As a franchise coach, I have worked with a large variety of folks over the past 15 years - some wealthy and some not. There are obvious reasons for starting a business when you are not especially wealthy, but what about those folks who are wealthy enough to retire? At what point is enough not enough, and why do they want to start a business?
There is an old adage that goes something like this: ‘A truly happy man is one that knows when enough is enough – he neither needs more nor seeks it.’ Why is that those with ‘means’ often invest in franchising opportunities in their Golden Years instead of just slowing down and enjoying themselves and the fruits of their hard-earned labor?
If you actually listen to these investors, many state they love to work.
Many of you work to live (you need a pay check to pay bills, maintain a lifestyle, etc.); these investors are just the opposite, they live to work! For them, an investment is not just about money, it’s about the numerous opportunities an entrepreneurial investment will afford them. It’s about legacy building and mentorship, deploying skills honed through years of corporate success, and sharing a knowledge base no educational institution can possibly teach.
It’s also about the money – everyone likes to make money – it is the way we keep score!
Income aside, a common goal among seasoned investors revolves around legacy. Many investors want to share their knowledge and mentor their sons or daughters. They want give their children the gift of independence and confidence. They want to instill their work ethic and organizational skills and mentor the next generation resulting in a legacy of continued success and self-reliance.
The entrepreneurial spirit is what made America what it is today. Even in our cyclical down-years, the US economy tends to recover faster and stronger, thanks in large part to entrepreneurs that share a common vision: self-reliance and a strong work ethic resulting in continued success.
I’ve made a living partnering seasoned entrepreneurs with successful, proven franchise systems. They like the predictability of a strong business model that helps them hedge their bets. They also like the fact that many franchises have a built-in organizational structure that is built on a ‘best-practices’ model. No need to reinvent the wheel, just apply your years of corporate world acumen to a proven business model and share in the success. More importantly, there is no better way to establish a legacy for your heirs.
Let’s get back to our subject: When Enough is Not Enough. It’s not enough to just have money; you have to have someone to enjoy it with. It’s not enough to just succeed, you have to be happy. And it’s not enough to accumulate knowledge, you have to share it with those you care about. In the end, those with means enjoy the next success just as much as if it was their first. The moral of this story is: You never get tired of success.
When Enough Is Not Enough