Older Workers, Tired Of Routine, Turn To Franchising

New York Times:

An increasing number of old geezers are sprouting their 401(k) wings and flying off to quasi-entrepreneurial land of franchising.

It is a happening place to be. The International Franchise Association (www.franchise.org) in Washington, estimates that the ranks of franchised businesses have increased to 850,000 from 760,000 six years ago, and says that from 2003 to 2005, the number of ‘franchise concepts’ shot up by 900, to 2,500. Franchising cuts across 75 industries and generates one out of 7 jobs in the private sector, the trade group says.

For people with long workplace experience and discontent with the tedium of their jobs, or of retirement, plus a nest egg waiting to be raided, it can be a happy hunting ground.

The industry is obliging older folks by coming up with ideas that cater to their inclinations, like seasonal businesses. If you buy a location from Rita’s Water Ice (www.ritasice.com), a chain based in Trevose, Pa., with 400 stores and plans for 1,500 by 2010, for example, you could sell Italian ices and other cold treats in Boston in the summer and retreat to the golf courses of Florida in the winter.

On the flip side… continue reading.

Photo by: Alex Eben Meyer.