Parents and College Grads Team-up to Pursue Multi-Generational Franchise Ownership
A growing number of Baby Boomer parents and their recent college graduate children are pairing up and entering the franchise world together. "Family franchises" offer easy to follow systems and combine the many benefits of business ownership with a brand name, experience, proven operating system and ongoing guidance and support provided by an established franchisor.
State of the Current Job Market
Although the current economic climate is looking much more promising than it has in years, uncertainty still permeates through the job landscape for millennials. After decades of being told "pursuing education and a college degree would lead to a job -- and, then a successful career" -- millennials are finding themselves without a clearly defined pathway for the first time in years and are being forced to consider alternative opportunities that may help fulfill their dreams.
A recent study conducted by the Associated Press found 53.6 % of those with bachelor's degree under age 25 were jobless or underemployed.
This age group is not alone. The U.S. Bureau of Labor Statistics reports the average length of unemployment for people age 55 has continued to rise over the past year. As the boomer generation enters into a new stage of life and draws closer to retirement, many are realizing they’re not quite ready to give up their passion for business or entrepreneurial dreams. Instead, they’re opting for new ways to invest in their future and are creating a bridge to their retirement years.
The growing epidemic of college graduates that are unemployed, paired with the unwelcoming job market for Baby Boomers, are just some of the factors that are driving these two unlikely demographics to consider entering into business together. Many boomer parents and their millennial children are joining forces in increasing numbers and are often turning to franchise opportunities to invest in -- creating a wide spectrum of new multi-generational owners in franchising today.
Parents have been going into business with their children for decades, but now more than ever are looking at franchise systems as a platform for launching their own multi-generational business. For millennials and boomers alike, franchise systems offer an easy-to-follow proven operating system, a recognized brand and tools, resources and continuing support of the franchisor to launch their own business together.
Honoring familial trust
While partnering with a parent or a child may seem lucrative and convenient, keep in mind that the familial relationship came first and it’s the one that will be there the longest. Before even considering entering into business together, be sure to have an open dialogue about expectations in terms of trust.
Parent-child teams don't necessarily need to be a 50-50 combination. One of the business partners can hold more responsibility than the other to help avoid clashes. It is important that the parent-child pair finds the right concept that enables each partners to utilize their best skills and former experience.
Finding the Franchise Concept that's a Perfect Fit!
Finding the right franchise concept that allows everyone to leverage their skill set is imperative when identifying an opportunity for multi-generational partnership. Even if the parent isn't fully embedded in the business - leaving their children 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. When everyone is active in the business, we often find the parents handle jobs requiring local connections while children take care of day-to-day operations and online marketing.
Sharkey's Franchising Co. founded in 2001 by Linda and Scott Sharkey