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Include Family In Your Franchise Decision

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Include Family In Your Franchise Decision

By FranchiseKing, Guest Blogger
Published: April 3, 2013

If you’re going to do a serious search for a franchise this year, please don’t make the mistake of not involving family members. Would you like to know why? Read on.

 

A Big Decision

The decision to become the owner of a franchise business is a big one. It’s not to be taken lightly.

And, while there are several ways for you to lower your financial risk,* franchise ownership doesn’t come with any guarantees. (Neither does a job!)

Your family members really need to understand what you’re thinking about doing.

That’s because if you do end up finding a franchise that you feel you can be successful in, you’re going to want to be supported in your decision.

Does that make sense?

 

Get Them Involved Early

The best way to insure that you’ll get the support you want and need is to get family members involved in the franchise exploration process at the beginning of it. Trust me, you’re not going to want to “surprise” any of them with an announcement like, “I just found a great franchise opportunity, and I really want to buy it!” (Especially if they had no idea that you were even looking at franchises.)

Now, you don’t have to have them involved in every little detail while you’re doing your search for a franchise, but you should definitely set a few goals together, including your budget. (Especially when it comes to your spouse, partner, or significant other.) You need to decide how much you’re willing to invest in a franchise-together. You should also discuss small business loan options.

 

The Decision-Maker?

Do you consider yourself to be the boss of your household?

In other words, are you the one that’s in charge of all things financial in your house? Are you typically the one who makes the final decision with regards to The Money?

If so, the suggestions that I’ve made so far may be a bit troubling to you. 

In my role as a franchise advisor, my clients have included high-powered ex-CEO’s, and ex-Wall Street executives—people who are used to being in charge and getting their own way. Some of them, after hearing my “involve members of your family-especially spouses or significant others early” suggestion, have told me in no uncertain terms the following:

 “I don’t need to talk to them about this. I’m the one who makes the decisions in my house.”

Really? Not in my experience. Nine times out of ten, in these situations, a family member appears on the scene—seemingly out of nowhere.

And the questions start: “Why didn’t you consult me on this?” is one of the most popular ones. It’s usually followed by, “How much is this going to cost us?” Coming in third on the hit parade is, “Are you kidding me? I thought that you were looking for a job!”

The bottom line: Major decisions are usually family decisions.

If you involve them in your decision to become the owner of a franchise (and early on), you’ll be in a better position to make a yes or no decision on the franchise of your dreams.

You’ve been warned.

*Non US Government link 

 

About the Author:

Joel Libava

Guest Blogger

The Franchise King®, Joel Libava, is the author of Become a Franchise Owner! and is a franchise ownership advisor. He shows people how to carefully choose and properly research franchises.   

Comments:

Ugh! Just the thought of having to include my family in a business deal is scary! But I do agree with the premise of this article. Including family allows you to build something that will stand the test of time, something we can pass on to our children and grandchildren.

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