When I talk to people about franchise ownership, a common question I get is “What about the risk?” Particularly for people in high-paying, supposedly secure corporate jobs, entrepreneurship can seem like a dangerous unknown. I get it–I’ve been there. I made the leap from corporate executive to small-business leader to entrepreneur over the course of just a few years. It wasn’t easy. But then, worthwhile experiences rarely are. As I’ve shared before, I greatly prefer entrepreneurship to employment and find it to be one of the most empowering choices I’ve ever made. Here are the key reasons why.

I Make the Decisions

As a corporate executive, I had the illusion of control. I had a huge budget at my fingertips and the authority to make big decisions. But I was never the ultimate decision-maker. My authority was always second to a VP’s or the CEO’s. And even the CEO had to answer to the board and the shareholders. No matter how high-ranking, an employee always faces the risk that a downturn or some strategic shift will eliminate their position. And especially for high-ranking employees, who tend to have many years of experience under their belts, ageism is another risk on top of that.

As an entrepreneur, however, I have full access to every detail about the business. In a downturn, I’m not left in the dark, wondering how someone else’s decisions will affect my job security or the viability of the business. I have the authority to course-correct based on my knowledge and experience. And when things start looking up, I can move as quickly as I want to seize opportunities for recovery.

I Make My Own Raises

A stable income is a wonderful thing–until it isn’t. Aside from the risk of layoffs or pay cuts, even the most generous and profitable organizations have caps on compensation. No company pays limitless bonuses or commissions. And the more secure a job is, the more rigid the pay structure tends to be. Highly stable government jobs, for instance, often have predefined pay ranges and limit raises to the same small cost-of-living percentage for everyone, regardless of performance.

As an entrepreneur, however, I make my own raises. My willingness to work and to put my skills and experience to use are the only limits on my pay. I have the freedom to grow my business as large as I want it to be. My ability to manage it is my only constraint. If I want to earn more, I learn what I need to learn, or I keep expanding or looking for clients until I reach my goal.

I Reap the Rewards

Employees come to work every day, and the fruits of their labor fill the company bank accounts. When an employee invents a new product, solves a problem, or creates a more efficient process, the company reaps the long-term benefits of that innovation. In return, employees receive a small fraction of the wealth they create.

Do executives make a lot of money? Absolutely. But it’s no coincidence that the highest-paid among them receive much of their compensation in stock (i.e., an ownership share in the company). And think about the names you see on the Forbes billionaire list every year. They’re not employees–they’re business owners or the heirs of business owners. That’s because, while entrepreneurs do carry higher risk, the value we create comes back to us. When we use our skills and knowledge to grow our businesses, the resulting profits fully belong to us.

I Have Flexibility

As an employee, I had to keep the schedule my employer required, regardless of the rank I held. Moving up the ladder required me to move my family around the country and even across the world, and I put in many more than 40 hours per week on the road and in the office. Even when I had operational freedom, my goals and responsibilities were still set by the company. I had to serve a company mission and follow company rules.

With entrepreneurship, however, I have full freedom to organize my schedule and direct my business. As an executive franchise owner, I only have to invest a few hours a week to keep the income flowing. And as a consultant, I can work whenever and wherever suits me and my family. I have the freedom to choose a vision and strategy that interest me and goals that keep me engaged. Most importantly, the definition of success (and the work required to reach it) is up to me.

For some people, the relative steadiness and low risk of employment make up for the constraints on income and professional freedom. I’m not one of those people. For me, the limitless income potential and ability to write my own story make up for the increased risk of entrepreneurship. If that sounds like you, and you’re feeling constrained by the limits of the corporate world, schedule a call with me or Lauri. We can help you take the first step toward freedom.

If you’re serious about franchise ownership, you’ll eventually get to the due diligence phase, when it’s time to get down to the nuts and bolts of evaluating a franchise investment. As part of that phase, the franchisor you’re interested in will provide you with a Franchise Disclosure Document (FDD), a standardized, federally mandated packet of information that discloses detailed financial and operational information about the franchise. It includes information such as expected time to profitability, background on the franchisor’s leadership team, lawsuits filed by or against the franchisor, and more.

Although due diligence often includes other steps, the FDD is your primary tool for assessing whether a franchise is right for you. But given the cost involved, you obviously don’t want to do this on vibes alone. I always counsel my candidates to run the math. And today, I’m going to share with you the framework I share with them. This is the framework I personally used when I signed my first FDD. The six franchises I purchased as a result were the best career and financial decision I’ve ever made.

I ran my framework for an 18-month horizon, but a different timeline might better fit your situation. I knew I was aiming for a multi-unit executive franchise business, which has a longer time to profitability and more complex financials at play. If you’re just planning to buy a single unit, a 9-12-month framework might be sufficient.

My Personal Framework

The Revenue Ramp

In the FDD, the franchisor will typically give you best-case numbers for revenue growth. But when you’re evaluating a franchise investment, you want real numbers. And that’s where another aspect of the FDD comes in handy.

Every FDD also includes a list of current franchisees you can contact for validation calls. Use it. Find the franchise owners whose business setup is closest to what you want to do, and get their real-world numbers. Then use them to map out, month by month, what realistic revenue growth looks like.

The Expense Load

Of course, revenue is only half the picture. You’ve got to compare it to expenses to know when the revenue will start covering your monthly burn – and when you’re going to reach profitability.

The FDD also includes information about typical expenses for a franchise. But once again, these may be best-case numbers or an average. Just like the revenue numbers, you can validate expenses with current owners, to make sure you’re plugging real numbers into your model.

Be as thorough as you can. Think about rent (for brick-and-mortar franchises) or additional utility costs at home (for home-based franchises). Factor in insurance, payroll, cleaning fees, supplies, franchise royalties, marketing – all of it. The more you can capture, the more certain you can be about the accuracy of your predictions.

Free Cash Flow Horizon

This was the number that mattered most – and it wasn’t about profitability on paper. I was looking for the month when I’d have actual cash in the bank after all obligations.

This is the number that will tell you if you have enough runway to get your business off the ground. It will also tell you whether your investment will pay off according to your personal financial horizon. In other words, more than any other number, it will tell whether this is the right investment for you.

What the Framework Tells You

Overall, this framework for evaluating a franchise investment will provide three important insights:

• How much runway you actually need (not what you hope you need). Do you have enough cash to cover that timeline? Does the timeline fit with your own financial needs or wishes? E.g., if you want to retire in 5 years from the return on this investment, can you do that?

• When you can stop drawing from savings. I’m referring here both to your business and your personal savings. When you first launch your franchise, you shouldn’t be drawing a salary from it. That should wait until your business is profitable. So paying your own bills has to be part of the financial calculus.

• What has to go right – and what can go wrong. My framework will help you identify factors like critical periods of growth, places where the franchisor’s financial model might be especially weak or strong, and how much margin you have for surprises. These are all critical insights for assessing the stability and payout potential of the business.

Remember, the FDD gives you historical data, and franchisors sometimes pick and choose what to include. You may be looking at averages or best-case numbers that don’t fit your specific situation. A pro forma makes it personal to you and your goals.

I’m always fascinated by the fact that many of my candidates have built their careers on smart financial management. They can analyze a P&L and build a forecast for their employer with the best CFOs out there. But when it comes to their own futures? Too many of them skip the math and hope for the best.

Don’t do that. Sign the FDD, then build your own model. Talk to franchisees. Stress-test your assumptions. Know your numbers cold. This process won’t eliminate the nerves around making a big decision. But it will replace uncertainty with clarity – and sometimes, that’s even better.

Want some personalized help evaluating franchise investments? I can guide you through the process of finding the right franchise for your resources, goals, and skills. And my services are always free! It just takes a 20-minute call to get started.

The timing is right.

Some franchise candidates are nervous about high interest rates, persistent inflation, and factors such as fuel costs and tariffs. But in reality, those economic indicators don’t drastically increase the cost of buying and setting up a franchise.

Rather, now is the time to take the plunge. Commercial real estate occupancy (and therefore costs to rent or purchase space) continues to be relatively low, and businesses that provide essential services don’t experience much of a slowdown. Seize the day and start making progress toward your dream.

It’s more affordable than you think.

Yes, some franchises cost hundreds of thousands of dollars. But did you know that you can buy into some thriving franchisors for just $50,000? Up-and-coming and regional brands can be especially affordable. Cost-effective financing options are available, too, so the expense of getting started doesn’t have to delay your dream.

It’s flexible.

The franchising industry covers hundreds of economic sectors, with thousands of franchisors awarding contracts. Though the application process is competitive, franchise options exist for every experience level, financial horizon, and ownership style. Whatever you preferences or interests, you can find something to fit.

It’s recession-resistant.

Some people worry about the economic unpredictability of retiring early. But franchising offers many recession-resistant options, so you can still achieve your dream while staying on a firm financial footing. Look for franchises that focus on essential services, are home-based (i.e., have low overhead), and offer the option to purchase multiple units (for redundancy and economies of scale).

You gain control over your future.

Owning a franchise puts you in the driver’s seat. No more taking orders from the C-suite or the board. You decide how to run your business and respond to changes in the economy, and you decide how to use the profits you earn. That means you can select and set up your franchise to fit your retirement goals.

You gain control over your schedule.

Any kind of franchise gives you more control over your schedule, simply because you’re the boss. But for candidates who want to retire early, we especially recommend executive franchise ownership. This arrangement enables you to bring in a full income while spending just 8-10 hours per week on the business. The rest of your time is yours to enjoy.

It keeps you engaged.

Worried about mentally slowing down in retirement? Franchise ownership keeps you sharp without tying you to an employer’s expectations. You get all the same challenges of business leadership–managing finances, solving problems, setting strategy–but with the balance of plenty of time to relax and enjoy yourself.

It provides community.

Many people worry about becoming isolated in retirement. As a franchise owner, however, you unlock the door to an entire community of people. From your fellow franchise owners to your employees, vendors, and other entrepreneurs in your city, you make a host of new connections that will enrich your life.

It’s dependable.

When you think about retirement, you want a solution with security and longevity. Franchising has both. Any form of business ownership carries risk, of course. But when you buy a franchise, you buy into a proven business system that’s already been market- and operations-tested for success. Plus, franchising as an industry has been around for more than 100 years and includes some of the country’s oldest and most trusted brands. Clearly, it’s not going to die out anytime soon.

Finding a match is easy–and free.

Maybe you don’t just want to retire early, you want to retire soon. Because the industry is so large, finding a franchise on your own can be overwhelming and time-consuming. With help from the Empowered Franchisee, however, you can find a fit quickly. We pre-vet franchisors so you don’t have to wade through thousands of options. We also have established relationships with franchisors to help give you an edge in the awarding process. Best of all, our services are free to candidates. Learn more about how the process works or book some time with me or Lauri today to take your first step toward that early retirement dream!

I became a franchise owner 12 years ago. And 5 years after that, I became a franchise consultant. I’ve built out a highly successful franchise business with 6 locations, and I’ve worked as a consultant with more than 100 candidates and counting. Through that experience, I’ve learned a lot of lessons. Here’s one of the biggest ones: your resume is not the most important factor in determining your franchise success. When I have my first meeting with a franchise candidate, I don’t start by asking about their professional background. I ask the one question that predicts franchise success: “What will you do when it stops being fun?”

