Most franchisees arrive at a network after long and successful careers across a range of sectors. The pay was often astronomical and the pathway was established. It would be easy to settle, but they did not. Why?
From finance to franchising
At Walfinch, we have had franchisees come from finance and banking, marketing consultancy, home care recruitment, hospitality, even television production and jewellery. They all had one thing in common: they wanted to stop building someone else’s business and start building their own.
The journey of Ian Thompson
I recently walked and talked with one of our first franchisees, Ian Thompson. Together we discussed his journey into home care franchising, how it has changed the shape of his life, and his advice for people looking to do the same.
Does Ian regret leaving his successful career in banking?
Ian expresses no regret in joining a home care franchise. Although his career with Citibank was hugely successful, it was at the cost of his family time and personal life. He has now built his home care business to a point where he earns just as much as he did in his previous career. But, most importantly, he has the additional, priceless flexibility of seeing his boys grow up.
Could Ian go back to being an employee, after being an owner?
Now that he has experienced the freedom of ownership, Ian is not interested in returning to his status as an employee. Owning a franchise is not just about the pay cheque (because for those first few months, you are not drawing one!), it is about the legacy and asset that Ian is building. If Ian were to leave home care franchising, he would be more inclined to sell his business for a lucrative sum rather than returning to traditional employment. Not that this is on the cards for Ian any time soon!
What would Ian do differently, if given the chance to re-invest in a franchise?
Ian would re-invest again, if given the opportunity. He would not necessarily invest earlier or later, as he feels he engaged with Walfinch at the perfect time in his life (and, yes, timing matters). However, operationally, he would encourage others to hire a Thriving team earlier than he did. By continuing to re-invest in his team, that all-important flexibility would have surfaced sooner. This is a lesson which many franchisees have to learn the hard way; when you have spent most of your life in traditional employment, it is difficult to imagine a business working without you. But if you build it correctly, it does.
Choosing presence over pay cheque
Not everyone is ready to invest in a franchise and take themselves from employee to owner. However, I have seen too many fantastic entrepreneurs choose the pay cheque over the possibility of ownership. Often, it is out of fear, circumstance, or pressure to provide. By taking the leap, Ian has provided for his family in more ways than one; they are both financially secure and have the all-important presence that comes with the greater flexibility of business ownership.
You do not have to choose providing over presence. Franchising might be your opportunity to do both.
