The Last Word: Customer Solutions Profit Ideas

I’m fascinated to read that the over 65 demographic group is cashing out their 401Ks and buying into franchise opportunities in record numbers. In some cases it is natural progression after retiring, and in other cases it is a reaction to downsizing.

At first, I was concerned – for their financial security and their futures. But, then I realized this is great for all of us. Experienced workers who will bring professional skills to an existing business model will understand the value of areas that I hold dear to successful business management, such as: compliance monitoring, customer interaction management and managing employee theft.

Tip: During a challenging economy, employee theft soars. Check out our case study on Employee Theft for some ideas on how to control your losses.

And, from their perspective, with the franchise concept they won’t have the pressures or risks of starting from scratch, but they could be the answer to more successful franchisee percentages.

As a data collector, I will look forward to the productivity comparisons of this new group of franchisees – to track the success rates and managerial impact of this group against the baseline or benchmark of the average franchisee today.

I believe that this older, more experienced group that have the depth of business knowledge will move quickly to put in place the management, monitoring and reporting systems they need for successful results. They could, as a group, increase the percentage of franchises performing above expectations.

This could prove to be a win-win scenario – franchise businesses get an influx of experienced owners who will improve performance, and the over 65 group will have a lower risk way of staying productive while maintaining independence from corporate America.