Aged Out?

Posted by Tom Scarda, Certified Franchise Executive on Nov 1, 2022 10:00:00 AM

In franchise consultant, life decisions

There’s a dark secret among recruiters: if someone has lots of experience and tenure, pass on them and look for someone with less experience. Why? Less experience usually equals less pay and a younger person. Less pay helps the company’s bottom line. How about experience, you say? Well, we will have to let that go and focus on numbers, numbers, numbers. There’s no loyalty in corporate America. 


Are you upwards of 50 years old and looking for a new job.? It’s a tough position to be in. You’re too young to collect on your 401K, or social security and too young to retire. Unless you are willing to take salary less than what you’re used to, it will be tough to find a solid position to finish out your career. 


I was in this role of franchise company recruiter during the great recession in 2008 through 2010. I saw the average age of a franchise buyer go from 42 to 56-years old. I am assuming, with a recession in place, technical or not, there is going to be layoffs. If you find yourself in that position, owning your own business could be a good option. 


Investing in a franchise may be even a better route. Opposite of corporate America, Franchise outfits are looking for people with 20 year or more in corporate America. They want people with transferable skills to apply to their own franchise business right in the same zip code where they live. If you’re in your 50’s, there’s a chance you have children who are somewhere between middle school and high school and uprooting them would be a nightmare. A franchise can fix that. 


Moreover, owning a franchise may be more affordable than you have imagined. In some cases, a franchise investment is on par with the cost of nice, fully load automobile. In addition, if you were fortunate enough to have a 401K plan, you may be able to use that to seed the investment - tax free and penalty free, even under the age of 591/2. This option gives you the potential to build a business with no boss, no commute, no cubical and build your 401K back up. In addition, over the next five to ten years, you will have built a nest egg that is your business. At that point, you can put the business on auto pilot through a manager and collect dividends into retirement or sell the who thing for a lot more than you paid for it, if you follow the system of the franchised company. 


And, you don’t even have to wait. There are options that allow you to start building a business now, while you still have a job. Then, when you’re ready you can walk into a business that is up and running. 


Why wait? Let’s have a conversation now. Just book a time via my calendar. The link is

Remember, the best time to plant a tree is 20 years ago. The second-best time is now. 


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