Not Quite Ready To Retire? Try Franchising.

By Pamela Gold

"I feel as though at my age, I have less opportunity to recover from a financial error. When I was 40, I was a high risk taker. I knew I'd have time to recover, if need be. Now, I know I need the funds I have and I simply don't have the time, before eventually retiring, to recover. Buying a franchise cuts the risk, and in the case of Action International, the potential to earn is very high and the investment is low. These factors mean the opportunity is a low risk and for me it was a smart decision to make," explained Lee Martin, 60, who owns an Action International franchise.

Not Ready To Retire

Lee Martin was born and raised in an entrepreneurial family. He had always owned or managed businesses. At the age of 60, Martin moved from Canada to the United States to start his newest endeavor, an Action International franchise. Action International met his needs for a business that didn't require an investment in real estate or inventory. The price was right and the potential to earn was great.

Martin explains, "The systems, policies, and all things that are required to get the business off the ground are already done for you. Everything is time-tested and proven and for the franchise fee, the company hands this wealth of valuable knowledge to you. I didn't have to re-invent the wheel, hundreds of other franchisees have already paved the way for me and I have the expertise and power of the franchisor and all of the franchisees behind me. In my opinion, it costs considerably less money to buy a franchise than it would have cost to learn everything on my own."

As an older person, staying in the job market can be difficult, stressful, and extremely competitive as Martin explains, "At 60, unless you have something extraordinary to offer an industry, it's very hard to find a job. That's one reason why I chose to franchise. Companies these days are sensitive to the risks of hiring an older person. Factors such as health and retirement are strongly considered by employers."

Not For Everyone

Is franchising right for you?  Not everyone is cut out to be a franchisee. From financial constraints to a strong sense of independence and a need to create a unique brand, some people simply will never excel as a franchisee. For others, it is the perfect opportunity to lower the risks associated with business ownership while making life-long dreams become a reality.

Martin advises, "It truly depends on the person. One major factor is whether or not that person can get a high wage in their current industry. If you're a business person and desire to have a very significant income, look into buying a low investment franchise. The beauty of franchises is that you can be up and running fast, while with an original business, it may take a long time."

Leaving Corporate America

John Forsyth bought his Action International franchise in November of 2002 at the age of 56. After 33 years in corporate America working in the high tech field, Forsyth was tired of traveling internationally. Friends had suggested becoming an independent consultant, but Forsyth was not sold on the idea. Action International approached Forsyth about becoming a coach and owning one of their franchises at the right time.

"Action International is an international organization. The expertise of coaches around the world is at every franchisee's fingertips. I really love the idea of coaching. I didn't like the idea of becoming a consultant because you're basically helping organizations by fishing for their people and then you leave them. Consultants just don't have the time to change the behavior of an organization. Being a business coach means I teach people to fish for themselves. I'm able to be there for organizations regularly, every week," explains Forsyth.

Forsyth continues, "Action International also addressed my personal goals. I get to work with a range of businesses and use the skills I've learned over time and throughout my career."

As today's business climate becomes more competitive, ever-changing, and increasingly over-populated, it's getting more difficult for senior-level workers to survive. "Today's business community creates an environment where mid to senior-level management must look at what they want to do in the future. Being over age 50 means you are at risk when it comes to down-sizing. You have to look at what you want to do. Franchising gives you some control over your destiny. With grown children, you might be at the point in life where you have expectations for what and where you want to go and you probably don't want the uncertainty of the business world," stated Forsyth. Feeling this way, Forsyth turned to franchising for freedom, security, and confidence.

By owning a franchise, you can use the skills and knowledge you've gathered and you can build a sustainable and stable business. You'll be able to control your own destiny, and will no longer face the uncertainty of lay-offs and down-sizing in corporate America.

A Different Lifestyle

Working for yourself is drastically different than working for corporate America. The change can be a difficult transition for some, and refreshing for others. Forsyth explains, "When shopping for a franchise, one consideration is the fact that you will have to work outside of a corporate environment. I was used to having a large staff to do stuff for me. Now I have to do it all myself. Your franchisor will not do the little things for you. It's a very different world from being in management in the corporate world. A very positive aspect of the Action International system is that each franchisee has his own coach. My coach does for me what I do for my clients -- making sure I'm accomplishing everything I've committed to. They really keep us moving forward. In corporate America, the corporation holds you accountable. With Action International, our coaches fill this role for us."

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If you're in your 50's, 60's, or older and you're not quite ready to retire, franchising could hold the key to your future happiness, and possible wealth. With businesses that require part-time or full-time devotion and investments from under $10,000 to over $1 million, there's certainly an appropriate opportunity for almost everyone.

Just think about your goals. Do you want or need to make a large investment? Do you want to be semi-retired and just work part-time?  Do you want to work from home?  Do you want to start with a low investment?

Once you choose an opportunity, you'll pay a franchise fee. For the franchise fee, you'll receive a tested and proven business system and a recognizable brand. You won't be re-inventing the wheel and you may already have loyal customers who know and trust the brand. For many seniors, this is not only a safe way to make a life-long dream of owning a business come true, but it may help recoup savings lost to the stock market, or bring your liquid capital to a more secure level. In the process, you'll most probably acquire a sense of freedom.