How can people without experience enter franchising?
J.J. Sorrenti: The beautiful part about franchising is that you don't have to have a lot of experience in the brand that you're thinking about or in the industry that you're thinking about. You just have to have a desire to be on your own, and that does take a special person.
What are the qualities of a good franchise business?
J.J.: A good franchise has a great brand, they have an operating system for you to follow and they can provide support to you. The franchisor should help the franchisee understand how to deal with the business, challenges and marketplace changes.
How do the different brands work together?
J.J.: There’s a symbiosis between the brands. Where one leaves off, the other picks up. It’s fantastic how owners from the various brands work together to provide better value for clients all the way around. They partner up, market on each other’s behalf and share referral sources to build a stronger network that’s equipped to meet the needs of everyone out there.
Why is senior care in it for the long haul?
J.J.: Every day, 10,000 people turn 65. The “silver tsunami” will just continue, with the population of older adults growing. Senior care is one of the few industries that we can count on to grow over the next 20 years, and there are not very many businesses that you can sit here today and look 20 years out and know demographic's going to get better.
What is the value of a franchise in senior care?
J.J.: With a franchise in senior care, you're building value and equity. By the time you're ready to retire, that value is still in demand. This industry is an incredible option for a profitable business now, as well as for future generations to run your business.
How does a franchise help you with succession planning?
J.J.: Our franchise system prepares you for succession planning. Our Franchise Business Consultants coach owners day in and day out on revenue-generating activities so they can exit successfully one day and gain the return for the asset that they’ve built.
What are liquid assets?
J.J.: Liquid assets represent the cash money you have available. It may include your savings account, checking account, money market account, retirement savings...even if you do not plan to withdraw them. We're somewhat flexible on the financial requirements and the conversation of “Can I afford to open a franchise?” is always worthwhile. A lot of people are leveraging financing options and we have contacts that can help you look at what may make sense for you. Our goal is to always make sure that you're protected and you're not getting in over your head financially.
How do you choose a franchise?
J.J.: Make sure the brand or the business that you choose fits your personal lifestyle and the things that you want to do. Consider a donut franchise as an example. If you don't want to get up at three o'clock in the morning to make donuts, then it's probably not a good franchise for you, and that's what you're going to have to do if you want to be a franchisee in that business.
Would I have other owners in my same location?
J.J.: For in each of our brands you get a protected territory. This is not common in franchising, but with our businesses, you have exclusivity in your territory for the brand you operate in.
Are most franchisees happy with their chosen business?
J.J.: We are proud to have a healthy, happy franchise system that is very mission-oriented. All of our franchises are dedicated to helping not only clients but also each other. We're very innovative together and everyone brings their best practices, so you are not a stranger when you launch in this system.
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