Franchise Opportunities for Baby Boomers Video

Get it off your chest – be the first to comment on this video!

Franchise Opportunities for Baby Boomers

Franchise Opportunities for Baby Boomers Beth Haselhorst: The nation’s baby boomers are changing the business landscape. It’s estimated at about 20% of the 78 Million Americans born between 1946 and 1964 will leave corporate jobs to start their own businesses. Many of these enterprises will be franchises. Our guest today knows a lot about franchises. Dick Rennick is an award winning founder of a 360 unit franchise system and former chairman of the International franchise Association. He is recognized as one of the leading experts in franchising and we’re happy to have them on SBTA.com. Dick welcome to sbtv. Dick Rennick: Thank you. Beth Haselhorst: So you operate a franchise consultancy company now Team Rennick are seeing more boomer clients? Dick Rennick: Absolutely. People are too young to retire. They’re going into their early 60s, mid 60s, 70s you’ll be surprised that people want to stay active, stay healthy. So yes they’re coming out of the woodwork and we’re getting those golden handshakes, they’re getting money to be let go from the man bills and from the motor industry. I mean you name it they’re getting those golden handshakes. And they’ve got retirement income; they’ve got IRA’s, 401k programs that they can use to buy franchises that are definitely increasing the sales of franchises. Beth Haselhorst: In addition to what they already have to buy franchises what about other financing opportunities for baby boomers to become franchise owners. Dick Rennick: Well I would hope that they wouldn’t use all of their IRA’s to cash into a franchise by this time they probably got some significant capital in their home. They can probably borrow some significant money’s to help with that. I would also recommend that if they got some retirement IRA’s in 401K plans that maybe they look at leveraging those, maybe take partial loans on those and paying back as the company grows. So I would recommend that they not go into huge debt but used what they’ve already earned over their last 25 or 30 working years. Beth Haselhorst: What other considerations are there for older entrepreneurs who want to become franchise owners. Dick Rennick: Well don’t let your age bother you. Just get right after— we are in a society today where there’s a lot of home healthcare, taking care of people you know that you for determine hospice there’s organized nursing associations that are giving care to the elderly. There are franchise opportunities for providing meals on wheels if you will. You can deep freeze these dogs on things and get them up for the people and so there’s lots of opportunities and you can be with other people that maybe in your same age group that are physically impaired and you can helped those folks with the franchise. Beth Haselhorst: That sounds very rewarding. So bottom line age would not be deterrent. Dick Rennick: Not a deterrent, I would not look up value. I know several franchises in the food industry. There are in their late 70s and early 80s and have been doing it for 15, 20 years and just loving it. They’re not giving up, it’s keeping them going or happy, family is happy and I look at it as when they buy these franchises that maybe there’s a possibility there that they can sell to their kids and sell with the other family members. And it’s a double deep retirement program. They made the investment now, they get that investment back via second retirement, they get more of the family involved and they get to buy out mom and pop. Beth Haselhorst: Sounds like a great opportunity for him. Dick Rennick: We believe in those. Beth Haselhorst: Well thank you, Dick very much for joining us today. Look for other segments on franchising and small business from Dick here on sbtv.com. You can also learn more about Dick Rennick and his company by going to www.teamrennick.com this is sbtv.com small business is our only business.

Small Business Television Network

For More Small Business Advice, visit the SBTV website.

http://www.sbtv.com/

Franchise Opportunities for Baby Boomers

Beth Haselhorst: The nation’s baby boomers are changing the business landscape. It’s estimated at about 20% of the 78 Million Americans born between 1946 and 1964 will leave corporate jobs to start their own businesses. Many of these enterprises will be franchises. Our guest today knows a lot about franchises. Dick Rennick is an award winning founder of a 360 unit franchise system and former chairman of the International franchise Association. He is recognized as one of the leading experts in franchising and we’re happy to have them on SBTA.com. Dick welcome to sbtv.

Dick Rennick: Thank you.

Beth Haselhorst: So you operate a franchise consultancy company now Team Rennick are seeing more boomer clients?

Dick Rennick: Absolutely. People are too young to retire. They’re going into their early 60s, mid 60s, 70s you’ll be surprised that people want to stay active, stay healthy. So yes they’re coming out of the woodwork and we’re getting those golden handshakes, they’re getting money to be let go from the man bills and from the motor industry. I mean you name it they’re getting those golden handshakes. And they’ve got retirement income; they’ve got IRA’s, 401k programs that they can use to buy franchises that are definitely increasing the sales of franchises.

Beth Haselhorst: In addition to what they already have to buy franchises what about other financing opportunities for baby boomers to become franchise owners.

Dick Rennick: Well I would hope that they wouldn’t use all of their IRA’s to cash into a franchise by this time they probably got some significant capital in their home. They can probably borrow some significant money’s to help with that. I would also recommend that if they got some retirement IRA’s in 401K plans that maybe they look at leveraging those, maybe take partial loans on those and paying back as the company grows. So I would recommend that they not go into huge debt but used what they’ve already earned over their last 25 or 30 working years.

Beth Haselhorst: What other considerations are there for older entrepreneurs who want to become franchise owners.

Dick Rennick: Well don’t let your age bother you. Just get right after— we are in a society today where there’s a lot of home healthcare, taking care of people you know that you for determine hospice there’s organized nursing associations that are giving care to the elderly. There are franchise opportunities for providing meals on wheels if you will. You can deep freeze these dogs on things and get them up for the people and so there’s lots of opportunities and you can be with other people that maybe in your same age group that are physically impaired and you can helped those folks with the franchise.

Beth Haselhorst: That sounds very rewarding. So bottom line age would not be deterrent.

Dick Rennick: Not a deterrent, I would not look up value. I know several franchises in the food industry. There are in their late 70s and early 80s and have been doing it for 15, 20 years and just loving it. They’re not giving up, it’s keeping them going or happy, family is happy and I look at it as when they buy these franchises that maybe there’s a possibility there that they can sell to their kids and sell with the other family members. And it’s a double deep retirement program. They made the investment now, they get that investment back via second retirement, they get more of the family involved and they get to buy out mom and pop.

Beth Haselhorst: Sounds like a great opportunity for him.

Dick Rennick: We believe in those.

Beth Haselhorst: Well thank you, Dick very much for joining us today. Look for other segments on franchising and small business from Dick here on sbtv.com. You can also learn more about Dick Rennick and his company by going to www.teamrennick.com this is sbtv.com small business is our only business.

Transcription by: Scribe4you Transcription Services