Franchising Gives Some Entrepreneurs New Lease on Life

Franchise opportunities are great investments for business-minded individuals - those leaving large companies, middle management or those just looking for a more secure venture than owning an independent business.

However, an MBA or experience in a corner office are not prerequisites to franchising success. The franchising industry is flexible and succeeds on the backs of a diverse group of franchisees with equally diverse qualifications and professional experiences.

One sector that often is mentioned in connection with franchisees is the legal arena. Lawyers' unique understanding of the law, state regulations and complex documents may make them more qualified franchisees. Furthermore, franchising may be just the lifestyle change they were searching for.

Consider the example of Danny Sonenshine, a former litigator and transactional attorney in Orange County, Calif. Sonenshine realized after six years of practicing law, he didn't like working for someone and having little control over his schedule, the Website Franchising.com reports.

"I thought about business and real estate. I'd always had an entrepreneurial streak in me. Not having attended business school or having run a business, I still thought starting a business was something that was not incredibly complicated, and that I could learn to do," Sonenshine told the source. "A franchise seemed logical."

One of the most appealing aspects of franchising for Sonenshine was that it would allow him to spend more time with his family, the source notes. When practicing law, he recalls seeing his newborn daughter most when his wife visited him at work and at dinnertime.

In franchising, though, he discovered a completely different lifestyle. Franchising.com writes that now Sonenshine only misses family functions if a new unit is opening. Additionally, he has time to serve with his wife, Kerri, on nonprofit boards and work on community projects.

Much of this is due to Sonenshine being able to choose which aspects of franchising he focuses on and delegating the rest to qualified managers. "[My] VP of operations and my regional director run the stores, because I know they know much more than I do," he says. "I focus on development and finances and let them handle day-to-day operations."

Managers can be a huge boon for both less experienced franchisees and those looking to focus on big picture items. Franchisees will want to make sure they hire a manager who is qualified and complements their own personalities.

Owning a franchise often allows professionals the opportunity to utilize skills developed throughout a career, in addition to becoming the CEO of their business, says David Rocci, Liberty Tax Area Developer for the Boston area.  Owning your own business gives you the opportunity to spend more time with family and others who matter most in your life, adds Rocci.

Liberty Tax Service is the fastest-growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service has prepared over 8,000,000 individual income tax returns.  With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.