My franchise consulting business tends to attract a particular type of candidate, but lately I’m seeing a change. My typical candidate is an experienced executive who’s climbed the ladder at a big company, but they’re tired of building wealth for someone else. They’re often worn out from the long hours and high stress of an executive schedule. They could continue on their current path if they wanted to, but they’ve proactively decided they want something better.
The Times, They Are A-Changing
But increasingly, my new candidates don’t fit this mold. Instead of being proactive, they’re reacting to factors beyond their control. They’d stay put if they could, but they’ve just been laid off for the first time in their long careers. Or they still have a job, but they can sense that something bad is coming their way.
For the next few weeks, I’m going to share some of these stories with you (with some details changed to protect confidentiality). I’ll outline the challenges my candidates are facing and how franchising can help resolve similar situations.
The Situation: Single-Threaded Security
The first candidate is someone I’ll call Steve. He was a highly ranked sales executive at a large company. For the past 20 years, he’s climbed the ladder. And I mean really climbed, not coasted. He hasn’t done anything halfway.
Steve has always given his best to his employer. He brought a winning attitude to work, took assignments when he was asked, and built a thriving sales territory from nothing. Year after year, he hit his numbers. In fact, for the last seven years, he’s blown past his quota. He also nurtured positive, long-term relationships with his clients – the kind that make customers deeply loyal to a company.
With Steve’s track record, he could have worked anywhere. Many companies would have been happy to have him. But he stayed with his employer and continued to deploy his skills for their benefit, because they rewarded his loyalty – until they didn’t.
Recently, Steve’s company hired a new CEO. The CEO brought his own team along with him. One day a few weeks ago, Steve was called to HR and let go. His performance didn’t matter, and neither did his loyalty to the company. He just happened to be in a job the CEO wanted to give to someone in his inner circle.
Sure, they gave him severance. But he had all his eggs in one basket. He’s now without an income or benefits, and all his unvested stock (which he’d been counting on for long-term financial goals) is gone.
I call this single-threaded risk, and I’ve been there. I worked for a single company for 20 years, climbing the ladder as a marketing executive. It was great for a while: I learned a lot, earned good money, and turned around two major business units. But my family’s entire financial security depended on that job. When I was nudged out, we had no fallback.
The Solution: Franchising for Skill and Security
Whenever I work with a candidate, I encourage them to start with a self-assessment. It’s important for them to know what their skills, goals, and resources are, so that I can help them find a franchise that fits like a glove.
Despite the layoff, Steve is fortunate. He has incredible sales skills, and he’s an excellent relationship-builder. As he did with his sales territory, he loves building things from the ground up. And he’s got a fantastic work ethic and drive to succeed.
Sales-oriented candidates who love to build are often great matches for service-based franchises. These franchises are available in a variety of industries, such as commercial cleaning, disaster remediation, medical transportation, and home improvement. These opportunities fit franchisees who, like Steve, have the skills to land the initial sale and build relationships that keep customers coming back.
People who’ve been burned by single-threading may also be a good fit for a multi-unit franchise. This type of business has a more expensive buy-in, but the wealth-building potential is correspondingly higher. They have built-in redundancy, with your risk and income distributed across multiple locations. If you love to build things and have strong sales and operational skills, you can get the first location up and running on your own. Then you can hire a manager, train them in what you know, and focus on expanding your business.
How I Can Help
Because I’ve been there, I know how appealing single-threaded security can be. It’s easy to rationalize putting all your eggs in one basket when things feel familiar and safe, especially if you feel sufficiently challenged and rewarded. The problem with staying the course? You don’t know what’s around the bend – or what you’re missing down other paths.
If you’re in a situation like I was, or like Steve is, I can walk through it with you. I understand the fear and the need to find a solution that provides security for you and your family. As a consultant, I work with a vetted list of top-quality franchisors. Whether you need to replace your income ASAP, or if you can afford to take the time to build something big, I can help you find a trustworthy partner to accomplish your goals. Book a call with me today to get started on your path to security and freedom!
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