Millennials and Franchises Are Making a Match

Close your eyes and imagine the C-suite of a franchise company. Got a mental picture? Okay. How many of those people were under the age of 40? If you answered more than 0, you’re probably lying.

However, a recent story from Entrepreneur paints a different picture. Millennials are being drawn to the world of franchising, and it’s transforming the makeup of big-name companies.

For instance, the oldest person at Best in Class Education Center, a leading supplemental education franchise, is its CEO and Chairman, Hao Lam. His age? 47. Even more important is the age of his company’s COO: 27. In fact, according to Entrepreneur, everyone on the corporate staff is either in their 20s or early 30s. What’s more, nearly one-third of Best in Class’ franchisees are Millennials as well.

“Millennials are willing to listen and willing to take the help you provide,” Lam told Entrepreneur. “It’s really good. They may not have the experience of Gen Xers or Baby Boomers, but nowadays the younger generation is so well-rounded.”

Part of this change has to do with how franchising itself has evolved over the years. High-net-worth candidates are no longer a must thanks to low-cost franchise opportunities that can be implemented from a person’s home. Millennials have also had to contend with a rotten economy that’s limited job opportunities. Instead of slaving away in hopes of securing a position in corporate America, many are willing to explore alternatives, including franchising.

And education isn’t the only area where Millennials are flocking to franchises. Stacy Anderson, CMO at Anytime Fitness, told Entreprenuer that approximately one-third of its franchisees are Millennials.

“We have one father and son who have opened 13 clubs together,” Anderson said. “The father’s a Boomer who has a lot of business acumen, and the son was looking for a way to get into the work force. They’ve done extraordinarily well. It’s a fascinating phenomenon.”

Fascinating and favorable, especially for a franchising industry attempting to attract new blood. Youth may not guarantee innovation, but it’s a hell of a good place for the industry to start.

Read the full story here.