From boardroom to bored room?

August 21, 2015

By Toni Jakovec

Retirement not proving as exciting as expected?  Launching a second career for those in their 50’s, 60’s and even 70’s has become the norm rather than the exception.  An estimated 74% of workers plan to enter another occupation after they retire, according to the annual retirement expectations survey by the Employee Benefit Research Institute.  If it’s time for an encore career, joining the ever-growing ranks of franchisees may be the answer.  At vomFASS we have several franchise partners that qualify as second career owners.  It’s never too late to pursue your dreams of entrepreneurship.  Just because you’re retired doesn’t mean your old, it just means it was the smartest career choice.

vomfass-board

According to a Wall Street Journal (3/21/11) article franchisors are reporting a surge in the percentage of older owners in recent years.  Americans 50+ are wealthier, healthier and more active than ever before.  Retirement no longer means the end of a life in business, but for many people it means the beginning of a life in franchising.

 

A recent Franchise 500 survey reported that one of the major buyer categories is second career executives.  These past few years have seen many companies downsizing, releasing higher and mid-level executives to early retirement.  The survey found that 77% of franchisors reported second career executives to be among their primary buyers today.  These highly valued applicants appreciate several aspects of the franchise business model including:  no receivables; no real estate; few employees; and repeat business.  A vomFASS franchise is a great way to cash in on a life time of acquired skills.

Why would anyone start a second career?   Here are some very good reasons.

1)   Avoiding boredom—Many high energy workers get bored if they don’t fill their time with a meaningful endeavor.  Let’s face it, not everyone is cut out to be satisfied with the stereotypical retirement activities of playing bridge or golf.

2)   Financial Security—After funding children’s college and weddings at the expense of building your retirement fund, a second career may be a necessity.  On the up side, your history of financial responsibility has rewarded you with great credit making you an attractive franchise prospect.

3)   Health Care—The skyrocketing cost of health care is challenging for everyone.  A second career in franchising offers the opportunity for that much needed financial boost.

4)   Time to do something fun and still make money—With a first career out of necessity, a second career for self-fulfillment may be just what the doctor ordered.  This is the opportunity to turn a lifelong interest, say you’re a foodie, into a rewarding and exciting vomFASS business.

5)  Legacy-Many retirees are looking for a family business that ultimately their adult-age children can take over and run.  During this process, the business reins can be gradually relinquished, affording a more leisurely schedule.

When considering a vomFASS franchise as an encore career, the aforementioned Wall Street Journal article recommended the following process:

  • Be open to opportunities. Make sure what you’re looking it is right for you and you know what you’re getting into.
  • Understand your capital. You want to be sure you have enough to break-even first and then to finance your projected growth.  Your most important document is a cash flow statement, which you should check weekly.
  • You don’t have to start from scratch. Buying a vomFASS franchise gives you a head start with an already developed concept and brand.

There is no question that franchise ownership is appealing as a second career, but what is the appeal of owning a vomFASS shop?  Well it is a fun business. Customers are friendly, the products are great, the concept is unique, and the business model has a solid track record of over 20 years.  Owners have flexibility in scheduling.  Of course, you want to be in the store during busy times, but you hire and develop a loyal staff so you can do what you enjoy.

The travel component is also an appealing aspect of owning a vomFASS franchise.  Plans are in the works for the 2016 International trip to Ireland and Spain visiting vomFASS artisan producers. The National Partner Meeting is also planned in Madison, Wisconsin April 19-20, 2016 where franchise partners will reconnect with one another.

In conclusion, the beauty of franchising is that it is your business.  You can mix and match the elements to fit your personal encore career needs and do it your way.

 

Disclaimer: This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. Currently, the following states in the United States regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you are a resident of one of these states, we will not offer you a franchise unless and until we have complied with applicable pre-sale registration and disclosure requirements in your jurisdiction.