While many franchisees plan for economic downturns,...
As we all know, you can't chose your family, but as a Canadian franchisee, you can decide whether they are involved in your franchise. If you want to bring your family into your new business, here are some ways to make your franchise into a family business.
Investing into a new franchise with your spouse could be a solid way to bring family into your business. It's beneficial to have someone you fully trust with you as you open, operate and grow your business, and your spouse should completely understand your goals, which they also likely share.
Depending on your children's ages, franchising with them could be an option. Your entrepreneurial child may have the drive to own their own business but are unable to get financing due to their age and lack of experience. With you involved, they may be able to realize their dreams, and it can add a whole new dimension to your relationship with them at the same time.
If your children are a bit younger or just not ready to step into business ownership, you can hire them to work in the summers or after school instead. It's a great way for your teens to learn responsibility, and you get to spend some quality time with them while you teach them about your business.
When you own a franchise, you have a way to leave a legacy to your family. Building up your franchise and passing it onto your child or another relative when you decide to retire still makes your franchise a family business in the traditional sense. You should have your exit strategy set long before you return; this way, you will be able to determine whether any of your kids or family members have the same passion you do for your franchise. After you have talked to that child or relative about taking over your business, you will still have time to teach them all they need to know about running it. When you do decide to step down, you'll feel confident about who is taking over.
Many franchisees have their businesses be family ones, by franchising with relatives, hiring their kids or passing the business to a relative when they decide to retire. If you are looking for an opportunity for a family business, keep in mind that franchises are on the table, too.