Family businesses are an integral part of the American economy whether they are small “mom and pop shops’ or Fortune 500 companies. Many of these family-run companies are more than a means to earn a living. They are a family legacy that has been or will be passed from one generation to the next. Family-owned and run businesses reflect a family’s emotional investment in their work, their ties to a community, and a desire to teach their children or other successors the value of entrepreneurship.
Raise kids with an entrepreneurial sensibility
If the goal of growing your family business is to hand over operations to subsequent generations, it’s important to foster your kids’ interest in entrepreneurship. Children who grow up against the backdrop of a family business are naturally exposed to the basic day-to-day workings of the company, the emotional impact that comes with both challenging and successful periods, and the special skills or talents that the business demands. How the family members who run the business feel and talk about it with their kids is ultimately what will influence their own interest in participating in or taking over the business in the future.
Foster their interest in business ownership by example and instilling values of hard work, time management, and financial responsibility. Exposure to a positive work-life balance and the rewards that follow challenges are excellent sources of inspiration that will encourage next generation owners to continue the legacy.
Not every kid is born into a family business. And not every family business is a legacy meant for the children alone. Many entrepreneurs are first-time business owners who opt to purchase a Franchise for their own sake and because it satisfies the dreams they have for the future. However, over time, Franchise Business Owners may realize they have created a valuable legacy that can and should be shared with a loved one who can carry the business into the future.
Find the right franchise.
Owning your own business offers the flexibility of choosing your own hours and staff, taking operational control, and scaling up if your bottom line supports expansion. A franchise business opportunity, in particular, offers a turnkey system for would-be entrepreneurs looking to enter the economy with these goals in mind.
The right franchise might be something you’re already passionate about or it might arise serendipitously. For instance, Theresa, was a full-time worker, full-time student, and single mother of five when her youngest son Josh was severely injured by a speeding car. Theresa’s dream of owning her own business were immediately placed on hold in order to care for her son during his lengthy recovery.
One day, Theresa happened to meet a Coverall Franchise Business Owner at her favorite nail salon. As the two got to talking, Theresa realized that this commercial cleaning franchise might be the opportunity of a lifetime. Becoming a Coverall Franchise Owner offered not only a chance to run a business and the flexibility she needed to care for her son, but also allowed her to create a legacy she could leave him one day. Today, she and Josh are co-owners of their own Coverall Franchise.
Create a Family Business Opportunity by becoming a Coverall Franchise Owner
“I wanted to start my own business, so that I could create something for the future of my family, and Coverall gave me the opportunity to do that. I’m forever grateful,” said Herbert Ospina, Coverall Franchise Business Owner of the Year.
Coverall has been giving our Franchise Owners the opportunity to build a family legacy since 1985. Our daily, Preventative, and On-Demand commercial cleaning services are among the best available anywhere in the country. All Franchise Owners undergo rigorous training in our proprietary, Core 4® Process, the cleaning protocol we built on CDC and AORN guidelines to avoid cross-contamination and deliver a Health-Based Clean®. Work with a trusted brand of over 8,000 local Franchise Owners from coast to coast. Learn more in our Franchise Ownership Guide or by contacting us directly. We look forward to helping you create a legacy of your own.