Franchises and Families

Family owned businesses are an American tradition.  Long before the term came into existence in 1951, ‘mom and pop’ businesses could be found in every corner of the country.  But in a fragile economy, starting a family business from scratch is a risky move, and so increasingly over the last few years, Mom and Pop have been exploring the option of owning a franchise business instead.

In times when a college degree doesn’t guarantee a job, creating economic security for oneself and one’s family seems to be a better option than ever. Franchisors often look favorably on franchise candidates who are entering the business with a spouse, partner, sibling or child.  At Kiddie Academy, some of our most successful franchisees work with family members.

But running a franchise business with family members doesn’t guarantee success. In fact, you may have to work even harder at balancing your personal and work life, as the lines can be easily blurred.

Thinking about franchise business ownership with a family member?  Ask yourself the following questions:

If you answered yes to the above questions, you’re a great candidate to open a franchise business with a family member. Franchisors want to see that families are ready, willing and able to do the work that it takes to build professional relationships.  If all members are fiercely committed to making the business succeed, franchising with the family can be a rewarding experience.  

Have you experienced working with family in a business setting?   Share your stories, questions and comments below.

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