When Franchising Isn’t Fun

If you’ve been reading my blog or following me on LinkedIn for any length of time, you know that I love my work. And yes, I’d say it’s been fun in many ways.

When I was building out my salon suite business, for instance, I got to meet hundreds of independent salon professionals whose stories were incredibly inspiring. Single moms who were finally able to provide financial security for their kids. Young, up-and-coming manicurists and aestheticians who decided to bet on themselves. Hairstylists who were saving for their future for the first time.

They were all funny, optimistic, and creative. Being around them gave me energy and put a smile on my face.

But there were also times when the work was stressful and not very fun. The same will be true for any franchise.

You’ll have a month where you don’t make your revenue target, or where occupancy falls below the ideal level. The market might shift temporarily away from your core product or service, or if your business is seasonal, you might find it challenging to even out the hills and valleys at first. You might lose a core employee, or discover that you’ve made a bad hire.

The Answer I’m Looking For

But all these challenges are temporary, and I’ve found that my one question predicts franchise success when the chips are down.

When I ask, “What will you do when it stops being fun?,” the answer I’m looking for might surprise you. I’m not looking for a candidate to say, “I’ll keep my chin up,” “I’ll push through,” or “I’m a grinder, I’ll make it work.” Those are vague responses that reveal nothing about a candidate’s actual ability to overcome challenges. They don’t point to any specific skills that help a business survive.

The answer that predicts success looks more like this: “I’ll look at the numbers, I’ll figure out what’s broken, and I’ll fix it.”

The reason I’m looking for that answer? It shows a specific kind of mindset that’s crucial to entrepreneurial success. Thanks to the depiction of lone-wolf entrepreneurs in our culture, a lot of people think they need bravado to be a successful business owner. They think they need to muscle through things, trample over the competition. But when you own a business and want it to succeed, what really matters is problem-solving.

Who Succeeds and Who Fails

Successful franchisees – the ones who are thriving five years later – are curious. They have a bias toward asking questions and diagnosing problems. When things go wrong, they’re willing to dig through the data and do some deep thinking to ferret out the root cause. Then they’re willing to make changes to fix it, even if that means admitting they did things wrong the first time. They also have a teachable mindset: they accept setbacks as a normal part of life and view them as learning opportunities. Problems are puzzles, not personal failures.

Ultimately, the franchise owners who succeed don’t necessarily love every single day of their work. They just don’t let a bad month become a bad year.

On the flip side, the ones who fail are often those who are dependent on corporate infrastructure catching problems for them. They have the mindset of an employee, not an entrepreneur. And when something breaks, instead of asking, “What’s causing this, and what can I learn from it?,” they blame others or expect someone else to step in. Or they just freeze. Unfortunately for them, ownership doesn’t work that way.

Other Factors That Matter

When I first meet with franchise candidates, they don’t expect me to ask my one question right out of the gate. Instead, they expect me to ask about their resume, their balance sheet, or their leadership skills. I do ask about those things eventually, along with other factors that can help bolster a candidate’s success.

These are the other key factors I ask about, and why they matter:

• Finances. Although some options are more affordable than others, every franchise is a significant investment. I want to know that you have a good amount of capital on hand and have a solid plan for managing your money (both personal and professional) as you launch your business.

• Leadership experience. Whether you want to be an owner-operator or an executive franchisee, you’ll need to lead a team. And whether you gained your leadership experience in the corporate world, the nonprofit world, or the military, the important thing is to understand your leadership style and find a franchise to fit.

• Business skills. Franchisees should be financially savvy, familiar with core concepts of branding and sales, have a strategic perspective, and be good at executing on a plan (or hiring people who can do that for you). With the diversity of the franchise industry, we can find a business that fits your particular strengths in these areas.

• Collaboration. As you probably know, there’s one key difference between franchising and traditional entrepreneurship: traditional entrepreneurs do things entirely on their own, while franchisees work with a franchisor that establishes the business model and provides branding support. So franchise owners need to be willing to collaborate with the franchisor (and other owners) and follow the playbook. Someone who insists on always going their own way is going to have issues.

So, how would you answer my question? If you feel you’ve got the right mindset for franchising, but you’d like help finding just the right fit, book a free call with me. I can walk you through your options and cut through the clutter to match you with a business that works for your dreams, goals, and resources.

When I was 45, franchising was on my radar. After all, I grew up in a family with three generations of entrepreneurs. But I’ve always liked to do things my own way, so when I decided to pursue a corporate career, I kind of enjoyed being the odd one out. I spent 20 years as a marketing executive for a Fortune 50 company, thinking they’d take care of me and help me build the wealth I wanted for my family.

By the time I turned 45, however, I realized those expectations were an illusion.

Why I hesitated

Don’t get me wrong: the corporate world gave me some incredible opportunities. I worked on amazing campaigns with incredible people, and the skills I learned are what helped me be so successful as a franchise owner. But the grueling schedule, layoff culture, and (eventually) ageism finally got to me.

My problem? I thought 45 was too late to start over. I assumed there was a finite window of time for making a radical career change, and I thought I’d missed it. In my view, I had too many responsibilities and too much too lose. I had a wife, two children on track for college, and two homes. Sitting at the SVP level, I had the paycheck and 401(k) balance to match.

I came around, of course. Within a few years, several eye-opening conversations and some careful calculations had convinced me I couldn’t afford not to become my own boss. But my big regret is that I didn’t make the leap when I first considered it. I could have had five more years of financial and professional freedom, more time with my family, and more fulfillment in my work.

If I could go back and do it all again, these are the things I wish I’d known about franchising at age 45.

Security is an illusion.

Companies lay off or push out senior managers and executives all the time. Sometimes it’s ageism, sometimes it’s simply that salaries for more-experienced workers are too expensive for the bottom line. Other times, the board or a new CEO wants to go in a different direction, and they want to bring in their own people to make it happen.

Particularly in today’s economy, companies and industries are reorganizing and remaking themselves all the time. So don’t count on the same kind of job security your parents or grandparents had. It’s been gone a long time. You’re just one Zoom call away from a locked laptop and a severance package.

You’re not too old.

If you’re in your 40s or 50s, you’re actually exactly the right age. That’s because you have something a 30-year-old doesn’t have: two (or three) decades of pattern recognition and skill-building. You’ve made mistakes and learned from them, and you’ve seen others make mistakes and learned from those, too. You’re at the peak of your knowledge and have well-honed instincts for how to manage unexpected situations. But you’ve still got plenty of time to grow your business to profitability and enjoy the fruits of your labor.

The skills you built for your employer work even better for you.

If you’ve had anything like a regular executive career, you’ve learned all kinds of skills that are useful for managing a franchise. You can probably interpret and manage a profit-and-loss statement, lead large teams and guide middle managers, handle a crisis with a cool head, find solutions and pivot rapidly to what works. And here’s the thing: when you use those skills to grow your own business, instead of a corporation, you’ll finally keep what you create. People talk about company equity all the time. Well, you can’t beat the 100% equity of a business owner.

Fear doesn’t go away – you just learn to use it.

When I worked in the corporate world, all my fears revolved around things I couldn’t control. Would the next reorg eliminate my position? Why hadn’t the CEO announced the year’s bonuses yet? Would the CMO promote me, or want to bring in someone from his last company to nab the corner office? That kind of fear doesn’t motivate, it paralyzes, because you can’t do anything to fix the situation.

As a franchisee, on the other hand, you’re in full control of your business. So even if things don’t happen as expected, or you hit a rough patch, you can make the decision about what to do. You are not waiting for anyone to approve your work or increase your income. If you know it’s a good idea, you can make it happen. Fear becomes a signal that it’s time to seek and implement a solution, not the reason you’re tossing and turning over circumstances you can’t change.

Never trying is worse than failing.

Like I mentioned earlier, my only regret is that I spent 5 years agonizing over a decision I could have made in a month. If you fail, you gain the opportunity to learn and try again. If you never try, you’ll spend the final years of your career wondering if it could have been better.

Now that I’m more than 10 years into my franchise journey, I’ve realized that campaigns I ran and deals I closed for my employers aren’t what mean the most to me. I’m proud of them, sure. But what I’m really proud of is betting on myself when it mattered. Proud of choosing my family and my health over what was familiar. Proud that I’ve built a business that is connected to my community and has created opportunity for hundreds of others.

When you get to my age, you can have the same satisfaction. No one told me this at 45, so I’m telling you now: you’re not too late, and you’re not too old. The window isn’t closing – in fact, it’s wide open. Book a call with me today and learn how I can help you step through. Your best future is waiting on the other side.

I previously posted about options for transitioning from corporate employment to franchise ownership. To recap: while every situation is different, most people choose one of three paths. Some make a clean break and quit their day job to develop their new business full-time. The other two options involve operating a franchise side hustle, either temporarily or long-term.

In these situations, some franchisees stay in their day job while their franchise gets off the ground. Then they leave the corporate world to become an executive franchise owner once the business is profitable. Others never intend to leave their day job. These owners typically see franchising purely as a wealth-building opportunity, and they often plan to sell the franchise once they can realize a certain level of return.

Whether the arrangement is temporary or long-term, a franchise side hustle can be a very smart way to enter the world of business ownership. When I mention the option, however, candidates often aren’t sure they can manage it. The objection I usually hear, especially from corporate executives: “My job is so demanding. How can I possibly add a side hustle to my plate?”

Executive work is indeed demanding. It pays very well, but it often involves long hours and a great deal of responsibility. Despite those challenges, however, juggling your corporate job with a franchise side hustle may be easier than you think it is.

Management Makes It Work

If you’re uncertain about whether you can manage a franchise on the side, remember how you got to where you are. Odds are, you climbed the corporate ladder on the strength of your management skills. And I’m not just talking about people management. Successful executives usually have some mix of excellent time management, financial management, operations management, and/or project management skills.

All those abilities can make it easier for you to balance a corporate gig with franchise ownership. Identify the management areas where you’re especially strong, and look for a franchise where those strengths will be especially useful. You can also think about how to apply your strengths, regardless of the franchise you buy. For instance, use your time management skills to optimize your schedule. Or tap into your project management skills to reduce roadblocks that might complicate your franchise launch.

Franchising: Your Special Assignment

Especially if you’re an executive, you’ve probably taken on the occasional special assignment from the CEO or board. Maybe you helped launch a new division or branch of your company, led the development and launch of a new product, or managed a special audit or accreditation process. When you accepted the assignment, did the CEO or board tell you to set aside your usual responsibilities until the special project was complete? Of course not! They expected you to juggle both. And of course you rose to the occasion.

How did you do it? Yes, you probably put in some extra hours or did some additional traveling. But you probably also hired and trained new people or an agency to do the heavy lifting, and then managed them. Operating a franchise side hustle works the same way. You’ll take on some extra work, yes, but if you’re smart, you’ll hire a franchise manager ASAP. That person will take care of the day-to-day responsibilities for you, and – as you do at your day job – you’ll manage the manager.

