In the United States, 90% of all businesses are family-owned, and most business owners hope to pass on their businesses to their children.
Franchise Business Review reported that the number one reason businesses fail after they pass to a family member is due to a lack of a viable succession plan. Recognizing the family’s valuable role in these businesses, the Right at Home Business Model includes succession planning education. To read the full interview with Joel Herdzina and Jen Chaney, visit Franchise Business Review.
“That’s why we provide franchise owners with a comprehensive toolkit that includes detailed guidelines, resources, and templates for creating a succession plan,” noted Jen Chaney, VP of Franchise Development for Right at Home. Each step of the way, the Right at Home Business Model provides guidelines and information to help owners as they’re looking to exit their businesses, ensuring that their location benefits from the continued success for generations to come.
Joel Herdzina, a franchise owner who became part of his family’s Right at Home business, watched his mother and aunt successfully launch their Right at Home business in Wichita, Kansas, more than 20 years ago. Herdzina became the fourth owner of his aunt’s Edmond, Oklahoma, location in 2012, and has since opened two other locations. He still needs to formalize his succession plan, but the family will have the tools needed to make the right decision when it comes time.
In conclusion, Franchise Business Review’s article notes that owning a Right at Home franchise can be a lucrative asset for owners and their children. In fact, locations that were in business for more than 61 months reported average net billings of more than $1.5 million in 2022, according to the company’s 2023 Franchise Disclosure Document.
To read the full article from Franchise Business Review, visit: Right at Home Business Model Includes Succession Planning Education for Franchise Owners.
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About Right at Home
Founded in 1995, Right at Home offers in-home care to seniors and adults with disabilities who want to live independently. Most Right at Home offices are independently owned and operated, and directly employ and supervise all caregiving staff. Each caregiver is thoroughly screened, trained, and bonded/insured before entering a client’s home. Right at Home’s global office is based in Omaha, Nebraska, with more than 700 franchise locations in the U.S. and five other countries. If you are interested in learning more or in owning a Right at Home franchise, please visit us at: https://rightathomefranchise.com/ or to read more about franchise ownership, visit our blog at: https://rightathomefranchise.com/forc/
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