This is the final post in a 4-part series about real-life situations faced by franchise candidates I’ve helped. Some details are changed to protect confidentiality. Read part one, about single-threaded security; part two, about the true strength of a loaded resume; and part three, about seeing the writing on the wall.
The Situation: The Serial Entrepreneur
Most of the candidates who contact me have worked for decades in the corporate world. They’re typically either current executives looking for something better, or former executives who recently left a job. Candidates in this group have typically never owned a business, and they’re often coming to me because of some kind of challenge or crisis, like an unexpected layoff or ageism.
But sometimes, I get an email or phone call from someone who’s already a business owner. In fact, they may have already owned multiple businesses. I recently worked with a serial entrepreneur who fit this description. Let’s call him Miguel.
Miguel has lived all over the U.S. and in Europe. Over the course of 25 years as an entrepreneur, he’s launched numerous ventures. He’s mostly had successes and achieved the goals he wanted to achieve, but he’s seen some failures, too.
These experiences have made Miguel incredibly smart about business. He knows how to build something from nothing. He knows how to learn new industries, customer bases, and technologies. And he knows how to adapt to changing circumstances or recognize when it’s time to walk away from a failing situation.
But more than any of this, he’s learned a lesson that a lot of executives don’t understand until it’s too late: you’ve got to keep exploring because there is no finish line.
He knows that there’s no point where he’s “made it” and can just give up thinking about what’s next. He’s not trying to find the “perfect” job and hold on for dear life. Instead, he knows that thriving looks like ownership, movement, exploration, and building.
In other words, he knows that the smartest move is creating security, not finding it.
The Solution: Executive Franchising
For someone like Miguel, the right type of franchise is a no-brainer: regardless of industry or business type, he’s going to kill it as an executive franchisee.
Executive franchises are ideal for people who have solid business skills and love to build something. They require close attention as they’re getting off the ground. But once you’ve hired a good team and things are running smoothly, you only have to invest 8-10 hours/week in the business.
You can use your free time to build the next business, travel, spend time with your family, or whatever recharges and fulfills you. Or you can sell your successful franchise and use the profit to fund your next adventure.
If you’ve got a skillset like Miguel’s, you probably have the chops to build a franchise without needing a lot of support. This kind of independence is great for franchises at either end of the spectrum. Household-name brands, on one end, are often too large to give a lot of personalized support to each owner. New brands, on the other end, are often looking for highly experienced owners who can tolerate risk and contribute their wisdom to the company.
How I Can Help
As an experienced executive franchise owner, I can provide real-world advice on the role. I can also help you think about the trajectory you want to follow as an executive owner, because I’ve walked that road.
Once my business was running smoothly and I had more time, I opted to start my consulting business. I’ve also invested in my health and my hobbies, and I’m spending more time with my family (including my new granddaughter!). As someone who’s gone through the process, I can help you think ahead to your ultimate goals and pick the right franchise to serve them.
So book some time on my calendar today. It just takes 20 minutes to start exploring your next adventure!
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