In other words, you won’t work two 40-hour-a-week jobs. You’ll work a 40-hour-a-week job and an 8-to-10-hour-a-week job. That’s the equivalent of just one extra workday a week. And just like a special assignment, this won’t be a permanent arrangement. When we’re talking about professional and financial freedom, that’s not an excessive price to pay.

Switch Things Up

Despite how well-equipped you are to manage this extra project, you might decide that you simply don’t want to juggle your day job with a franchise side hustle. Maybe the extra work is a line you’re not willing to cross, for the sake of work-life balance. That doesn’t mean you have to give up on your franchise dream, even if you’re not ready to quit the corporate world cold-turkey.

You always have the option to trade one day job for another. If you’re currently an executive at a large corporation, consider taking a leadership position at a smaller company where the pressure might be lower. That’s the path I chose. Or try working as a fractional executive or a consultant, to gain some flexibility in your schedule. Even taking a step down the corporate ladder – say, from CMO to marketing director – can be a good option.

A Final Word of Caution

If you choose to work a franchise side hustle while keeping your corporate job, remember this one caution: don’t mingle resources. Be very clear about the line between your day job and your franchise work, and don’t use your employer’s resources to support your franchise business. Aside from the fact that you could get into legal trouble for violating an employment agreement, you could also damage your integrity and relationships – assets worth far more than extra money in your bank account.

Want more tips for managing the transition from the corporate world to franchise ownership? Check out my blog posts on how to conquer the fear of self-employment, why the leap to entrepreneurship isn’t as scary as you might think, or how to pay your bills during the transition period. Or book a 20-minute call with me to start the conversation about how franchising can help you achieve your American Dream!

It’s a familiar idea that shows up often in movies and TV shows: the corporate employee who decides in the spur of the moment to quit their job and chase a dream. In reality, the process is often a lot more complicated. I see it a lot with my franchise candidates, and I experienced it myself.

Especially when you’ve poured 20 years of your life into a company, you make a good income, and you have great benefits, leaving the corporate world can seem rash at best and stupid at worst. What changed my mind? A series of moments that stacked up until staying felt harder than going. Part of what did it: five specific conversations I had with the people around me. Keep reading to see if any of these feel familiar, and what they can tell you about whether you’re on the right track.

The Conversation With My Boss

I met with my boss one day to talk about my career trajectory. I had worked my way up to the first rungs of the executive ladder, and I’d been given the impression that I was on track for the C-suite. With a particularly good year behind me and a few years under my belt in my role, I wanted to know what the timeline was for my next step.

My boss’s answer? “You’re doing great work, Dave. But the promotion timeline is…fluid.”

What he really meant: keep grinding, and we’ll see. The company wasn’t prepared to commit to my success or really invest in my future. In other words, I needed to take care of those things myself. As the yellow flags piled up and I looked back on this conversation, I realized that I had been waiting for permission to build my own future.

The Conversation With My Laid-Off Friend

I got a phone call one afternoon from a good friend who’d been at the same company for 22 years. He’d worked his way to a corner office and was an incredible contributor to the company’s bottom line. Always met or exceeded his KPIs, deep institutional knowledge, excellent rapport with his team and with the C-suite.

And he was gone in 15 minutes. The times, they were a-changing, and the company just didn’t have a place for him anymore. He called from his car, still holding his security badge that didn’t work anymore. “I thought I was different,” he said.

That was a real wake-up call for me. I realized that, despite all the wins I’d notched for my employer, it could all become irrelevant in an instant. A simple change of leadership or a bad economic downturn, and it would be just as easy for those above me to decide it made strategic or financial sense to kick me to the curb.

The Conversation With My Wife

My successful corporate career would not have been possible without my wife, Lauri. She kept our home and family running smoothly as I climbed the ladder and moved us around the world. Her support was key to my confidence and ability to focus. But even as she supported me, she could see the toll from those 60-hour weeks and constant moves – both on me and on our family.

So one night at dinner, she asked me a simple question: “If you work this hard for another 10 years, what will you actually own?”

I didn’t have a good answer. In fact, at first, I didn’t really understand why she was asking me that. I made an excellent income. Had a retirement account with a hefty balance. My salary and benefits provided excellent financial security for our family – or that’s how I thought about it at the time.

But the more I replayed that conversation in my head, the more I realized she was thinking about real financial security. She was also thinking about fulfillment and freedom. She knows me better than anyone, and she knew I would be happier building something I owned, with the full benefit coming to our family.

The Conversation With Myself

It was 3am, and I was wide awake, staring at the ceiling. I couldn’t escape any longer from the internal dialogue I’d been avoiding. For a while, I’d been thinking about the possibility of leaving the corporate world to be my own boss. But I was scared. Scared of giving up that good salary and benefits, scared I might fail and have to go back to the corporate world with defeat on my shoulders.

That night, I finally asked myself the question I should have asked the first time I felt that twinge of panic: “Is this fear protecting me or trapping me?”

Our brains are wired to feel fear at anything new. It’s an evolutionary response from the days when “new” might mean a wild animal about to attack or a hostile tribe moving in our territory. Most threats today aren’t existential, so our fear response is often overblown.

Once I had this conversation with myself, I realized I could rationally answer my fears. Yes, I might lose some money on a failed business. But it would be a survivable loss. Yes, I might not know just what I was doing at the start. But I had decades of successful leadership and operational experience – I could figure it out. Fear was not helping me in this situation. It was holding me back from a better future.

The Conversation About AI

At the time, we called it “automation.” Especially working in the automotive industry, I heard the term often. Historically, it was about the switch from craftsman-style construction to assembly-line manufacturing. Then it was about bringing in robots to do some of the mechanical labor. Finally, it became about super-smart software that used algorithms and deep learning to handle white-collar tasks.

I was talking with a colleague one day when he mentioned that his team was being “restructured” because automation could handle 60% of the workflow. He was going to have to lay off a significant portion of his team, and he wasn’t completely confident about the future of his own job.

Walking away from that conversation, I had a lightbulb moment. No one can automate ownership. You can’t “restructure” equity. The only true job security left in our economy is to own the asset.

Taken on their own, none of these conversations told me everything I needed to do. I didn’t even realize the true significance of some of them right away. But over time, the cumulative lessons were impossible to ignore. And ultimately, they became pieces in the puzzle that came together in my mind. I realized I could keep building someone else’s empire, or I could start building my own.

Now, I help other corporate executives who wrestling with the same questions and conversations. What do you really want for yourself? For your family? Is the corporate world really providing the freedom and financial security you crave? Do you feel able to fully tap into your skills and possibility where you are?

I can help you answer all these questions, and more – and my services are completely free. Let’s the get the conversation started with a 20-minute call. Book some time on my calendar today.

Feel like you should pick up a second source of income, just in case? You’re not alone. According to the Bureau of Labor Statistics, 5.5% of Americans work multiple jobs–the highest percentage since the Great Recession of 2008-2009. In fact, fully 40% of millennial workers (those aged 29-44) have a side hustle.

According to the Wall Street Journal, these side hustles differ from those of previous cohorts. Past workers tended to take on second jobs as a creative outlet, or to supplement seasonal work. Today’s multi-job workers are just trying to get by, or to build a cushion against the possibility of layoffs, a recession, or a downturn in their industry.

If you’re feeling some of the same pressure, I’ve got good news. Franchising makes an ideal side hustle, and the industry offers plenty of options that are financially affordable for the average professional. Franchise ownership also provides a path to financial independence. More than many other types of side hustle, it has real potential to eventually replace your current day job.

But where do you start? If you’re seriously thinking about taking on a second job (whether a franchise or some other type of work), these steps will help you get off on the right foot.

Do a Self-Assessment

Any endeavor will be more successful if you start by assessing your own skills and experience. You should also consider your financial and scheduling needs, and any family constraints. Based on my experiencing helping franchise candidates with this process, here are some questions that can help:

• What jobs will I be good at, or what jobs will hold my interest so I don’t burn out easily?

• Do I have skills or certifications that I’m not using in my day job but could put to use after hours?

• Do I have the skills to operate my own business, or will I be more successful as an employee?

• Am I limited to a nights-and-weekends gig, or can I be flexible?

• What family obligations (e.g., childcare, elder care, children’s activities) do I need to work around?

Know Your Why

Before you take on a side hustle, also think about why you’re doing it. As with the self-assessment, this will help you choose work that’s a better fit for yourself and your family.

Ask yourself, is this second job to:

• Improve your professional skills so you can move up in your main career?

• Help you meet an immediate financial need, like a budget shortfall or paying off debt?

• Provide a fallback in case of job loss?

• Start you on the path to a new full-time career?

• Help you meet long-term financial goals, such as early retirement or wealth-building?

Then focus on opportunities that actually fit what you’re trying to accomplish.

Check the Rulebook

Before you start a side hustle, make sure you know your primary employer’s rules about second jobs. Even if you want to eventually transition to doing your side job full-time, you don’t want to give anyone an excuse to force you out before you’re ready.

Most employers do allow “secondary employment,” as long as it doesn’t compete with their core business. However, some companies require employees to notify their manager or the HR department about outside jobs. And of course, you should never use company resources for your side work or try to do business with your employer’s clients.

If you’re especially nervous about how your employer might view outside work, consider looking for a side hustle in a completely different industry. This could have the added benefit of bringing some variety to your professional life. You might find yourself learning some interesting new skills, meeting people you never would have known, or just adding some new wrinkles to your brain!

Know Your End Game

I always encourage my franchise candidates to have an end game in mind. You may know why you’re taking a second job, but how will you know when you’ve actually achieved that purpose?

To help create a clear path for yourself, define your end goal and what you want to do once you’ve accomplished it. For instance, if you want to operate a side hustle so you can pay off some debt, how much debt? And once the debt is paid off, what next?

Or if, like a lot of my franchise candidates, you want to retire early, what does that mean? Do you want to quit work altogether at 55? Or do you just want to quit your day job early, and keep working part-time in your own business? What kind of savings or income do you need to make that possible?

The SMART framework–setting goals that are specific, measurable, achievable, relevant, and time-bound–can be very helpful here.

Your Final Step

If you’re interested in franchise ownership as a side hustle, there’s one final step to take: book a free consultation with me. The franchise industry encompasses thousands of options. While that variety means there’s something for almost everyone, it can quickly become overwhelming when you’re trying to find a fit.

As a long-time corporate executive who made the leap to franchise ownership, I know what you’re facing and can help you make a smooth transition. I work with an exclusive list of pre-vetted franchisors, so I can help you narrow your list quickly to a high-quality opportunity that meets your needs and goals. And as someone who’s passionate about mentoring, I stick with my candidates through the launch of their businesses to help ensure they succeed.

Best of all, my services are completely free to you. There’s no obligation–just 20 minutes of your time to start your journey to the future you want!

Ageism is surprisingly common, and it often affects people well before retirement age. In fact, the federal definition of age discrimination covers workers as young as 40. Workers over the age of 50 who’ve left or lost a job stay unemployed three times longer than their younger counterparts, and 40% of workers age 40-plus say they’ve experienced ageism at work. The American Psychological Association calls it “one of the last socially acceptable prejudices.” I’ve even experienced ageism myself–see my video below for my personal story.

