But what if you’re already in your 50s or 60s? What is left for you to do to change your lifestyle and become better prepared for your retirement? It’s never too late to own your own business. The franchise industry is one of the most popular because they have built in systems that have been proven to be successful. They usually have internal financing to help with the franchise fees and start up costs as well.
I sold a travel franchise in the early 90s and was surprised when I found owners of travel agencies willing to cash out of their businesses to retire and they ended up making enough money to live comfortably the rest of their lives.
An example was a couple who started their agency in the 80’s and built it up from scratch to a $2 million dollar venture. They were able to sell for $200,000 which is not enough to live comfortable for long, but with the decision to carry a loan with the new owners, the combined Social Security and pensions from previous employment, their annual income was more than they had ever earned. They moved to Mexico and live a luxurious lifestyle.