Do It Yourself
When corporate benefits are layoffs and cutbacks, why not buy a franchise?
By Devlin Smith • Feb 2, 2011 Originally published Jan 1, 2003
Opinions expressed by Entrepreneur contributors are their own.
"Whenever there's a contraction in the job market and executives lose their jobs, a lot of that money flows into starting businesses," says Robert Purvin, CEO of the Association of Franchisees & Dealers. "Economic downtimes were almost always good blips in the franchising marketplace."
With companies large and small laying off huge chunks of their white- and blue-collar work forces, franchising insiders are hoping for another good blip. "[Laid-off workers'] most pressing interest is being master of their own destiny," says Don DeBolt, president of the International Franchise Association. "[Another] need is to create an asset they can someday either pass on to their children or sell to provide security for their later years."
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