If you’re like I was, you might think you’re immune to ageism. Especially if you’ve put in 15 or 20 years at the same company, you may think they have a sense of loyalty to you or appreciate your skills and experience too much to let you go. But as I explain below, that’s rarely the case.

Ageism and the Company Budget

Many companies use money as an excuse for dumping older workers. Experience costs money, and middle-aged executives, in particular, typically command the largest pay packages in a business. If a company needs to cut costs, or just wants to pad their profits, they may choose to replace those workers with less-expensive (i.e., younger) employees or eliminate certain highly paid positions altogether.

A sneakier version of this tactic: delaying or cancelling expected pay raises, bonuses, or project assignments with the excuse that the budget is tight. That may be the case, but it’s also a common way to push out older employees.

The Times, They Are A-Changin’

We live in a rapidly changing world. Even blue-chip corporations have to adapt to new technologies and new consumer bases. If you’re a VP or CXO in your 50s, you probably haven’t spent much time dealing with Millennial or Gen Z consumers, AI, predictive analytics, or Instagram. But the younger manager coming up behind you has, and it may be just a matter of time before your employer decides their relevance is more valuable than your experience.

In fact, studies show that companies often think of older workers as not tech-savvy. Hiring managers admit to looking for younger workers, in part because they’re not confident in older workers’ tech skills. They also may use phrases like “tech savvy” or “digital native” in new job descriptions, in an effort to discourage older workers from applying.

In addition, we’re in an economic period where whole industries are undergoing existential changes, or even disappearing altogether. Older workers who have stayed with one company for decades are especially like to be in a role that is affected by this upheaval. Even if your employer values you and wants to keep you around, failures at the business or industry level may leave them with no choice but to let you go. Ask yourself: are you seeing signs that your company or industry may not exist 6 months or a year from now?

So What Can You Do About Age Discrimination?

“But wait,” you say, “doesn’t the law protect me?” Yes–up to a point. Saving costs by eliminating or downgrading highly paid positions is not illegal. Nor is replacing a senior employee with a junior one because the younger person has knowledge that is more relevant to the current state of the marketplace or business. Being an older, highly paid employee puts you at risk for both.

Even if the company lets you go purely because of your age, or if you know that age is the real reason behind an excuse like “We needed to save money,” you’ll have to undergo a costly, stressful, and protracted legal battle to prove it. And to what end: so you can force them to give you back your job when they’ve shown they no longer want you around?

If you’re one of these situations, you’ve got a few options. You can go ahead and retire. But in your 50s, you’ve still got meaningful, productive years ahead of you. You can try to brush up on your market knowledge to make yourself more relevant. However, you’ll still be at risk because of your salary and age. Or you can find a job that’s age-proof, where you can earn as much as you want for as long as you want without anyone looking over your shoulder, waiting for the opportunity to push you aside.

Take Control With Franchising

That’s what franchising provides. As a franchisor, you’re the boss. You can run the business full-time or become an executive owner and have more time for your family and hobbies. And you can do it literally for the rest of your life, or just for the next 10 or 20 years. The point is, you get to decide.

Plus, in franchising, your experience is a benefit, not a liability. You can choose a line of business that plays to your strengths and the consumer base you understand, and then you can put your decades of knowledge to work. All the things you learned about business as you came up through the ranks will serve you well as you launch and run your own company.

Best of all? The rewards come straight to you. Your skills and experience no longer serve to pad a corporation’s bottom line–they become a way to build wealth for your family. You also get an opportunity to pay it forward by creating jobs and providing other help for your community.

If you’re ready to be age-proof, my co-consultant Lauri and are here to help. We can counsel you on the risks and rewards of franchising and help you find the right franchise match. We’ll even help you through the launch process and provide mentoring as you grow your business–all at no cost to you. Book a 20-minute call with one of us today, and let’s build the rest of your career together!

Career transition can take many forms, but it almost never feels completely voluntary. A layoff or firing is obviously outside your control. But even when you initiate the transition, you may feel like it wasn’t entirely your choice. For instance, if you’re choosing to leave a job because it’s wrecking your health, the company where you work is on its last legs, or you’re experiencing ageism, you’re still going to feel like you didn’t have much say in the matter.

I’ve been in that position (in fact, I’ve been in all those positions), and I know it’s rough. To use today’s vocabulary, it can be traumatic. So when you find yourself laid off from or forced out of a job you had planned to keep for many years, how do you cope?

I’m not a psychologist or therapist, but I’ve both faced that challenge and coached many franchise candidates who have. Through those experiences, I’ve learned that five key steps can be a huge help. These steps can help you process what’s happened in a healthy way, and they can ultimately help you move forward to build a better future for yourself and your family.

Grieve, but Don’t Dwell

Especially if you’ve given decades of your life to a company, or helped grow it from the early stages, a layoff or exit under pressure can feel like a personal betrayal. It’s OK to feel that way. Give yourself the space to acknowledge how hurt, angry, or sad you are. Try to put it into words – journaling, therapy, or talking with a trusted friend or loved one can all help with that process.

But never let your grief turn into self-loathing, and don’t let it erase the very real success you’ve achieved in your career to date. That’s not productive. Instead, do a self-assessment. Focus on your skills and on your accomplishments. What are you really, really good at? What did you succeed at in your previous jobs? Your answers will remind you that this career transition is not about your identity. You are still the same highly skilled executive you always were, and you can use those skills for your benefit in this new stage.

Choose Facts Over Fear

If you’re feeling afraid, that’s understandable. Fear is a natural, evolutionary response to surprises and unknown situations. But you’re not facing down a dire wolf, you’re just out of a job. There’s no immediate threat to your life or your family’s lives. You have time to assess the situation, gather the facts, and make rational decisions about what to do next.

If you’re like me or most of the candidates I’ve worked with, your fear is probably mostly financial. You’re worried about losing your paycheck and what that means for you and your family. This is where you can tap into your professional experience as a data-driven, KPI-focused executive. Take inventory of your financial situation. Figure out how many months of runway you have, and what you need to make a full recovery in the future. Then start building your plan (with your spouse’s input, if you’re married) to get there.

Cultivate an Attitude of Gratitude

Our brains are hard-wired to focus on the negative. Historically, it’s one way they’ve protected us from threats. But do you want to spend this entire transition period feeling negative? Probably not. You want to keep some joy in your life, to be able to have some fun and be there for your family.

Research shows that gratitude practice is one of the best ways to do this. Gratitude helps you focus on what you do have, not what you don’t. And in the process, it improves your outlook, gives you more energy and resilience, and helps you move forward in a positive direction. Some popular ways to incorporate gratitude practice into your days:

• Write things you’re grateful for in a notebook before you go to bed each night

• Speak your gratitude out loud as you start the day

• Thank people when they do something that helps you or makes your day better

• When you use something that makes your life safer or more convenient (hot water, reliable electricity, a dishwasher), take a moment to feel grateful for it

• Slow down and take time to notice things that are beautiful or happy around you

Keep Yourself Organized

Organization fuels productivity. And for a KPI-driven executive, lack of productivity fuels boredom, disengagement, and even depression. Your ability to make connections, set goals, and follow a plan helped make you successful. They can do the same in this period of career transition.

If you want to move on to the next stage of your success, you’ve got things to learn and tasks to complete. To make sure they happen, plan out your days – don’t just “keep it in your head” or try to do things on the fly. Just like you did in the corporate world, schedule your activities on a real calendar. Book a daily workout to take care of your health and keep your mind sharp, coffee chats with your network to stay socially engaged, and chunks of time to research new business or career options.

Go Back to the Beginning

As you’re trying to figure out what comes next, it can be helpful to go back to the beginning – not of your current situation, but of your career. What really excited you as you started your professional journey? And what motivated you to move from one assignment to the next, or from one role or company to another?

Your answers to those questions – and others like them – can serve as signposts to your next destination. They can help you form a list of priorities, and then focus on opportunities that will move you toward those goals. The world is big, and you’re going to get overwhelmed if you try to move forward without first narrowing your focus. Digging into your deepest interests and motivators will help direct you.

One More: Accept Help

Think of this as a bonus tip. Many executives are independent-minded people who like to be in charge. We don’t like to feel as though we can’t handle a situation. But here’s the reality: before you lost (or left) your job, you had help every day – from your team. Their work helped you hit your KPIs. There’s no reason not to have a team to help you meet your goals now.

So find a therapist if you need one, go see your doctor if your health is poor, work with your spouse to plan your family’s future. And if you’re curious about franchising, add me to your team. I can help you turn this career transition into the first step toward the best years of your career. Book a free 20-minute consultation with me today to see if it makes sense for us to work together.

My first meetings with candidates almost always revolve around one topic: risk. I typically work with people who have worked in the corporate world for decades, and many of them are nervous about ditching their steady paycheck for the unpredictability of entrepreneurship. At the same time, however, they’ve contacted me because they’ve started to realize that corporate comfort might not be all it’s cracked up to be. As stories about massive layoffs, AI, and industry disruptions fill the economic headlines, they’re starting to wonder if the freedom of franchising might be a better choice.

Obviously, I think it is. And here’s why.

The Hidden Pitfalls of Corporate Comfort

First, let’s look at the hidden pitfalls of corporate comfort. Many of the features of corporate life seem to provide security, until you scratch the surface.

A steady paycheck…until it’s not

This is often the first question that comes up: “What about my steady paycheck?” Corporate work does provide a predictable income that arrives at regular intervals. And upper-level jobs can pay extremely well. The catch? That income is entirely within someone else’s control. Your steady paycheck can disappear in the blink of an eye, due to all kinds of factors: industry downturns, changing consumer preferences, ChatGPT, even just the fact that your department’s profits aren’t as big as they were last year. My own experience? Ageism: Passed over for major opportunities because others thought it was too late in my career for something new.

Clear direction…and extreme demands

Many of the candidates I meet with enjoy the clarity of corporate work. Most large, established companies have a clear business plan with measurable goals and defined roles for each department and employee. Consumer behaviors are often well-mapped and follow expected patterns. But that predictability comes with a certain amount of rigidity. Your role is your role, and except for the occasional ad hoc project, your opportunities to step outside the box are limited. In addition, corporations often place extreme demands on those who have to deliver the profits. I never worked as hard as when I was a corporate executive: 60-hour weeks, much of the year spent traveling, extreme stress as I faced down my KPIs every quarter. It nearly killed me – and it’s not healthy for you, either.

Impact…but for whom?

As a corporate leader, you probably find great satisfaction in meeting or beating your KPIs. It’s a fantastic feeling to post big sales numbers, open new locations, or run a successful campaign. In those situations, you can point to a certain portion of the company’s profits and say, “I made that happen.” I get it: I spent much of my corporate career as a builder and a turnaround specialist, and I remember the endorphin rush of being able to say those words.

But here’s the thing – they’re the company’s profits. When I blew past my KPIs, sometimes I got a nice bonus tied to my performance, but that was the only share of those profits I ever saw. And any IP – a cool app, a new product, a redesigned brand – you create? Of course, that belongs to the company. You may be making an impact, but it’s not for yourself.

