Being your own boss is a satisfying concept.
Control of your destiny is another.
And you may have dreams of padding theretirement incomeand having a profit engine to pass on to your children.
There are lots of glowing reports of franchise success, but statistics are undependable.
It is still possible to fail, which Schadle readily acknowledges.
“Even the best-designed business models will not always work for everyone,” he says.
“Buying a franchised business is a risk that will require real effort to be successful.”
Local newspapers periodically report on lawsuits and squabbles between franchisees and their parent firms.UnhappyFranchisee.composts gripes about scams and rip-offs.
All of which is why nobody should make the decision to franchise lightly.
“The magic can happen if you work really hard and choose the right opportunity,” says Libava.
Not every franchise is ideal for someone over 50.
Issues of health and energy may arise.
But is that something you’ll want to be doing at 63, or 73?
It can take a long time to reach this goal.
Is this an appropriate risk?
Always keep in mind that you’ll be risking money from yourretirement nest egg.
But an existing, successful franchise may also be more expensive.
Do I have enough money?
And you’ll probably need extremely good credit as well.
Not everyone gets to play in the franchise game.
And if you do, choose well.
Here are five franchises that owners consider friendly for 50-plus.
New job, dream location: floor covering »
1.
In 2005 they made good on that dream.
Cindy has kept her job at an education company, working the franchise part-time.
John carries the bulk of the day-to-day responsibilities.
Her advice: Set a dollar amount that you’re willing to invest and never exceed it.
A good fit and less stress: tax services »
