Business Boom-ing as Texans in their 50s and 60s choose entrepreneurship over corporate America
Dallas, Texas – March 7, 2008 –– The headlines may be warning of a possible recession. But in North Texas, business is Boom-ing.
Baby Boomers who have been laid off, forced to take early retirement, or not given the promotions and raises they deserve are choosing entrepreneurship in record numbers. Rather than searching for a new job in their 50s or 60s, these pioneers are seeking out franchises and small businesses to buy and run, said Richard Gadberry, CEO of North and South Texas for Murphy Business & Financial Services.
“The Baby Boom generation has a strong work ethic, enjoys the challenges of the free market and desires to control their own destiny. However, experienced businesspeople in their 50s have had enough of corporate America,” Gadberry said. “As a result, we’re seeing hundreds of Baby Boomers who have been bitten by the entrepreneurship bug and are looking for an opportunity to succeed on their own terms.”
Gadberry has seen this trend become stronger among his clients, franchisees and agents alike. Murphy is the fastest-growing business broker and mergers and acquisition franchise in the country, with almost 80 new franchises in 2007, their first year as a franchise. The company’s fast growth has been greatly driven by their consultative approach and value-added services such as valuations, business consulting, commercial realty, small business accounting and tax and payroll services. In addition, franchise owners are finding the company’s extensive back-end support and training very appealing.
Since launching the company’s North Texas regional office in late 2006, Gadberry has added seven franchisees, six agents and five executives in the area – all of them Baby Boomers. According to a survey conducted by Franchise Business Review in November 2007, among Murphy franchise owners nationwide, 36 percent are between 45 and 54 years old, and another 39 percent are between 55 and 64. More than 91 percent have more than 15 years of business experience.
“Unlike most franchises, our selection process isn’t simply based on an applicant’s ability to pay our franchise fee. Since the quality of our services is directly correlated to the quality of our franchise owners, we only bring the best applicants on board – those who have the highest likelihood to succeed,” Gadberry said. “To succeed, applicants must demonstrate an entrepreneurial spirit, well-rounded business experience and a willingness to be coached, in addition to the more typical qualifications.”
The ideal Murphy franchisee has experience as a business owner or high-level executive and is between the ages of 36 and 65. The opportunity is particularly appealing thanks to a low franchise fee of $36,000, enabling Baby Boomers to start up their own businesses without necessarily cashing in critical retirement accounts.
“It’s not uncommon for senior executives to take more than 12 months to find a position in Corporate America, particularly one that doesn’t require relocating, 60+ hour work weeks or extensive travel,” said Ken Eckel. All the while, their retirement and savings accounts are dwindling. As a Murphy Business franchise owner, I have more control of my financial future and quality of life.”
“Baby Boomers have an incredibly high level of experience and expertise to offer, and they simply are not appreciated enough in the corporate world,” Gadberry said. “By working with Murphy Business, they can leverage the experience they already have, plus acquire new skills with the training we provide. And, our support services help them navigate their business transactions.”
Texas is one of Murphy’s fastest-growing regions and accounted for nearly 10 percent of the company’s growth last year. Ultimately, Gadberry would like to establish 22 franchises in the Dallas-Fort Worth area by 2010. The North Texas market as a whole will include about 40 franchises, including those in markets such as Tyler, Longview, Amarillo, Wichita Falls and Waco. Another 40 will be sold in South Texas markets, including Houston, Corpus Christi, Beaumont, College Station and Victoria.
When fully developed, the company’s North and South Texas regions likely will conduct between 600 and 800 transactions per year with an average value of $1.2 million per transaction, Gadberry said.
About Murphy Business & Financial Services, Inc.
Based in Clearwater, Fla., Murphy Business & Financial Services (www.murphybusiness.com) is the largest business brokerage firm in the United States. Murphy sells approximately 350 businesses each year. Services include business sales, mergers and acquisitions, valuation, business consulting, commercial realty, small business accounting, tax and payroll services, and new franchise sales. A charter member of the Business Brokers of Florida as well as the Institute of Business Appraisers and International Business Brokers Association, Murphy Business offers clients access to the largest business brokerage network in the world.
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