Why the Freedom of Franchising Is the Real Deal

On the other hand, the freedom of franchising is real. All those hidden pitfalls of corporate America disappear when you become your own boss.

True wealth-building potential

When you own a franchise, yes, you’re responsible for generating your own paycheck. But an established franchise delivers steady income just like a corporation. In addition, your franchise doesn’t come with any caps on your salary or bonus. The smarter you are about your business, and the more locations you open, the more you can make. You also get to decide what to do with the profits: they’re yours to keep, or you can invest them back into your business to make even more wealth. And at the end of the day, if you decide you want to retire or move onto something else, your business is your asset. You can sell it and have cash in hand for your next adventure.

Freedom to lead

This is where franchise ownership really shines. As an entrepreneur, you’re not just your own boss – you’re also the boss of your business. Yes, your franchisor provides operating guidelines, but those are just the solid foundation that makes it easier to focus on the really interesting stuff. You set your own strategy, decide on KPIs that fit your long-term personal and professional goals, and make up your own mind about how to make things happen. If your business hits a snag, you have total freedom to decide how to solve the problem. As a business owner, I can tell you that it feels incredible to truly deploy the full set of skills I’ve learned over the years.

Flexibility

When you’re a franchise owner, flexibility comes from so many different directions. First, the franchise industry is vast, with thousands upon thousands of business concepts across hundreds of economic sectors. You can choose what works for you, and even open multiple businesses in different sectors if you like. And my favorite perk? As my own boss, I get to set my schedule: I decide when, where, and how to work. You’ll need to stay close to your business as it launches, but especially if you become an executive franchise owner, you’ll have complete flexibility after that. With a good team in place, your business will require only 8-10 hours of work each week, which you can do from just about anywhere.

Constant growth opportunities

For me personally, growth is one of my favorite things about the freedom of franchising. First, you have the chance for continuous growth in your business, limited only by your own goals and priorities. You can become a multi-unit owner or area developer and grow by adding locations, or you can be a single-unit owner and just bring in as many customers as possible. But even better is the chance for personal and professional growth. I say with no exaggeration that franchising has changed my life. It’s the best professional decision I ever made. The learning process of running my own business, all the new people I’ve met, the new situations I’ve encountered…they’ve all stretched me in exciting ways.

A true legacy

Finally, franchise ownership enables you to build a legacy you own, both financially and intangibly. Franchisors do typically take a small revenue share from each business, either in the form of ongoing support fees or a percentage of sales, but the lion’s share of profits belongs to you – exactly the opposite of the arrangement in the corporate world. And as I’ve already mentioned, the business itself belongs entirely to you. It’s a very real asset that can be used to create a financial legacy for your heirs or your community, if you so choose. In addition, when you work as an entrepreneur, you create an intangible legacy for the same recipients. Your children learn valuable lessons from your initiative, hard work, and success, and your community benefits in lasting ways from your business’s presence.

If you’ve been feeling like you’re caught between a rock and a hard place – economic disruption in the corporate world on the one hand and the unpredictability of entrepreneurship on the other – maybe it’s time to reframe the situation. The corporate world’s veneer of comfort is falling away right now. But the the freedom and potential of franchising are real. Ready to make the trade? Book a call with me today, and I can provide personalized support to help you make a successful switch. You have nothing to lose but opportunity.

I’ve posted before about the difference between “absentee” (or “semi-absentee”) and “executive” franchise ownership. It’s all about mindset. Think of yourself as an absentee owner, and you’re taking a passive approach to franchising. Think of yourself as an executive owner, and you’re taking an active approach. As you might guess, I believe you’re much more likely to succeed as a franchisee if you take an active approach. But business is like life in general: mindset alone won’t get you everything you want. You also need the right skills. So as a followup to my earlier post, here are the skills I think are most important for successful executive ownership.

Willingness to Learn

Before becoming a franchisee, I had a successful career as a corporate executive, with my wife Lauri playing an essential supporting role while she managed her own interior design business. Other franchisees we know have excelled in the industry after working in the nonprofit, ministry, or military worlds. Many of the skills from those fields transfer well to franchise ownership – but being a business owner is still different from being an employee.

In other words, if your success elsewhere has you thinking, “I know everything I need to know about how to succeed in franchising,” you’re going to experience a rude awakening. You must enter the industry with a learning mindset, a willingness to admit that you have gaps in your knowledge, and seek out advice and information from those who are more experienced.

All of franchising, in fact, is built around learning. The franchisor provides training, manuals, and an operational system for you to study and follow. Franchisees are part of an owner network that exists, in part, to teach the ropes to new owners. Take advantage of these opportunities to accelerate your success! And don’t be afraid to learn on your own any time you find gaps in your knowledge. The more you build your expertise, the better your business will do.

Strategy

Business leaders generally have one of two core functions: strategy or operations. Some executives are “bi-modal”–able to fill both roles–but even those individuals are often stronger in one area than another. In franchising, the franchisor takes care of most of the operationalizing. That’s what the franchise business system covers. And executive owners, by definition, are not owner-operators. They either own too many units to manage them all on a day-to-day basis, or they choose franchising as a side hustle or way to stay busy in retirement. As a result, they focus on big-picture issues and hire franchise managers to handle day-to-day operations.

What if you’ve primarily worked in operational roles? You can still be a successful executive franchisee. But you may need to read some books, take some classes, or work with a coach to improve your strategic focus. If you start out as a single-unit owner-operator and transition to executive ownership as your business grows, you can learn strategy by taking advantage of built-in opportunities to exercise that muscle. Long-term planning, goal-setting, and market research and analysis are all great ways to improve your strategic skills.

Financial Savvy

To be a successful executive franchise owner, you don’t need to be an accountant. You can hire someone to manage your books. But you do need to know how to read and manage a profit-and-loss statement, plan for major financial events, and vet your accountant’s work. You’ll also benefit from understanding at least the basic principles of pricing, incentives, and compensation.

The good news: if you have corporate or nonprofit leadership experience, you probably already have many of these skills. You’ve had to manage budgets, put a dollar amount on products or programs, create revenue (or funding) streams, and figure out the right balance of salary and benefits for your staff. However, if you realize that you’re missing some financial skills, just go back to the top of this post. Put on your learning cap and fill that gap!

Hiring and Leadership

A good team of employees is crucial for successful executive ownership. This is because executive franchisees aren’t always on site. Even full-time executive owners normally own multiple units and divide their time between them. You’ll need to rely on your team at each location to keep things humming when you’re not there.

This isn’t that much different from a corporate, nonprofit, or military leadership role. As a leader, did you personally execute every new project, program, or mission assigned to your organization or department? Of course not! You did it through leadership. You delegated responsibility to your direct reports, who in turn delegated specific tasks to direct reports of their own. You communicated strategy, kept tabs on the team’s performance through managers or junior officers, and hopefully found ways to connect periodically with individual contributors so they would understand your vision and feel valued and appreciated.

Similarly, as an executive franchise owner, you’ll need to hire a manager for each franchise unit you own, then lead them as they choose a team. You’ll have to communicate your strategy to the manager and provide accountability for them. And you should periodically (at least once a quarter, in my opinion) visit each franchise location to connect meaningfully with the employees there.

Perseverance

Perseverance may seem like a random skill. It’s not necessarily business-related, and it’s not something you can learn from a book, class, or coach. In some ways, it’s more of a personality or character trait than a skill. But it’s crucial, all the same.

No life is without challenges–and business is the same. Along your journey to franchise success, you will run into hurdles. You’ll have setbacks, possibly large ones. On rare occasions, a hurdle or setback may be a sign that it’s time to admit defeat. But much more often, it’s just a challenge to be overcome. Perseverance will help you power through. Coupled with the first skill on this list–willingness to learn–perseverance will help you turn challenges into learning opportunities so you can do better next time. Which is another way of saying that you’ll turn failures into victories.

Do you need help assessing whether you have the skills for successful executive ownership? As part of our consulting process, I can help you review your experience and abilities to determine the best path for you. And yes, I do tell some people that franchising is not right for them. You can trust me to be honest because I have been down this road, and I only succeed if the franchisor-franchisee match is a good one. Book some time with me today to get started on your own journey to success!

Twelve years ago, I made the best career decision of my life. I bought into an area developer contract with a franchisor, and I began the work of launching six franchise locations over a period of about 4 1/2 years. It was not easy, but especially coming from the intensity of a Fortune 50 corporation, it was very doable. More than that: it was exciting, educational, and freeing. But the success wasn’t just about my skills. Looking back over the experience, I can identify three specific factors that made the franchisor not just a good fit for me, but a winning choice in the marketplace.

Success Factor #1: Territory with Room to Run

Too many franchise candidates doubt themselves and the business. They sign a single-unit contract, trying to reduce risk, and don’t ask themselves “What happens if this works?”

I’ll tell you what happens if it works: you’ll want to expand. But to expand, you need open territory – and if the territory is locked, so is your ceiling. You need to buy a growth plan, not a job.

The franchise I chose had room to grow. And more importantly, it had room to grow in the region where I lived. I had been relocating my family every few years for the last two decades – I wasn’t interested in doing that anymore (and neither was my wife Lauri!). Instead, I was able to create the wealth-building executive franchise business I wanted, all within a few hours of home.

Success Factor #2: Unit Economics That Built Wealth

And speaking of wealth-building… After running six franchise units, I’ll tell you a secret: a big-time brand name is not one of the factors that made my franchises successful.

The brand was a salon suite franchise. It was not a household name – but it didn’t need to be. The brand had good recognition where it counted, with the stylists, manicurists, and others who were the revenue generators for the business.

Rather than focusing on the brand name, look for a franchisor with solid unit economics, one with a foundation built for growth. I was looking for math that could eventually replace my corporate salary, and then some. Ultimately, I wanted to earn a full-time income with part-time work, not just pull in a side income.

You can find a franchisor’s unit economics in the Franchise Disclosure Document. A close reading of this document is the cornerstone of franchise due diligence, but it’s also important to validate your impressions with existing franchisees. Talk to other owners to see how the economics play out in the real world, and look at numbers for both the top and bottom quartiles to make an informed decision.

Success Factor #3: Support That Scaled with Me

The right franchisor won’t just sell you a franchise, they’ll give you systems that make growth easier. In my case, that meant training, a solid operational model, and marketing support. My franchisor provided all the infrastructure to help me go from one location to six without reinventing everything myself.

Unfortunately, I’ve seen former corporate executives pick well-known brands with terrible support systems. They end up having to not only learn the business but also build every system from scratch. And if they want to launch additional locations? Back to square one, because there’s no scalable system in place.

That’s not franchising. That’s a you’re-on-your-own startup with royalty fees.

Especially if you’re looking to build an executive franchise business, you don’t want to spend a lot of time figuring out operational processes, choosing software, and creating marketing materials. You want to deploy your hard-earned strategic and leadership skills to launch something big.

What I’d Do Differently

So what would I do differently? You probably thought I was going to say I might pick a different brand, or maybe industry. Nope. I would be more than happy to choose the same business all over again.

