Franchising and Absentee Ownership
When choosing a franchise, an important thing to consider is how involved you want to be. How many hours do you want to spend there? How much work do you actually want to do? One option for most franchisees is absentee ownership.
Absentee ownership involves hiring a manager to take care of all the everyday tasks and responsibilities of operating the business. One thing to think about is can a manager take over everything? How much training will they need?
Before deciding that absentee ownership is right for you, consider the following things:
- How hands-on is your business?
- Would hiring a manager make sense? Would it make sense financially?
- How involved do you need to be?
- Remember, that it is still your business and you need to protect your investment.
- Make sure that your franchisor allows absentee ownership
Absentee ownership makes sense for some industries and businesses, while it does not for others. Always talk to your franchisor for help and advice on whether absentee ownership will be right for your business.