SOURCE: FranNet

FranNet

May 26, 2011 10:42 ET

Parents Turn to Franchise Ownership to Help Adult Children

FranNet Says Corporate Refugees Find Family-Owned Businesses Provide More Stable Careers

LOUISVILLE, KY--(Marketwire - May 26, 2011) - John Quigley and Diane Langford are at the forefront of a rising trend in the tepid economic recovery: parents buying franchises to improve career prospects for their children.

Increasingly, parents are looking to invest in a franchise for their children to run or run it with them thanks to the still-sluggish economy and uncertain career paths for both older and younger workers.

"It's happening all over the country," said Jania Bailey, president of FranNet, a national franchise consulting firm that helps corporate workers research franchises across the U.S. and Canada. "The job prospects for senior-level professionals aren't great. They're feeling a bit slighted, they know opportunities are slim, and for new graduates, it's a horrible market."

After three decades, a successful corporate career and an early retirement, Quigley purchased a child education franchise and hired his son, Brandon, as the Manager.

"I wasn't ready to 'do nothing' and I realized that keeping my family together was really important to me," said Quigley, whose franchise is based outside of Nashville, TN. "Brandon had recently graduated from Arizona State University with an education degree and faced some grim career prospects. Opening a franchise was good for both of us."

Langford purchased a home improvement franchise in their town of Macomb, MI, to help her son Randy, 25, realize his dream of business ownership and provide some much-needed extra income.

"We still have 10 to 15 years of working left and our son, who recently graduated with a history degree, had few career options," Langford said. "Buying a franchise was a less risky way to start a family business and allowed us to help our son."

Quigley and Langford are not alone. College graduates today can't count on long-term corporate careers and face job changes without the secure benefits their parents enjoyed. According to FranNet, though, franchising is booming, producing a third of new job creation and half of retail sales.

"I think this represents a cycling back to pre-corporate America, when pretty much everybody was an entrepreneur," Bailey said. "We expect this trend to pick up, with potential to reshape career paths for an entire generation."

Visit www.frannet.com for more information.

Contact Information

  • CONTACT
    Jania L. Bailey
    FranNet President & COO
    502-753-2380
    Email Contact