The difference would be with me: I’d focus on the same three factors, but faster.

Twelve years ago, I knew these three factors would make a franchise business successful – but I didn’t trust them soon enough. I spent too much time early in the process comparing brands and industries. Instead, I should have been focusing on which companies had open territories, the economics that signaled a strong executive model, and which franchisors were the best partners to their owners.

Thankfully, I got there eventually – and when I did, I knew I’d hit the target. But it wasn’t because I was smarter than the next candidate. I just figured out how to ask better questions before I signed the papers.

Are you spinning your wheels comparing logos and industries? Feeling overwhelmed and like you’re not finding the information you need? Let me put my experience to work for you – my services are completely free. Book a 20-minute call with me today, and we’ll get started on your journey to professional and financial freedom.

Start building success now

The vast majority of my franchise candidates are facing professional transition. For some of them, the transition is voluntary: they have enjoyed their careers in the corporate world but are at a life stage where they want more independence and flexibility, or perhaps an option for staying mentally engaged during their planned retirement. For others, the transition is not by choice: they’ve already been laid off, or they’re in a failing industry and expect to get a pink slip any day.

Active or Passive: It’s Your Choice

Regardless of why they’re contacting me, however, these candidates are all facing the same question. How active should they be in managing the transition? I’m sure you can guess what I recommend: being as proactive as you can is much better than just letting the chips fall where they may.

But taking an active role can be easier said than done. If things aren’t feeling quite right at work, if you’re hungry for more freedom, or if you know that professional transition is coming your way, exactly what should you do about it? It can be a daunting choice, one that triggers all kinds of strong emotions. Fear is the most common reaction I see. Paralysis is often an issue, too. When you’re faced with major change, those are both very human–but also very passive–reactions.

With some intentionality, you can move past both to actively create a better future for yourself and your family.

Step 1: Educate Yourself

I never expect franchise candidates to “just trust me.” When I was facing professional transition, I read books and talked to friends and colleagues who’d successfully navigated similar circumstances. I also watched videos and researched options online.

I encourage you to do the same. Learn everything you can–not just about the franchise industry, but also about other paths people often take in your situation. I always want my franchise candidates to feel confident that they’re taking the right step for themselves and their families, and research is a key way to build that confidence. In addition, learning more about your options will go a long way toward both reducing fear and opening your eyes to next steps.

If you’re not sure where to get started, check out the Learning Center here on my website. I have my own blog, videos, and podcast to offer, but I also recommend books by other people that have helped me in my own journey.

Step 2: Be Hopeful, but Not Entitled

Especially if you’re going through some kind of involuntary change, such as a layoff, you may be feeling hopeless. Layoffs often bring on feelings of disappointment, uncertainty, and even depression and anxiety. They can cause you to question your competence or ability to provide for your family.

On the flip side, research shows that a hope-centered attitude is good for your physical and mental health–both of which you’ll to maintain as you navigate this period of transition. I recommend these science-backed tactics to boost hopefulness (and yes, I’ve used these myself):

• Give yourself positive mental scripts to recite, such as “Each day brings me closer to a new opportunity,” or “I have the ability to make positive change for myself and my family.”

• Practice gratitude: every day, take some time to write down or recite to yourself some things you are thankful for

• Exercise regularly, eat healthy meals, and get good sleep–all three are proven mood-boosters

• Do a skills or career inventory to remind yourself of the talents and experience you bring to the table

• See a therapist if you need to; professional mental health support is a great tool for dealing with life’s challenges

In all this, remember that positivity is not the same as entitlement. Tell yourself, “I can make progress toward success,” not “I deserve to be successful.” Instead, be humble and kind toward others. Ask for help because you need it and will benefit from it, not because you think the world owes it to you. Entitlement is passive, but you want to be active. Remember that it’s up to you to take hold of new opportunities–and that you’re more than capable of doing so!

Step 3: Set Realistic Expectations for Yourself

Positivity is one thing, but overconfidence is another. As you choose your new path, set realistic expectations to help you make smart decisions.

If this was a layoff or some other kind of involuntary transition, start by remembering that stressful situations can be hard on the body and mind. Be realistic about your physical and mental energy levels, and give yourself grace to manage the change at a healthy pace. Even if you’re choosing to take a new path, new situations always create some stress. Recognize that you’ll need to actively maintain your health and your relationships during this time.

If you’ve decided that you want to become a franchise owner on the other side of this transition, be realistic about the timeline, responsibilities, and financial steps involved. This is where educating yourself (see Step 1) can be very helpful. I’ve also written blog posts about these topics, including:

• A realistic franchise launch timeline (and how to shorten it if needed),

• What to expect when trying to fund your franchise or pay your bills, and

• The steps involved in launching a franchise (including how to weigh whether a turnkey franchise is better for your situation)

Also remember that no franchise is profitable overnight, and your performance in the first few months is not a reliable indicator of long-term success. Depending on whether you’re launching as a single-unit or multi-unit owner, you may have to work for anywhere from one to five years to reach profitability in your business. I recommend giving yourself 1-2 years in your business before deciding whether to continue long-term.

Step 4: Plan to Succeed

If you fail to plan, you plan to fail. You can’t anticipate every eventuality, and entrepreneurship always carries some risk (though I remain a firm believer that franchising is lower-risk than traditional entrepreneurship). But you will have a much better chance of success if you go into your new venture with the following types of plans in place:

• A financial plan. What are the economics of your business, and how do you plan to reach profitability? Until you reach that point, how will you pay your bills, both personally and in your business?

• A business plan. With franchising, this is essentially provided for you in the form of the franchise business system. But make sure you understand it and are prepared to follow it.

• A marketing and sales plan. Franchisors typically provide some marketing support to franchisees, but you will likely also need to do some marketing on your own. Do you know who your target customers are, how to reach them, and how to move them through the funnel to conversion?

• A hiring plan. Some franchisors provide hiring assistance, especially in the startup phase. However, you still need to know how to recruit and select good employees. You also need to know your personal tipping points for hiring help (whether individual contributors, managers, or freelancers) and how to conduct a hiring process that complies with applicable laws.

By this point, hopefully you’ve decided to take an active role in managing your professional transition. If you think that franchising might be how you want to fill that role, let’s talk. I’m here to provide personalized support through the entire process, from learning about the franchise industry, to identifying the right franchise for you, to building a thriving business. Best of all, my services are completely free. Take the first step today by booking a 20-minute “Get to know you” call with me!

Take an active role in your own success

There’s no bad time to buy a franchise. As a franchise owner, you’ll gain independence and flexibility, more control over your professional and financial future, and the opportunity to leave a meaningful legacy for your family. Is there ever a time when you don’t want those things? However, I’ll share a tip with you: buying a franchise can be an especially smart move when a new stage of life is on the horizon. If you’re coming up on any of these life stages, either right now or in the near future, here’s why you should think about becoming a franchisee.

Career Transition

Some career transitions are voluntary. You might be ready to reach for a promotion, explore a new line of work, or leave a company where you’ve topped out or the culture no longer suits you. And some transitions, of course, are not by choice. Despite excellent performance and loyalty to an employer, you might lose your job because of a layoff or ageism.

If you find yourself at this life stage, franchising is an ideal way both to take the next step and to take control of your career. Because there are so many types of franchises–fast food, fitness, pet care, and salons, just to name a few–the odds are good that there’s one to fit your interests, abilities, and career goals.

And because franchising means owning your own business, you’ll call the shots on how this new career stage develops. Want to work full-time in the business, then have a traditional retirement? You can do that. Want to start as a sole proprietor, then hire employees and add units as your business grows? You can do that. Want to build a multi-unit business right from the start and earn a full-time income with part-time work? You can do that, too.

Retirement

Conventional wisdom says that, when you retire, you’re done with work. But that kind of arrangement doesn’t suit everyone. Some people find the lack of structure and reduced mental stimulation of retirement boring and unfulfilling. In fact, studies show that early retirement comes with a lot of health pitfalls, likely due to a decrease in physical activity and human interaction. Afraid those issues could hit you? Then franchising may be your ideal retirement strategy.

Because of the flexibility of franchising, you can adapt your business to fit the kind of retirement you want, not the kind everyone says you’re supposed to have. If you like the structure of a day job and want to continue working part- or even full-time, you can be an owner-operator franchisee. If you love leadership, strategy, and managing a team, executive franchising may be your best fit. Either way, franchising can be your ticket to a retirement that’s not only enjoyable and fulfilling but also good for you.

Relocation

Whether you’re relocating of your own accord or because of an external requirement like a spouse’s job change, franchising can be a good way to create your own employment in a new city. With traditional self-employment, you’re completely on your own to build a business from nothing. Franchising, however, comes with brand recognition, corporate support, and a proven business system that can help you establish a sustainable customer base more quickly. That’s an ideal arrangement if you’re in a city where you don’t have a network or aren’t as familiar with the business landscape.

Most franchises will be more successful if you stay in one place for at least a few years, but don’t discount franchising if you have to relocate regularly. Just look for options that are home-based or have a faster ramp-up time. If you choose a nationwide franchise, you can continue to operate your business–or even open new units–as you move. This will be easier to accomplish if you stay within a region, since you will need to travel between units for management visits.

Inheritance/Windfall

If you recently received an inheritance or other windfall, such as from the sale of a second home or rental property, consider using it to purchase a franchise. This can be an effective strategy in multiple situations. For instance, if you were thinking about adding the money to your retirement account but are still some years away from needing it, you probably have sufficient lead time to build up a franchise business that can provide a retirement nest egg or income.

The same is true if your children are still young, but you were thinking about using the money to pay for college. The wealth-building potential of franchise ownership really works in your favor here, especially over time. On the one hand, your business can provide more income, so you can save more for your kids. Another option: once the business is successful, you can sell it and use the proceeds to pay for their education.

Alternatively, are you in a position where your current resources already cover your major financial needs? Then franchise ownership can be a way to add to the legacy you leave your family. Particularly if you have a child who shows an aptitude for business, this may be an opportunity to leave him or her something more meaningful than cash: the experience and independence of business ownership, plus the opportunity to build wealth for his or her family.

These are just a few of the life stages when franchising is an especially smart choice. If you’re going through any big change, keep an open mind. The independence, flexibility, and opportunity of franchising may be just what you and your family need for the next phase. And if you want to talk through the options with someone who’s been there, book a call with me – just 20 minutes is all it takes, and my services are free!

When I first started thinking about leaving the corporate world, I was terrified. I had grown up in a family of entrepreneurs, but personally, corporate jobs were all I had known. And despite the challenges – the stress, the long hours, the extensive travel – those jobs had provided 20-plus years of benefits and a good, steady income.

The more I thought about it, however, the more I realized I was even more terrified of looking back at age 65 and asking myself, “What if?” If I stayed in the corporate world, would I have regrets? Would I wish that I had taken the risk? Would I feel like I’d missed out on the chance to maximize financial wellbeing and my legacy?

To help me make a decision, I decided to ask myself seven hard questions, and answer honestly. These weren’t questions about franchise brands, my business skills, or investment ranges. They were about regret, and how I could avoid it.

