coast in April, the percentage of 50-plus attendees jump from 21.5% to 24%, says Jim Mastandrea, the show director for MFV Expositions, which produces franchise expo events. And they’re not just browsing. Last year, Decorating Den, an interior design franchise, said the percentage of franchise owners who were over 50 hit 35%, up from 32% in 2009. At Caring Transitions, an estate sale and moving firm, about 35% of current franchise owners are between 55 and 60. And in 2010, a sample of Great Clips hair salons showed that its franchise owners over 50 had increased more than 15% in the last year. With additional time to work, grown kids to employ, elderly parents to take care of, and few prospects if jobs are lost, those over 50 have increasingly turned to business ownership in general and franchising in particular. Whether you are looking to supplement your retirement income or build on it, franchising offers a variety of options. Call us today to learn more about those options.
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