Should I buy a franchise business for my adult son?
I think buying a franchise business for your son is a good idea for a number of reasons.
First, we all know there are many skills you need to run a successful business. Buying a franchise business is going to offer your son the important training he is going to need to run a business.
Second of all, a good franchise operation offers many advantages, including having a system in place to monitor his performance and benchmark him against others in the system. Not only will this allow him to access continuous training, benchmarking and reviews, but also peers to network with.
All of the above results in developing skills that will help your son run a successful business.
Finally, you will have peace of mind knowing your investment is being worked properly. This means a lower risk compared to investing in a standalone small business, which usually doesn't include this kind of support network.
Of course, we recommend still doing all the usual things in assessing the business and determining if it is the right business (and direction) for you and your son.
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