Question #1: If I stay, will I own anything I’ve built?

At the time, I expected to spend about 10 more years working full-time. So I asked myself, “If I spend that entire time in the corporate world, what will I be building, and for whom?” Building is my natural bent as an executive, whether that means building people, building divisions, or building brands. I knew that, given the opportunity, I could build quite a lot in 10 years.

However, when I was honest with myself, I knew I wouldn’t own any of it.

Everything I might build over the next decade would belong not to me, but to the company where I worked. It might earn me a nice bonus each year, but the intellectual property and nearly all the profits would go to my employer.

Question #2: Do I want to trade time for money, or for equity?

There’s a famous scene in the TV show Mad Men where Peggy complains to her boss, Don Draper, that she provides him with a constant flow of great ideas, and he never thanks her for them or gives her a sense of ownership in the ad agency where they work. Without missing a beat, he says, “That’s what the money is for!”

That’s a typical mindset in a corporate environment: “Your check clears every month, right? You should take it and be grateful for it. What more could you possibly want?”

But I did want more. I wanted a sense of ownership, and to see my financial reward grow in proportion to the growth I created. I didn’t want to just trade away my life for a paycheck.

Question #3: Is my fear protecting me or trapping me?

We evolved a fear response for a reason. When our prehistoric ancestors encountered new animals or environments, their lack of knowledge about the situation could literally – and sometimes instantaneously – mean the difference between life and death.

Fear can still sometimes alert us to legitimate dangers, but in modern life, new situations are typically not life-or-death. It’s important to realize that our primal fear response is still just as strong, but we need to employ our rational brains to assess whether it’s proportional.

When I stopped to examine my situation, I realized that my fear was not protecting me from legitimate threats. My wife Lauri and I had the resources to cushion our family during a transition period. Fear was actually holding me back, trapping me in an arrangement that wasn’t to my family’s benefit.

Question #4: What’s the worst that happens if I try? If I don’t?

This one was a real eye-opener when I let myself really think about it. On the one hand, I realized that leaving the corporate world didn’t involve the big scary risks I assumed it would, especially since my wife Lauri and I had a sensible plan for buffering ourselves financially. I could take a lower-pressure, full-time job and launch the new business as a side hustle. Lauri, who had covered home base while I worked long hours and traveled as an executive, could return to full-time employment. And we were actually excited about the freedom we could gain by downsizing our home.

But if I didn’t try a new path? That was actually where the scary risks were. Worn down by decades of high-stress work, I’d recently had a serious health event that almost killed me. And I was tired of the way my career kept me away from my family. Thankfully, they had shown tremendous grace and were still hanging in there with me, but I worried about permanent damage to those relationships. My marriage, my connection with my kids, and even my life could be on the line if I didn’t change gears.

Question #5: Who’s going to control my calendar for the next decade?

The question of time was another big consideration for me. As an executive, I traveled constantly. I missed family dinners, milestones, and vacations. Even when I was supposedly taking time off, I was still working. “Just a few” emails at breakfast. Ducking out of dinner to take a call. Staying behind at the cabin or hotel because I had to finish a slide deck. Especially since my health event, I was keenly aware that I would never get back that time.

If I struck out on my own, however, I could do better. Yes, I would need to work for another employer for a few years while my business launched. But I could find a job that was less demanding, and my family could finally put down roots somewhere. Then, when those few years were up, I would have complete ownership of my schedule. I could spend true quality time with my wife, kids, and extended family. Take real vacations. Manage my health. Enjoy my hobbies. That was a very big draw.

Question #6: If I’m going to work this hard, shouldn’t I keep what I create?

This thought took me back to questions 1 and 2, but from a slightly different perspective. I did realize that becoming a franchisee wouldn’t allow me to go from 100 to 0 in a month. I knew that launching the business would be hard work at first. I would have to juggle a side hustle with a full-time job, and Lauri would be working full-time as well.

But at the end of that period? The return from my time and financial investment would belong to me. I would only need to consult with Lauri to decide what to do with it. We could hold onto the business for a while and enjoy the cashflow from it, or sell it and reap a windfall.

Question #7: Will I respect the person I see in the mirror at 65?

When I thought about leaving the corporate world, this question cut deepest. For many years, I had told myself and others that my family were the most important thing in my life. But had I really lived that? Was my work in the corporate world building the kind of legacy I wanted to leave, financially or personally? I also thought about the other things I valued: staying healthy, building new things, exploring, my community.

When I got to 65, I wanted to feel that I’d done everything I could to elevate those priorities. And I couldn’t honestly say that would be the case if I stayed in the corporate world. In order to live my values, I needed ownership. Empowerment. Freedom. And I wasn’t going to get those by continuing to work long hours and degrading my health, or by pouring my time into a role that didn’t reward me in proportion to my effort.

The Final Answer

As I thought through these questions, here’s what I realized: When you’re a corporate employee, fear happens to you. It comes from things you can’t control. Layoffs, reorgs, a new CEO who doesn’t even know your name. You have to just absorb it.

I knew that, as a franchisee, I would still experience fear. But I would be able to do something about it. I could validate numbers and talk to other franchisees who’d walked the path before me. If challenges came, I could solve them without a whole board and C-suite looking over my shoulder and trying to redirect me. I could act – and grow – in my full capacity as an experienced leader and builder.

One type of fear, I realized, would keep me up at night with no solution. The other type might keep me up at night, but with a plan. I didn’t have to be fearless. I just needed to understand that staying was scarier than leaving.

If you’re wrestling with some of the same fears, or asking yourself these questions, I’m here to help you navigate the waters. I won’t call them uncharted, because I’ve actually sailed them myself. Let me put that experience to work for you – for free! – and help you take the first step toward a better future for yourself and your family.

Many of the people who contact me are going through some kind of transition. Often, the transition isn’t voluntary. Some of my candidates have been laid off or pushed out by their employers due to ageism. Others work in dying industries and are trying to develop a fallback plan before it’s too late. Still others have spent too many years working a grueling executive schedule and need to find balance before they lose their health, their marriages, or both. Under such circumstances, it can be hard to recognize the benefits of transition. But benefits there are. Hidden behind the challenges are opportunities, and you can make the most of them if you know what they are.

Freedom

Both for me and for many other franchisees I know, freedom is the greatest benefit of transitioning to franchise ownership. If you’ve spent decades climbing the ladder at a company, or in an industry, you can easily develop tunnel vision. You forget there’s an entire world beyond your current experience.

Transition is an open door to that world. Big changes have a way of bouncing us out of our ruts and opening our eyes to new possibilities. Transitioning out of the corporate world gives you freedom to experiment with new industries and new ways of doing business. You also become empowered to shape your schedule to suit your life and family, not the other way around.

Professional Development

Plenty of corporate skills–like leadership and financial management–translate well to franchising. But franchising is also a different world. When you make the transition, you gain a whole new range of professional development opportunities.

The most obvious opportunity: you get to learn a new industry and a new business model. And thanks to the freedom of franchising, you get to operate with a level of independence you probably never experienced in the corporate world. That means new opportunities to exercise and develop decision-making, problem-solving, and leadership skills. Overall, you’ll find yourself working new parts of your brain and using your past experience in exciting new ways.

Networking

Especially if you like connecting with colleagues, networking is one of the primary benefits of transition. A franchise is not an isolated business. It comes with access to an entire network of other owners, and the best franchisors have a culture of mutual support that you’ll love.

As a new franchisee, you can vastly expand your personal network and enjoy new relationships with people who will challenge and uplift you. Your fellow owners can offer advice, help you find suppliers and employees, and even provide opportunities for you to mentor them.

Wealth

Executive compensation at large corporations is extremely generous, but it has a cap. Every job has an approved salary range and benefits package. No matter how hard you work or how many innovations you create, you’ll never get more than the maximum the company allows. Even promotions and bonuses have a ceiling. And at the end of the day, the biggest return on your work will pad the company’s bottom line, not yours.

Think of transition as a chance to blow all those limits to pieces. There’s a reason the wealthiest individuals in the world are business owners and entrepreneurs (or their heirs). When you become your own boss, the only limit to your wealth-building potential is you. Instead of the corporation taking the lion’s share and a small percentage coming to the employees, franchise owners pay just a small percentage in fees to the franchisor and keep the lion’s share for themselves. And if you want to work harder, lead your employees to better performance, or open new locations, it all benefits your business–which means it benefits you and your family.

Ready to talk about how to turn your transition into an exciting opportunity for you and your family? It only takes 15-20 minutes, and it’s completely free! Book a call with us today to get started on your journey to opportunity.

Are you ready to tell yourself the truth? As a former executive who ran the corporate rat race for more than 20 years, I know how easy it can be to deceive yourself about the benefits of your job. I call it corporate comfort: the apparent ease of following a structured routine and drawing a steady paycheck. Comfort, however, can be deceptive. What seems like useful structure can actually hem you in, keeping you from achieving your full wealth-building and leadership potential. Moreover, workplaces and economic forces are very different than they were when you started your career. So it’s time for some truths about franchising and your professional future.

First, the Bad News

If you’re in your 50s, you probably grew up with a parent (usually a father) who worked for the same company his entire career. As long as he showed up and did his job well, he was rewarded with steady promotions and pay raises and didn’t worry about being fired. He probably had a pension for retirement, and your family could likely afford to buy a home and take one or two vacations each year. That’s not a fantasy – it was the experience of the typical full-time, blue- or white-collar worker in post-World War II America. But the times, they are a-changing.

Truth #1: The corporate life isn’t what it once was

For today’s average worker, however, things are different. Since the 1990s, wage growth has stagnated for all but the highest-paid workers. Even if you’re in that top tier, you’ve probably been affected by other trends. For instance, vacation time for American workers has decreased by almost a full week since the 1990s. That decade also marked a turning point in job security, with layoff rates increasing steadily ever since. And housing prices have been outpacing wage growth for the last 40 years. In other words, corporate work no longer offers the economic stability and professional opportunities it once did.

Truth #2: Yes, AI is coming for your job

When genAI (short for generative artificial intelligence) burst on the scene in 2022, CEOs pretended for a short period that it wouldn’t affect staffing. The new tech has since proved it can do all kinds of professional-level work, from analyzing financial data to writing legal briefs or case studies and creating marketing videos. Now, CEOs are drooling over its capabilities (however prone to inaccuracy they still are) and making no bones about the fact that they’re using it to replace professional workers.

Truth #3: The job market is tough

Whether a job search is voluntary or otherwise, it’s not likely to be easy these days. Companies are hiring less, whether that means pumping the brakes on backfilling open positions or waiting to create new ones. As a result, job searches are taking longer, and many workers are taking demotions or pay cuts just to land a position. The hunt is even harder for workers age 55-plus, who are likely to be unemployed significantly longer than younger professionals.

Truth #4: Ageism is real

Which brings me to the next truth: if you feel like you’ve been overlooked or pushed to the background at work because of your age, you’re not alone. And you’re probably not imagining it. Ageism really exists. Nearly half of older workers report being discriminated against on the job, and managers admit to passing over older workers or making negative assumptions about their abilities just because of their age.

