We talk a lot about purchasing a business or a franchise as a way to become your own boss, have financial independence, give back to the community, and obtain flexibility to do more of the things you love. Indeed, it can do all of those things. However, we rarely take the time to ask, “What will my legacy be?”
As part of my discussions with clients, I address this topic, from the start. If you’re in a career where you won’t be recognized or remembered for your contribution, or you’re not making or building something that will be utilized for years to come and provides a service that makes the world a better place, and some or all of these things are important to you—a franchise can provide you with all of this and more.
Building your legacy through franchising starts with finding the right fit for you. Service industries are a good place to start. Once you’ve chosen the business, commit to running that business ethically and with a strong set of guiding principles. This translates throughout the organization—from the staff you hire, the accounts you acquire, and the customer service you provide.
Next, as a franchisee, you can begin to collaborate with other business owners within and outside of your franchise brand and influence growth in your business and community (e.g. Chamber of Commerce), as a result of combining resources. All of these things will lead to the recognition you desire and deserve, with people acknowledging you as the architect. That inevitably leads to being sought after to speak, lecture, mentor, and share your success. Now, not only do you have the legacy of the business, but also as an individual.
By now, I’m sure you’re asking why franchising is a better fit for legacy building than a private business. That is because most franchises have a 10-year agreement with their owners. At the end of the 10 years, both parties have an opportunity to renew or terminate. If the business is doing well, renewal is typically welcomed, which means that for another 10 years, owners can continue to access all systems and software, take advantage of new product and service training, leverage the franchisor support team, and benefit from local and national advertising—all from the initial one-time franchise fee.
This type of support can be extremely important, when talking to your children and family about taking over the business and continuing the legacy long after you are gone. Let’s face it; children may want to run screaming in the other direction, because they don’t want anything to do with the residential or commercial cleaning business. However, if the business is doing well financially, and they have a support system that they don’t have to pay a salary for, the security and stability may increase the chances of them feeling more comfortable about taking it over. Many times, in private business, if an owner retires or passes away, the support system that they’ve built over the years can drop off, making it more difficult for the successor to run. That doesn’t happen when you own a franchise. Not to mention, for those children that decide perhaps formal education isn’t the route they would like to go, a franchise system provides full training for new owners, partners or employees.
Many times, in private business, if an owner retires or passes away, the support system that they’ve built over the years can drop off, making it more difficult for the successor to run, but that doesn’t happen when you own a franchise. Not to mention, for those children that decide perhaps formal education isn’t the route they would like to go, a franchise system provides full training for new owners, partners, or employees (although this may require additional costs).
So, if you’re yearning for a way to control your own destiny, choose the people you work with, give back to your community, challenge yourself, take pride in something you’ve built, and want to see it continue for generations to come, consider franchising as a way to achieve that!