More Baby Boomers Are Relying on Franchises to Make Their Fortunes

Why it's significant that the average age for buying a franchise is rising

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Dec 01, 2015, 08:30 ET

LONG ISLAND, N.Y., Dec. 1, 2015 /PRNewswire/ -- Since 2008, the average age for buying a franchise has been creeping up, rising from 42 to 56 in 2015. As Tom Scarda, one of the few officially certified franchise experts in the world, explains, the trend is being fueled by downsized baby boomers or those who have aged out of their jobs but are too young to retire. Finding themselves in a tight job market, these younger boomers may have to choose between taking an undesirable, underpaying job and starting their own business. Many are opting to purchase franchises but not all are doing the research they need to do to make an informed decision, Scarda says.

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As the author of Franchise Savvy: 6 Strategies Pros Use to Pick Top Performing Franchises and an expert whose own purchase of a franchise allowed him to semi-retire at 41, Scarda has been helping people figure out if franchising is for them for ten years.

This former New York Subway system employee can explain:

The biggest myths about franchises, including that you need to have $1 million to start one.
Whether now is a good time to start a business and what effect a $15 minimum wage might have on franchisees.
11 questions to ask yourself that will help determine if franchising is right for you.
How to choose the right franchise.
Pitfalls novice buyers should avoid.

ABOUT THE AUTHOR

Tom Scarda spent more than a decade working for the New York Subway system and a year working for the Long Island Railroad before purchasing a smoothie franchise in 2000. He sold the franchise in 2005 at a tidy profit. Named one of the Top 50 Business Leaders on Long Island by Long Island Business News, Scarda has been quoted in Entrepreneur, New York Newsday, New Jersey Ledger and many other publications and featured on MSNBC.com, and other websites. He hosted The Franchise Hour radio program on 1620-AM and 93.5-FM in New York City and was an on-air reporter for the PBS news magazine Transit, Transit. http://www.tomscarda.com/

AVAILABILITY: New York City, nationwide by arrangement and via telephone; available as a last-minute guest

CONTACT: Tom Scarda, 516-322-1435; Email

SOURCE Tom Scarda