Truth #5: Early retirement is bad for you and your wallet

At this point, you might be thinking the same thing I’ve heard from some of my candidates: “Well, if that’s the way it is, I’ll just take the layoff or retire early. I’ve been wanting to [insert hobby here] anyway.” But there’s a hard truth about that plan. Early retirement is bad for people, especially men, with the risk of physical and mental health issues immediately rising by 40%. It also means that you burn through your severance or savings faster, instead of having the right amount of time to grow them through investment.

Now, the Good News

Whew. That was rough, wasn’t it? But I’ve got good news: franchising changes the landscape. With a supported entrepreneurship model, franchise ownership is ideal for someone who’s been working in the corporate world. It’s a big reason I chose this path when I was ready to stop my exhausting climb up the corporate ladder. If you’re looking at career transition – voluntary or not – due to some of these hard truths, there is a way to turn it into opportunity. Here are some of my favorite good-news truths about franchising and your professional future.

Truth #6: You have a transferrable skillset

If you’ve been working as a corporate leader – or even in a leadership role in the military or nonprofit worlds – you have a skillset that transfers well to franchise ownership. Whether you’re highly skilled at strategy, operations, marketing, sales, people management, or all of the above, you can put those skills to work as a franchisee. Bonus: going forward, your skills will benefit you, your family, and your community, not a faceless company’s bottom line.

Truth #7: You have unlimited wealth-building potential

In the corporate world, you can only earn as much as the company is willing to pay you. Even the C-suite has clearly defined compensation packages with caps on salary, stock, and other benefits. But here’s one of the truths about franchising that attracts a lot of my candidates: as a business owner, you can build as much wealth as you want. Franchisors take a small percentage of revenue or flat fees each quarter, but they don’t cap your earnings. In fact, they want to see you grow and succeed because that benefits them as well. So your bank account is limited only by your own motivation, business smarts, and goals.

Truth #8: You can keep growing professionally

Corporate shareholders demand continual growth with minimal risk, and companies hire or promote executives to make it happen. As a result, your job becomes about staying the course or making incremental progress. Want to learn new skills or grow as a person and a professional? That’s not part of the company’s KPIs.

Franchises owners, by contrast, have constant opportunities for growth. Whether solving challenges for your business, coming up with new strategies, or meeting new people, I can promise from my own experience that you’ll feel your brain growing by the day.

Truth #9: You can stay engaged in work as long as you want

In the franchise world, performance is all that matters. No one is going to put you on the shelf or force you out simply because of the date on your birth certificate. As long as you want to keep working, you can.

In addition, franchising offers options for varying levels of engagement. Love operations and want to run your own business day-to-day? Purchase one or two units as an owner-operator. Want more time for family, travel, or your hobbies? Become an executive franchise owner. Sign a multi-unit or area development contract, hire your team, and retire early the right way. Either way, you can calibrate your work and personal lives to achieve whatever level of mental, social, and physical balance you want.

Truth #10: It’s never too late for a fresh start

Worried about doing something completely new in your 50s? Don’t believe the myth that it’s too late to start over. I was actually right at 50 when I made the leap to franchise ownership. My wife and I radically altered our lives. I left working in large corporations to operate my first businesses as a side hustle while providing leadership at a startup, and my wife Lauri went back to full-time employment after running our household for 20 years. Was it challenging? Sure. But it was also exhilarating. It didn’t take long for us to realize we’d made one of the best decisions of our lives, and we’ve been benefiting from it ever since.

Rather than think “It’s too late,” think “The sooner I start, the longer I’ll enjoy the benefits of freedom.” And remember: you won’t do it alone. Lauri and I are here to provide personalized guidance and help every step of the way. Take the first step by booking a free call with me. The best truth about franchising and your professional future? It can start today!

Because a lot of my franchise candidates are current or former corporate executives, they tend to have very strategic mindsets. Put another way: they like to know the end game before they start. That means I get a lot of questions about franchise exists. For some franchisees, an exit plan is about handing off the business to their children or grandchildren, but most franchisees buy with the intention of eventually selling their business. Here’s how I help them pick a franchise that will maximize their return on investment.

The Foggy Crystal Ball

First, I always emphasize that it’s impossible to predict the future. Just as in other industries, franchises are subject to trends. Although certain types of franchises are reliably popular (both with buyers and consumers), the exact supply-and-demand ratio may go up or down from year to year. And cultural or economic factors can affect the industry. As our culture has become more focused on mental health, for instance, more wellness-focused franchise brands have appeared on the scene.

The Question of Multiples

When you’re looking ahead to selling a franchise, you need to understand the concept of valuation multiples. Typically, your franchise’s valuation and selling price will depend on a multiple of your annual revenue. The multiplier, however, will vary depending on certain characteristics of your franchise. Your franchise might command a value that is 4x its annual revenue, while your buddy who owns a different kind of franchise might get a 6x multiplier. Why the difference? Keep reading to find out.

The Value of the Business Model

Generally speaking, your franchise’s business model will have the biggest influence on its value multiplier. So if you want to pick a franchise that will maximize return on investment, start with these factors:

• Leadership structure. Manage-the-manager, executive-model franchises generally get bigger multiples than owner-operator franchises.

• Number of units. From a valuation standpoint, multi-unit businesses are usually more desirable than single-unit businesses, since multi-unit franchises have built-in redundancy, economies of scale, and economic resilience.

• Product/service type. Franchises that provide essential services typically get higher multiples than franchises that provide products or services that are just a want. Among want-based products and services, luxury or premium versions generally do better than basic versions.

• Revenue model. A business with a recurring-revenue model – one that sells memberships or subscriptions – will typically be more desirable than one that depends on constantly winning customers for single-transaction relationships.

Labor Factors

A franchise’s labor structure also affects its value multiplier. When you’re looking to maximize ROI, consider these factors:

• Employee turnover. A business with high employee turnover is less desirable than one with employees who are loyal. This is a quality that is not baked into the business – it depends on your leadership style and the culture you create as the business owner.

• Employee status. Businesses with contract (1099) workers don’t necessarily get lower multiples than businesses with employees (W-2). However, buyers will look for evidence that each worker’s status is appropriate to their role, as defined by the federal government.

• Employee occupation. When compared to businesses of the same type, franchises with professional-level or credentialed/certified employees are usually more desirable. For instance, a tutoring franchise that hires only credentialed teachers will get a higher multiple than one that hires tutors who aren’t professional educators.

Operational Factors

Of course, how you operate your business matters, too. Franchise buyers want to see clean books, a positive relationship with the franchisor, and physical assets (such as equipment or a building) that are in good condition and have been regularly maintained.

In addition, franchises with PEOs are more desirable than those without. When a buyer sees that a business has been operated under a PEO, they know they won’t be inheriting issues with payroll, compliance, or liability. They’re more likely to feel that they can move forward with confidence.

Buy for Growth

Finally, if you want to pick a franchise that will maximize return on investment, buy for growth. Whether you’re applying to buy a new franchise from the franchisor, or bidding on an existing franchise from the owner, it’s better to buy small and build the business into something big and valuable on your own watch. Your profit will be much higher when you eventually sell.

And buying for growth has an added advantage: a better experience for you. If you’re like most of my candidates, you want to buy a franchise because you want to spread your wings. You’re looking for an opportunity to be in control of your own business, learn new things, solve puzzles or challenges, and create something new. You want to buy not just for the growth of the business, but for your own growth too.

Ready to make a smart wealth-building decision? You can take the first step with just a 20-minute phone call. Book some time on my calendar today for personalize help picking a franchise that will suit not only your skills and resources, but your financial and professional goals as well.

What makes a good franchise candidate? Leadership experience, solid financials, a willingness to take calculated risks–those are all key traits for franchise success. But when I’m working with candidates, I also look for something that’s not so obvious: an involved spouse. If you’re single, you can make all the solo decisions you want. But if you’re married, I’m going to ask you to bring your spouse into the franchise planning process.

Sometimes I get pushback on this request, especially from candidates who have always been their household’s sole breadwinner. But for me, this is crucial. For several reason, success hinges on including your spouse at every step of the process.

It’s the Right Thing To Do

First and foremost, including your spouse in a major, life-altering decision is just the right thing to do. Marriages thrive on mutual trust and respect. Buying a franchise without your spouse’s input is a breach of trust and shows a lack of respect for their goals, desires, and needs. On the other hand, including your spouse in your franchise planning shows that you trust their input and respect their goals for your life together. It’s an opportunity to make your relationship even stronger as you build a meaningful legacy for your family.

Your Spouse Knows You Better Than Anyone Else

Self-assessment is always the first step in the Empowered Franchisee consulting process. There’s a reason for that: when you understand yourself and your goals, you can do a better job of figuring out what kind of franchise will fit your situation. And finding a good franchise fit, in turn, can dramatically increase your odds of success.

Especially if you’ve been married a long time, your spouse knows you better than anyone else does. And that makes them an incredibly valuable partner in self-assessment. They can help you think through your goals, account for important factors affecting your shared future, and look honestly at your strengths and weaknesses. Because my wife Lauri was involved in the assessment process, I felt like the results were more accurate and useful than they would have been if I’d gone through the process alone.

Franchisors Expect Spousal Involvement

A franchise is a significant financial investment, often the biggest one you’ll ever make. Franchise ownership also has the potential to impact your family’s life in positive but dramatic ways. And through extensive experience, franchisors have learned that spousal support is key to a married franchisee’s chances for success (more on that in a minute).

For all these reasons and more, if you’re married, franchisors will expect your spouse to be involved in the franchise planning process. They will want to meet your spouse and will invite them to be an active participant in the final interview process at headquarters. They’ll look for your spouse to understand the key elements of franchise ownership and be enthusiastic about this new path you’re taking, even if your spouse isn’t going to be directly involved in running the franchise.

You’ll Need Your Spouse’s Support

This kind of involvement from your spouse boosts your odds of success because the franchise startup period is demanding–financially, physically, mentally, and emotionally. Brand-new franchises tend to experience more dramatic ups and downs in revenue. You’ll often find yourself facing situations you’ve never faced before, solving problems and making decisions that work new areas of your brain. And if you’re operating your franchise as a side hustle, you’ll be working longer hours at first, too.

If you don’t go the side-hustle route, your finances may be tighter in the short term. Until your franchise reaches profitability, you’ll have to rely on your spouse’s income to pay the bills, fund your living expenses from savings, or both.

To surmount these challenges successfully, you’ll need your spouse’s support. They’ll need to be willing to cheer you on, become the sole breadwinner for a while, help reduce household expenses, and/or shoulder a lopsided share of parenting duties and household chores. And which spouse is more likely to be willing to do those things: the spouse who’s been involved in franchise planning from the beginning, or the one you ambush with “Hey, honey, guess what I just did with our nest egg”? I think you know the answer.

I don’t just give this advice because I think it will work – I’ve lived it. Lauri was an equal partner with me in the decision to buy a franchise, and I firmly believe that’s a big reason the endeavor has been so successful. So are you ready to start the franchise planning process–with your spouse by your side? Book a 20-minute call with me to see if it makes sense to work together. I’m here to help you and your family reach your goals!