Place: patio of local coffee brewery, under trees, two former work friends drinking coffee.
Him: How is the job search?
Her: [sighs] Another twenty applications online and follow ups with LinkedIn friends …its exhausting. And no responses! I don’t know a corporation that hires anyone past 60. At least not at level of what I could do and have done most of my life. I may fade away in poverty! I didn’t plan on this.
Him: Maybe a job is not the answer?
Her: [stares at treetops] I am wondering, how do you make a living for the rest of your life? These days that means into your 80s and 90s. Since I can’t get hired for my abilities, what resources do I have that will give me another 30 productive years with a solid income stream?
Him: I am going to guess that your ability to manage, think creatively, problem solve and be a proactive risk taker will save you. It has served you well so far.
Her: Thanks, but could you tell that to the Corporations?
Him: It’s their loss. You have a lot to offer.
Her: I did my budget last night. My cost of living is going up. I realized I’ll never have enough money. The only strategies I have are downsizing my home and reducing expenses with only Social Security and my IRAs to pay for everything…it just isn’t going to cut it. I need to think differently!
[Looks off into parking lot]
Him: I also realized that I would never be able to stop making money. But as an employee everything became more political or the management ‘fashion of the day’. I longed for something simple and transactional where value was clear, and the customer was happy.
Her: Oh, me too, but how do you find that?
Him: I started looking at buying a business. I realize now that some I almost bought would have been a disaster and a franchise is the most practical solution. It is a ready-to-go business with advanced corporate support that I could buy into with part of my HELOC on my house.
Even then I misjudged what would be a good choice for me and my family and was looking at concepts that needed me to work weekends. An independent Franchise Consultant helped me find something I didn’t even know existed that would use my skills and meets my needs…Monday thru Friday …in the daytime!
So, I made the transition to a Franchise.
Her: Wow, you have completely reinvented yourself!
Him: [chuckle] Ha, I had to! We are living longer, not slowing down, employment for us is a joke. There is a whole new life stage where we must use our skills – and resources -and take a risk. I didn’t plan for this either, but thank goodness there is a solution.
Her: I wish I knew this 20 years ago!
Him: Me too, but I was too caught up in that corporate security blanket. Ideally you would start this process in your 40s, but it is not at all too late to begin in your 60s or 70s.
Personally, I have found that having my own franchise business is enjoyable and much less stress than working for someone else. All my professional managerial abilities are fully engaged, and I can’t be fired! It feels good.
She is now working with an independent Franchise Consultant to find a work-from-home style multi-unit franchise that utilizes her executive management skills.
Investigating the right franchise for your needs, skills and assets is what an independent Franchise Consultant can help you do. Because they represent many franchisors, they can be objective in helping you compare and assess the opportunities that best match your skills and financial objectives. They can accomplish in a week what it would take you a year to research. Because they are paid a referral fee by franchisors for those who do become franchisees, your services are free.
It is increasingly clear that the long-term solution to our extended lifespan with expenses is not another job…or even traditional retirement. With certain franchise models you can build value for eventual sale, or you may prefer to pass it on to your children as an ongoing income stream.
Steve provides franchise seekers a no cost franchisee consulting services at Wrightca.com