(Detroit, MI)– While industries across all categories struggled to make ends meet during the economic downturn that began in 2008, those investing in a franchise opportunity were relatively insulated from the veering ups and downs of the financial crisis. This security unsurprisingly attracted many business people, convincing them to open up shop even when money was tight.
As more individuals flocked to franchising, a trend emerged, revealing an increase in the number of high-ranking corporate executives choosing to enter the industry. This came as more of them saw their positions as less secure.
“Franchisees have shared with me that they have seen their equity greatly increase, well beyond what their 401(k)s produced during the recession and in years before 2008,” shares Dan Roman, Liberty Tax Area Developer of Detroit, MI. Roman adds, “This growth phenomenon has led to franchisees increasing their investment and many leaving their day jobs entirely, realizing that their financial security is better served in their hands than the traditional day job with 401(k). Liberty Tax franchisees love the work-life balance of working hard for 14 weeks and enjoying the other 38 weeks as they wish.”
“There is real interest in alternatives,” said Lauryn Franzoni, Executive Director of ExecuNet, in a statement. “Executives are looking outside lateral corporate-to-corporate moves to achieve their ambitions. They want more personally rewarding work and a better work-life balance. Many of them see calling their own shots as a way to do so. Also, with jobs still scarce, they think, ‘if there is not a great fit out there for me, I’ll create one myself.'”
In fact, according to the statement, ExecuNet’s 2011 Executive Job Market Intelligence Report found 32 percent of the 3,636 executives surveyed said they are thinking about buying or starting a business or consulting practice.
“We are in a period of time where business leders think they need to take more control over their destiny,” Franzoni said. “Making a career change to business ownership is a great option.”
As a result, ExecuNet, which connects corporate leders, has announced that it will be joining forces with FranNet, a network of franchise consultants, to offer individualized attention and franchise counseling for corporate executives.
The companies noticed that the level of autonomy that franchising offers appeals especially to C-level executives, especially since it is accompanied by a system that has been tested in the marketplace to reduce entrepreneurial risk. The goal of the partnership? To educate these individuals on the wide variety of franchise opportunities.
“Many of our clients are corporate executives who lost their jobs to downsizing or fear they may, and they are surprised by the diversity in franchising and the types of career moves they can make,” Jania Bailey, FranNet’s president and COO, said.
Despite their level of experience, though, corporate executives should make sure to do their due diligence and investigate a franchise, its history and its culture they way any interested prospective franchisee would.
