Turning Your Franchise
into a Family Legacy
Becoming a Franchise Partner - particularly a Franchise Partner at Clean Juice - is a passion and dream for many. When researching your options, you’ll realize that there are a lot of choices out there, especially in the food franchise, fast casual, and quick service restaurant space. But keep in mind one thing: Not all franchises are created equal. And not all are for your entire family!
Clean Juice is proud to be one of the brands that makes legacy ownership an easy transition for families and children of franchise partners. As a core value-focused, feel-good franchise, you’ll quickly see that Clean Juice isn’t like many other brands. Our focus on being healthy and 100% USDA-certified organic puts us in a league of our own (and the awards speak for themselves).
When you first become a Franchise Partner, setting up a legacy for your family might not be at the forefront of your thinking, and that’s ok: we’re here to help you set goals for you and your family. It’s obvious that Franchise Partners want to have a successful business, but something else to consider is how franchising can be a great way to provide a valuable and sustainable income source for your children or spouse.
Franchising Families Pass the Torch. Here’s How to Do It
A lot of families that have been in franchising have children that are considering operating existing or opening new franchises. By creating a “family-owned” business from the start, you set yourself up with a way to invest in a franchise and a plan for the future. Developing a succession plan is a good way to set up your franchise business for eventual transfer. It may be beneficial to have your adult children or partner available to work in the business to help them learn, but it’s not necessary.
It’s a good idea to consider estate planning sooner than later, and consult a CPA and estate planning attorney. Together, your team of advisors will be able to dive deep into the intricacies of the process. Having a succession plan in place can help you ensure that your family is cared for. Creating a job description for your successor is also a good idea, as it helps determine the qualities your successor should possess to run the business successfully.
Another good idea is to identify your successor(s), be it an adult child, spouse, or devoted employee. You’ll know who is best fit for the job and who will continue the business successfully. In declaring a successor, you’ll be able to begin training them far in advance, so by the time comes for you to relinquish control, they’ll be more than ready. By planning for the future, you can see to it that your succession plans are handled as you would like without worrying about legal loopholes or confusing jargon.
Let’s Talk About Clean Juice
Starting or adding a Clean Juice to your current portfolio is a wise choice. Now is a great time to invest with us, as we’re so much more than just juice, and we’re part of a robust market primed for growth. Organic food has become the fastest-growing sector of the U.S. food industry, and the revenue estimate of $43.7 Billion in 2017 is expected to reach $70.4 Bn by 2025.
In a post-COVID world, more people are paying attention to what they eat than ever before: strengthening their immunity naturally through food. Some 80 million Millennials represent the largest consumer group, and their buying power lies within the organic industry. Clean Juice can help you tap into this rapidly growing market with our proven business model that lays the groundwork for success.
Unlike the fast food franchise concepts of yesteryear, Millennials are sticking to organic for nutrition that feeds your body and soul. Our wholesome menu of organic juices, smoothies, bowls, wraps, salads, soups, and more is designed to appeal to this market.
When you grow up in a franchising family, you know that it’s a great way to go into business for yourself, and it makes all the difference in the world when you have the support of your franchisor.
One of the many benefits of passing down a franchised business to your family is that franchising can help eliminate many of the associated problems with transferring your business. Franchising provides existing solutions, models, and processes to make owning a business as simple as possible. These systems are in place to ensure your successor will be setup for success, and you’ve secured your legacy with confidence. Additionally, they will be able to provide training and assistance, often throughout the life of your business.
Clean Juice offers several industry advantages. In addition to being in a robust market, we provide real estate assistance, existing vendor and supplier relationships, home office experts, and a strong brand following on social media.
Another benefit of franchising is that it creates a potential career path for your children. Most franchise contracts are 10-year agreements, which makes them easier to pass on to your children. There is peace of mind knowing that the franchisor you’re working with will provide your family with support to keep the business on track and profitable.
Your franchisor may reserve the right to approve of the ownership transfer, require a waiting period, or apply transfer fees to the transaction. By doing some of the legwork ahead of time, you can prepare for how your franchisor handles the process and plan for the future.
If you have no successors lined up, you can opt for the resale option. Most franchise businesses offer resale services; however, your franchisor will likely have final say over the sale. This option allows for you to leave cash to your family instead of the actual business.
Even if you haven’t been planning your succession since day one, it’s never too late to decide and start making arrangements now. You can build a financial future for your family, knowing that they will be in business for themselves, but not by themselves.
Ready to join the Clean Juice family? Please feel free to reach out, and a member of our franchise development team will get in touch