A multigenerational franchise partnership offers the opportunity to create a lasting legacy within a family and pass the business down for generations to come. 

By Marty Welch

Although our current economic climate is looking much more promising than it has in years, uncertainty is still permeating the job landscape for millennials, hindering their chances of finding stable, reliable employment. After decades of being told the “correct” next step to take — preschool, elementary, high school, and college — millennials are finding themselves without a clearly defined path for the first time in years. Now they are looking for new opportunities to pursue to fulfill their search for success.

This age group is not alone. After witnessing their parents chase the quintessential American dream, boomers are searching for the same. As the boomer generation enters into a new stage of life and draws closer to retirement, many are realizing they’re not quite ready to give up their passion for business or entrepreneurial dreams. Instead, they’re opting for new ways to invest in their futures and create a bridge to their retirement years.

Recognizing the similar paths their lives are taking, many boomer parents and their millennial children are joining forces and going into business together. And in increasing numbers, these generations are turning to franchise systems to invest in, creating a wide spectrum of multigenerational owners in the franchising industry.

Why franchising?

Parents have been going into business with their children for decades, but now, more than ever, many multigenerational partnerships are looking at franchise systems as options to launch their own businesses. For millennials and boomers alike, franchise systems offer proven, easy-to-follow business models with the support of an existing brand behind them. 

These first-time entrepreneurs receive instant access to all of the support and benefits of a business that has been around for decades, while running it on a small-business scale. For boomer parents seeking new career opportunities and millennial children who want to get into entrepreneurism but may lack the experience to start a business alone, franchises offer a reliable opportunity to launch their own business together.

Honoring familial trust

With the parent-child dynamic in a boomer-millennial franchise partnership, the lines can be easily blurred between family and franchise business partners. There is a certain amount of trust in the established parent-child relationship that makes the prospect of working together initially appealing. This trust, though, can also prove problematic when it’s not respected or taken advantage of. 

While partnering with a parent or a child may seem lucrative and convenient, keep in mind that the familial relationship came first and it’s the one that will be there the longest. Before even considering entering into business together, be sure to have an open dialogue about expectations in terms of trust.

Establishing clearly defined roles

It might feel comfortable for the traditional parental roles to permeate the business setting with parents taking the lead and their children expected to follow. Millennials, however, are proving to be extremely entrepreneurial-minded and may crave a more active management role in the franchise than what their boomer parents expect. Try to approach franchising with family the same way you would with a traditional business partnership, making sure to delineate roles and responsibilities associated with those positions for each member of the family. 

Working with family is not a guarantee of success. It still requires the same amount of training and work ethic by all involved to make it a success. You need to consider who will manage the business, who will serve as the principal contact, who will handle finances and everything in between. 

Start a conversation with your family members about responsibilities for every member of the staff from Day One and stick to them. It will help ensure that the business is operating smoothly and that all team members are carrying their own weight.

Playing to generational strengths

When establishing roles, keep in mind the strengths inherent to both millennials and boomers. There is no doubt that most of the millennial generation is far more in-tune with technology and social media than their boomer parents. Where the boomer generation is used to traditional marketing and advertising venues such as television, print and radio, millennials take a different approach to reach and engage new audiences. 

From Facebook and Twitter to Instagram and everything in between, millennials don’t just know how to use these social media platforms, they understand how to use them as marketing tools to support a brand. 

Their boomer counterparts, on the other hand, likely have greater demonstrable business experience that will lend to the launch and development of a franchise. Regardless of their previous careers, boomers have seen and experienced businesses from the inside out for more than 20 years. While many millennials are fresh out of their college business classes and have general business acuity, boomers have the experience that can only be amassed by witnessing and experiencing real-world business situations.

Drawing a line

One of the substantial benefits to multigenerational franchising is the ability to innately know your partner before going into business. It’s a long-established relationship. With this relationship, however, it can be difficult to discern between family issues and business issues. 

My rule of thumb is to establish the line between family and business from the beginning. Discuss and understand what that line means from the beginning of your business: Can you talk about the franchise at the dinner table? Is family drama off-limits during business hours?

Family will always be family, and business will always be business. It is important to keep the two dynamics separate in order to ensure that both aspects are functioning, healthy relationships. While you may own the business with your parent or child, operate it as if you don’t have Thanksgiving together. 

Above all else, a multigenerational franchise offers the opportunity to create a lasting legacy within a family. Boomers and Millennials alike can be proud of the business they create together, and pass it down within the family for generations to come. 

Marty Welch is chief development officer for Legacy Franchise Group. Find him at fransocial.franchise.org

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