Veterans of the U.S. military are thriving in a specific segment of the country’s business industry: franchising.
According to a recent Fox Business article, both franchisors and franchisees have recognized that the franchise model is perfectly positioned for veterans. And it’s clear that veterans agree—data from the International Franchise Association shows that an estimated 66,000 franchises in the U.S. are owned by veterans, which is about 14-percent of the country’s franchises.
There are numerous reasons why veterans experience success when they pursue franchising opportunities. Pete Baldine, the president of Moran Family of Brands, says that one of the major reasons is the fact that military experience translates well to the unique business model, and enables entrepreneurs to run their own company while at the same time having the support of an established team behind them.
Baldine told Fox Business, “Our franchisees recognize that they’re joining a proven business system, and veterans have the right mentality and makeup to follow that business system. Along with that, there’s obviously a great deal of discipline and leadership ability that veterans have. Those characteristics are important to their success.”
There are also additional benefits for veterans looking to break into the franchising industry. Franchisors can become members of the IFA’s VetFran program, for example, which brings together companies that offer financial incentives, training and mentoring to veterans interested in owning a franchise.
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