Are you ready to tell yourself the truth? As a former executive who ran the corporate rat race for more than 20 years, I know how easy it can be to deceive yourself about the benefits of your job. I call it corporate comfort: the apparent ease of following a structured routine and drawing a steady paycheck. Comfort, however, can be deceptive. What seems like useful structure can actually hem you in, keeping you from achieving your full wealth-building and leadership potential. Moreover, workplaces and economic forces are very different than they were when you started your career. So it’s time for some truths about franchising and your professional future.
First, the Bad News
If you’re in your 50s, you probably grew up with a parent (usually a father) who worked for the same company his entire career. As long as he showed up and did his job well, he was rewarded with steady promotions and pay raises and didn’t worry about being fired. He probably had a pension for retirement, and your family could likely afford to buy a home and take one or two vacations each year. That’s not a fantasy – it was the experience of the typical full-time, blue- or white-collar worker in post-World War II America. But the times, they are a-changing.
Truth #1: The corporate life isn’t what it once was
For today’s average worker, however, things are different. Since the 1990s, wage growth has stagnated for all but the highest-paid workers. Even if you’re in that top tier, you’ve probably been affected by other trends. For instance, vacation time for American workers has decreased by almost a full week since the 1990s. That decade also marked a turning point in job security, with layoff rates increasing steadily ever since. And housing prices have been outpacing wage growth for the last 40 years. In other words, corporate work no longer offers the economic stability and professional opportunities it once did.
Truth #2: Yes, AI is coming for your job
When genAI (short for generative artificial intelligence) burst on the scene in 2022, CEOs pretended for a short period that it wouldn’t affect staffing. The new tech has since proved it can do all kinds of professional-level work, from analyzing financial data to writing legal briefs or case studies and creating marketing videos. Now, CEOs are drooling over its capabilities (however prone to inaccuracy they still are) and making no bones about the fact that they’re using it to replace professional workers.
Truth #3: The job market is tough
Whether a job search is voluntary or otherwise, it’s not likely to be easy these days. Companies are hiring less, whether that means pumping the brakes on backfilling open positions or waiting to create new ones. As a result, job searches are taking longer, and many workers are taking demotions or pay cuts just to land a position. The hunt is even harder for workers age 55-plus, who are likely to be unemployed significantly longer than younger professionals.
Truth #4: Ageism is real
Which brings me to the next truth: if you feel like you’ve been overlooked or pushed to the background at work because of your age, you’re not alone. And you’re probably not imagining it. Ageism really exists. Nearly half of older workers report being discriminated against on the job, and managers admit to passing over older workers or making negative assumptions about their abilities just because of their age.
Truth #5: Early retirement is bad for you and your wallet
At this point, you might be thinking the same thing I’ve heard from some of my candidates: “Well, if that’s the way it is, I’ll just take the layoff or retire early. I’ve been wanting to [insert hobby here] anyway.” But there’s a hard truth about that plan. Early retirement is bad for people, especially men, with the risk of physical and mental health issues immediately rising by 40%. It also means that you burn through your severance or savings faster, instead of having the right amount of time to grow them through investment.
Now, the Good News
Whew. That was rough, wasn’t it? But I’ve got good news: franchising changes the landscape. With a supported entrepreneurship model, franchise ownership is ideal for someone who’s been working in the corporate world. It’s a big reason I chose this path when I was ready to stop my exhausting climb up the corporate ladder. If you’re looking at career transition – voluntary or not – due to some of these hard truths, there is a way to turn it into opportunity. Here are some of my favorite good-news truths about franchising and your professional future.
Truth #6: You have a transferrable skillset
If you’ve been working as a corporate leader – or even in a leadership role in the military or nonprofit worlds – you have a skillset that transfers well to franchise ownership. Whether you’re highly skilled at strategy, operations, marketing, sales, people management, or all of the above, you can put those skills to work as a franchisee. Bonus: going forward, your skills will benefit you, your family, and your community, not a faceless company’s bottom line.
Truth #7: You have unlimited wealth-building potential
In the corporate world, you can only earn as much as the company is willing to pay you. Even the C-suite has clearly defined compensation packages with caps on salary, stock, and other benefits. But here’s one of the truths about franchising that attracts a lot of my candidates: as a business owner, you can build as much wealth as you want. Franchisors take a small percentage of revenue or flat fees each quarter, but they don’t cap your earnings. In fact, they want to see you grow and succeed because that benefits them as well. So your bank account is limited only by your own motivation, business smarts, and goals.
Truth #8: You can keep growing professionally
Corporate shareholders demand continual growth with minimal risk, and companies hire or promote executives to make it happen. As a result, your job becomes about staying the course or making incremental progress. Want to learn new skills or grow as a person and a professional? That’s not part of the company’s KPIs.
Franchises owners, by contrast, have constant opportunities for growth. Whether solving challenges for your business, coming up with new strategies, or meeting new people, I can promise from my own experience that you’ll feel your brain growing by the day.
Truth #9: You can stay engaged in work as long as you want
In the franchise world, performance is all that matters. No one is going to put you on the shelf or force you out simply because of the date on your birth certificate. As long as you want to keep working, you can.
In addition, franchising offers options for varying levels of engagement. Love operations and want to run your own business day-to-day? Purchase one or two units as an owner-operator. Want more time for family, travel, or your hobbies? Become an executive franchise owner. Sign a multi-unit or area development contract, hire your team, and retire early the right way. Either way, you can calibrate your work and personal lives to achieve whatever level of mental, social, and physical balance you want.
Truth #10: It’s never too late for a fresh start
Worried about doing something completely new in your 50s? Don’t believe the myth that it’s too late to start over. I was actually right at 50 when I made the leap to franchise ownership. My wife and I radically altered our lives. I left working in large corporations to operate my first businesses as a side hustle while providing leadership at a startup, and my wife Lauri went back to full-time employment after running our household for 20 years. Was it challenging? Sure. But it was also exhilarating. It didn’t take long for us to realize we’d made one of the best decisions of our lives, and we’ve been benefiting from it ever since.
Rather than think “It’s too late,” think “The sooner I start, the longer I’ll enjoy the benefits of freedom.” And remember: you won’t do it alone. Lauri and I are here to provide personalized guidance and help every step of the way. Take the first step by booking a free call with me. The best truth about franchising and your professional future? It can start today!
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