Countrywide Signs recently said farewell to franchise owners John and Tracey Wreathall after they sold their business as part of their retirement plan. Franchising was the right choice for their future, could it be right for your retirement planning too?
There are many reasons to look to franchising as an opportunity to become a business owner. One reason that the Countrywide Signs recruitment team regularly discusses with prospective franchisees is how it can help with planning for retirement.
John and Tracey Wreathall from Countrywide Signs Mildenhall, are a great example of what can be achieved through franchising as a retirement opportunity. Part of their long-term plan needed to change back in 2013 when John started to have back problems. The Bury St Edmunds area had become so busy, that rather than increasing their workforce they chose to segment their operation to alleviate a little pressure. It meant that even before they were looking to retire, they could sell and make a profit on part of their well established and successful business. It wasn’t their original plan but became a sensible choice financially and health wise.
The sale meant they still had a nice chunk of market share ready for when they chose to sell the business in its entirety. Known at the time as Countrywide Signs Mildenhall, they decided to sell their business (which also covered Newmarket) during the latter part of 2020. Selling to another husband-and-wife team, Gary and Cat who opened their new business, now known as Countrywide Signs Newmarket on 1st January 2021.
Build a Retirement Nest Egg
In today’s economic climate, starting an independent business can have less future stability than the likes of a franchise. However, for a franchise business which has grown through both customer-base and location, like John and Tracey’s, you can free up cash, and your time, by selling part of the area you cover as a resale opportunity. Then when the time is right, you still have a successful business to sell later as your main retirement nest egg.
Retirement might seem a long way off, but it is never too early to start making those financial plans.
Interested in learning more? Start planning your future and retirement business options now, get in touch today with our franchise experts.
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