Today I’m going to tell you a little story about what happened to me. Friday, I was approached by a gentleman and his wife and they asked about a specific franchised restaurant concept/brand. They were retiring with a bunch of money and they wanted to know if they should invest in the concept. My response to them was,
before you choose the concept, you really need to educate yourself on the impact of your decision. I’m guessing that they’re going to have few hundred grand and I don’t think that they want to lose it. So understanding how that money is going to be spent, and what it’s going to take out of him and his family to protect that investment
Don’t Make an Emotional Decision
There is so much that goes into this decision, understanding ROI or return on investment, the length of time it takes you to make that money back. How much money you can potentially earn during the relationship that you have with this concept. Understand the time commitment because with most franchises it is a personally guaranteed contract. I find so many people making emotional decisions with hundreds of thousands of dollars, that if they lost it, it could be a life-changing event.
Please, before you go and determine that you want to open a Dairy Queen or whatever it is, educate yourself on the business. Find out how the concept makes money, how long it’s going to take you to get your investment back, what’s your earning are expected to be. This is not a decision that needs to be made in an emotional state, this needs to be purely educated. Once you figure out how long or what it is that you need financially, especially from retirement dollars, THEN go out and find the concept that best fit your needs.
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