1851

Owning a franchise can be a great way to build a successful business. But for many franchisees, the ultimate goal is to pass the business down to their family members. Franchise businesses have a proven business model; ongoing support; training from the franchisor; and a strong brand, which makes it a relatively low-risk option for a family business that can be passed down from one generation to the next. Today, family-owned businesses&nbsp;<a href="https://www.familybusinesscenter.com/resources/family-business-facts/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-to-turn-your-franchise-into-a-family-business-2720952" target="_blank" rel="nofollow">account for 62% of the nation’s employment</a>.Turning a franchise into a family business, however, requires a bit of planning and strategy.&nbsp;Here are a few tips for franchisees who are looking to turn their franchise into a family business:Start planning early.&nbsp;If you're thinking about passing your franchise down to your family members, it's important to start planning early. This means thinking about your long-term goals and developing a plan for how your family members will take over the business.Train your family members.&nbsp;As you begin planning for the transition, it's important to start training and grooming your family members to take over the business. This can include things like teaching them the ins and outs of the franchise, giving them hands-on experience and helping them develop the skills they'll need to run the business.Communicate with the franchisor.&nbsp;As you start planning for the transition, it's important to communicate with the franchisor to ensure that they're on board with your plans. The franchisor may have specific requirements or expectations for family members who are taking over a franchise, so it's important to be upfront about your plans and make sure everyone is on the same page.It is also worth noting that many franchise brands have implemented&nbsp;<a href="https://www.franchisewire.com/succession-planning-for-franchise-business-owners/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-to-turn-your-franchise-into-a-family-business-2720952" target="_blank" rel="nofollow">programs and policies</a> to support multi-generational ownership. For example, some brands have set up succession planning programs or offer special incentives or financing options for family members taking over the business. This is a trend that is becoming more common as franchisors see the benefits of having multi-generational families owning their brands.Consider an ownership structure that allows for multiple partners.&nbsp;One way to turn your franchise into a family business is to have multiple family members as partners in the business. This allows for shared responsibilities and decision-making, and can help ensure that the business stays in the family for generations to come.Create a comprehensive plan for the business.&nbsp;To ensure that the business can be passed down from one generation to the next, it's important to have a comprehensive plan in place. This plan should include things like financial projections, marketing strategies and plans for future expansion.Overall, with the right planning and strategy, turning a franchise into a family business can be a great way to ensure that the business stays in the family for generations to come.&nbsp;

How to Turn Your Franchise Into a Family Business

1851 Franchise

Statistics show that turning a franchise into a family business is a common occurrence, and many families see it as a great way to ensure the continuity of their business. 

how-to-turn-your-franchise-into-a-family-business

Sola Salons

Sola Salons Announces Franchise Expansion in Port Orange, Florida; Lakeland, Florida; Greenville 

Sola Salons Announces Franchise Expansion in Port Orange, Florida; Lakeland, Florida; Greenville, South Carolina

sola-salons-announces-franchise-expansion-in-port-orange-florida-lakeland-florida-greenville-south-carolina

Griswold

How Bruce McReynolds Built a Thriving Griswold Franchise Through Purpose and Community

how-bruce-mcreynolds-built-a-thriving-griswold-franchise-through-purpose-and-community

Sylvan Learning

Photo of Sylvan Learning teacher and student sitting at table together

How To Prevent Summer Learning Loss: Fun and Simple Ways To Keep Kids Learning

prevent-summer-learning-loss-sylvan-learning

Children's Lighthouse

Why Austin Is a Strategic Growth Market for Children’s Lighthouse

why-austin-is-a-strategic-growth-market-for-childrens-lighthouse

Biscuit Belly Franchising

Biscuit Boom in the Bayou City: Biscuit Belly Signs Three-Unit Deal to Expand in Houston

biscuit-boom-in-the-bayou-city-biscuit-belly-signs-three-unit-deal-to-expand-in-houston

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Chick-fil-A Tops Customer Satisfaction Rankings for 11th Year as Challenger Brands Gain Ground

chick-fil-a-tops-customer-satisfaction-rankings-for-11th-year-as-challenger-brands-gain-ground

Technomic Releases Annual Ranking of the Top 15 Fast-Food Chains in the U.S.

technomic-releases-annual-ranking-of-the-top-15-fast-food-chains-in-the-us

Rising Jobless Claims Could Signal Challenges — and Opportunities — for Franchising

rising-jobless-claims-affect-franchising

Hardee’s Lawsuit Highlights the Risk of Going Off-Model in Franchising

hardees-franchise-lawsuit-paradigm-investment-group

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Dave’s Hot Chicken Sold to Roark Capital in $1 Billion Deal to Fuel Global Expansion

daves-hot-chicken-sold-to-roark-capital-in-1-billion-deal-to-fuel-global-expansion

AI Could Push Unemployment to 20% — Fueling a Surge in First-Time Franchise Buyers - 1851 Franchise

AI Could Push Unemployment to 20% — Fueling a Surge in First-Time Franchise Buyers

ai-unemployment-impact-white-collar-job-loss

The Ultimate Guide to Selling Franchises: How To Create a Strong Incentive

how-to-build-strong-incentives-to-attract-prospective-franchisees

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise Built on Heart and Community

paris-baguette-franchise-rockaway-new-jersey-vishal-junjea

Franchisee spotlight graphic with photo of Ed Holmes and Papa Murphy's logo

Thirty Years of Take ‘n’ Bake: Ed Holmes Reflects on a Lifetime With Papa Murphy’s

papa-murphys-franchise-ed-holmes-30-years

Design with outline of three houses and people working on laptops within them

Top 10 Low-Cost Home-Based or Mobile Franchises for 2025

low-cost-home-based-mobile-franchises

From Personal Care to Purpose-Driven Business: Why This Couple Is Bringing Griswold to Houston

from-personal-care-to-purpose-driven-business-why-this-couple-is-bringing-griswold-to-houston

Franchisee Spotlight with Chris & Evelyn Steinacher with Atomic Wings logo

Bringing the Heat: Local Couple Expand Their Franchise Portfolio with Atomic Wings in Illinois

atomic-wings-franchisee-feature-chris-evelyn-steinacher-fairview-heights-il

How to Turn Your Franchise Into a Family Business

MORE STORIES LIKE THIS