Buyer Beware Of “Recession Proof” Franchises
As the recession grinds on, millions of people are losing jobs that will never return. Many of the newly unemployed are too young to retire, but may be 20 years or more into their careers. Sadly, this age group — 40 and older –faces the steepest odds against finding another job at comparable pay, according to the government statistics.
These graying baby boomers, however, are highly coveted by thousands of franchise businesses, especially if the boomers have a sizable severance check, a six-figure 401(k) account or other assets.
Since the downturn began, hundreds of franchises have been marketing themselves as “recession proof.”
That may have a special appeal for those who have lost their jobs and have nowhere else to turn in what amounts to the worst economic calamity since the Great Depression. But buyers beware.
Franchisors have always marketed themselves as a safer investment than an independent business. Read full article.
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