Why Franchises Can Work For Any Generation

GEN XERS

Generally defined as being born between 1965 and 1980, members of Generation X are in the prime of their careers. At Dogtopia—a franchise that provides daycare, boarding, and spa services for canines—vice president of franchise development Alex Samios says that many of Dogtopia’s franchisees are Gen Xers who have worked in the corporate world and are looking for a change.

“[They’re] first-time entrepreneurs and franchise owners who can bring transferable business skills and capital,” Samios says.

By becoming franchise owners, Gen Xers move away from any corporate cap that limits the amount of money they can make. Owning a franchise also enables them to widen the scope of their professional opportunities without having to forge the path alone.

Dogtopia, the fastest growing franchise in the pet industry, stresses to its franchise owners that they’ll get the necessary support in their business journey.

“You’re in business for yourself, but not by yourself,” Samios says.

Each Dogtopia franchisee undergoes four weeks of training and receives help from an experienced team before opening a new location.

In addition to looking for a franchise with a solid foundation and existing resources, Gen Xers often seek a brand that aligns with their values and passion, Samios says. Through its care for canines, Dogtopia offers that. Samios’ advice? “Follow your heart and do what you love, and the money will come.”

MILLENNIALS

Because millennials—those born between 1981 and 1996—are the youngest generation in the workforce, you might not expect many of them to own franchises. But they’re actually ideal candidates. The oldest members of this generation are entering their late 30s, and many now have the resources to invest in a business. Millennials who have a strong sense of purpose and want to give back to their communities may find what they’re looking for with a franchise, says Greg Helwig, president of Kiddie Academy, a franchise that focuses on child development and early education. Because the child care industry is growing rapidly, Kiddie Academy franchises also present a potentially lucrative opportunity for millennials looking to start their first business.

“Franchising with Kiddie Academy gives people the flexibility and financial earning potential they crave while allowing them to be part of something so important—shaping the minds of young children in their community,” Helwig says.

Most Kiddie Academy franchisees who fall into this category are husband-and-wife teams who discover the potential benefits of being a franchise owner when they start to look for child care for their own children.

“Many find themselves personally facing the challenge of finding highquality child care, which opens their eyes to the opportunity,” Helwig says. “Kiddie Academy provides children with an immersive, educational child care experience.”

BOOMERS

As the baby boomers (born between 1946 and 1964) reach retirement age, many are choosing to forgo retirement and keep busy with a new business venture.

For Dave Claflin, the CEO of Fastest Labs, a franchise that provides specialty drug and DNA testing services, boomers are the ideal franchisees.

“People will call here and say, ‘I’ve been making my company millions of dollars and I’m ready to grow my own business using the wisdom and skill sets I’ve gained working over the years,’” Claflin says.

Fastest Labs operates from 9 a.m. to 5 p.m. weekly and is closed on weekends and holidays. The consistent schedule leaves boomers with plenty of time to spend with their families.

“We’ve got young grandparents in their 50s, and they don’t want to be working when everybody else is off,” Claflin says. “That’s one of the things that we’ve always loved about Fastest Labs—it’s a family-friendly business.”

Another thing Fastest Labs prides itself on is its collaboration with franchisees.

“Some of the greatest ideas that we’ve implemented in our business have been from franchisees because they all bring different skill sets,” Claflin says. “We all get better as a result of having these more mature franchisees in the system.”

MULTIPLE GENERATIONS

Owning a franchise doesn’t have to be a solo pursuit. It can also be a cross-generational venture and is often a family affair.

Jack Johnson knows this from firsthand experience. He grew up in a family business and went on to cofound The Franchise Insiders with his wife, Jill. Together, they connect potential franchise owners with the opportunities best suited to them.

“Franchising is really a strategic investment for everyone at every level,” Johnson says. “Younger couples can begin early and build a diversified portfolio of franchises that grow to be an empire. Husbandand-wife teams who are middle-aged can enjoy the security of one keeping their job, while the other starts and grows the business until it can match and exceed both salaries. Older and retired individuals have the time to start a franchise and get it off the ground, building a business that can be a landing spot and financial asset for family members.”

The broad appeal is part of why franchises are popular.

“One in every 12 businesses in the U.S. is a franchise,” says Johnson, adding that with strategic planning, franchising can be quite profitable. “Right now, I’m working with a candidate in his late 70s who is a trusted adviser to an executive in his 40s. The older gentleman is heading the search and doing a lot of the ground work for the business to get it up and running and profitable, so it will be an easier transition for the executive who is used to drawing a nice sixfigure salary.”

But owning a franchise can be about more than just operating a business, says Debbie Petok Hufford, communications director for SealMaster, a company that manufactures and distributes pavement maintenance materials and equipment.

“For several of our owners, a SealMaster franchise is a legacy business that supports multiple generations as shareholders employed by the business,” she says.

Many SealMaster franchisees purchase a franchise with their adult children or acquire it when their children are young and plan to pass the business on.

“Once those children become adults, they are very involved in the business, own a percentage of it, and are poised to purchase or inherit more shares—perhaps even all shares—to take ownership upon their parents’ retirement,” Petok Hufford says. Many business owners also involve nephews, nieces, and other relatives.

While each generation brings something to the table, Petok Hufford says age ultimately doesn’t matter.

“It’s hard work, passion, business acumen, and other important factors that determine success,” she says. “Age is just a number.”