Franchising: A Pathway to Fulfillment and Purpose After Career Transition or Retirement

In the dynamic world of business and career transitions, the concept of franchising stands as a beacon of opportunity for those seeking a change. For many, franchising offers an escape route from the daily grind of the nine-to-five corporate life, a more motivating alternative to a desk job or a meaningful project to undertake instead of committing oneself to early-retirement boredom.

1851 Franchise spoke with Rob Lancit, a veteran in the franchise space and vice president of franchise development with Stratus Building Solutions. Lancit was able to shed some light on the reasons why franchising has become a compelling option for individuals navigating career shifts, economic challenges or even contemplating an alternative to traditional retirement.

Transitions and Transferable Skills

When it comes to work experience, many skills and qualities aren’t limited to a particular job or industry. Most professionals have developed skills that would help them succeed in business ownership, whether they are aware of it or not. 

"There's so many options for franchising today. I think people can transfer their skills in almost any industry," said Lancit. "The number one skill set that people have to have is actually people skills." 

No matter the industry, there are likely to be people involved in the process, whether those are colleagues, employees, clients or customers. Lancit explained the significance of effective communication, especially in consumer-based franchise concepts where creating a comfortable, trustworthy environment is a vital step to keep consumers coming back.

Motivating and Meaningful Opportunities

Many people venture into franchising once they reach retirement age; either they weren't ready to throw in the towel just yet or they found retirement boring and decided they wanted a new project.

“I had a business that I sold, so I was home all the time,” said Lancit. “Everybody wanted to throw me out of the house after two months because I had nothing to do. I was pulling my hair out. I don't think people want to stay home and play golf all of the time. I think they still want to be able to contribute and build something that they're either going to turn around and sell as an asset, or they might look at transferring it generationally.”

Lancit explained that, for many, franchising is about building future opportunities for their children. For many others, however, franchising offers a much needed employment opportunity in the here-and-now.

“A lot of people in their mid-50s, unfortunately, due to some economic situation or the pandemic, have found themselves in the unemployment line for the first time in 15 years,” said Lancit. “For folks my age, finding employment can be difficult, or we're offered less than what we're accustomed to in terms of salary, so a lot of people turn to franchising.”

Franchising offers business owners the opportunity to control their employment situation and to select an industry they are confident in. It can provide a very lucrative model in addition to providing purpose. This sense of purpose can come from the franchise concept itself in terms of the business owner’s revenue goals or the services provided; for example, senior care franchises provide much-needed services that improve the lives of seniors in the community. Alternatively, the sense of purpose can come from the number of jobs created for the community through opening a new business.

The Benefits of the Franchising Model

Another appeal of franchising is that it often requires no previous business ownership experience. The blueprints for the business are shared with the franchisee, and most brands provide support ranging from industry training to marketing. In the best cases, it’s a tried and true model that other business owners have tested and perfected.

“The biggest benefit is not having to reinvent the wheel,” said Lancit. “I think that's the benefit of any franchise model; if the franchise model is well-executed, you're going to give somebody the blueprints on how to run a successful business.”

The business has already ironed out the mistakes, or as Lancit likes to say, they’ve paid “the dumb tax” and learned from it. He also insisted that, while franchising entails a fee to the franchisor along with royalties and other investments, starting a business independently can be more costly as there are a lot of moving parts and mistakes that can be made along the way without the support of the franchisor. 

Step One: How to Make the Transition

For someone looking to make a big career transition or to venture into franchising for the first time, the landscape can feel overwhelming at first. Lancit suggested that those interested in franchising start by perusing the internet to get a grasp of what types of concepts are available and to learn more about how it all works. 

For those who want to fast-track to the process, Lancit recommended consulting an industry expert.

“There are certainly consultants and brokers out there that can shorten the learning curve a little bit and you can work with somebody that can help you narrow down your field of vision to focus on just a few of the brands that might be of interest to you,” he said.

Lancit also recommended checking out the International Franchise Association website or the Canadian Franchise Association website for those who reside in Canada. 

Once an entrepreneur has honed in on a potential brand, Lancit advised reading the brand’s Franchise Disclosure Document very carefully and learning as much as possible about the management team.

“Take a look at the management team,” he said, “because you can love a business model from today till tomorrow, but I think it's important that you get a sense of who the driving force is behind the company, so you make sure that their values are aligned with your values.”

Lancit’s last bit of advice? Speak to existing franchisees with the brand to learn about their experiences and to learn what a new owner can expect from the brand. 

Franchising can act as a transformative journey for those in pursuit of reinvention and adapting across industries is a very attainable goal, especially for those with excellent people skills. The allure of franchising is clear to many as an ever-inviting path for those ready to embrace change, contribute meaningfully to their communities and build legacies in the realm of business ownership.

To learn more about how to venture into franchising, check out these stories and resources:

• 1851 Growth Club
• How to Buy a Franchise: What Is an FDD?
• Navigating Franchising: Understanding Franchisors and Franchisees